All Defined benefit articles – Page 120
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News
Welsh government left with ‘no option’ but to offer NHS tax solution
On the go: The Welsh government has been left with “no option” but to cover the pension tax bills of senior doctors, mirroring measures introduced in England. The health minister for Wales has branded the situation “totally unacceptable”.
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‘Constructive talks’ held on USS valuation
On the go: Stakeholders and trustees of the £68bn Universities Superannuation Scheme have agreed shared statements of purpose with regards to the plan, as the opening rounds of talks to break a valuation deadlock were branded “constructive” by the meeting’s chair.
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OpinionPensions tax relief needs reform, but it should start from the top
The debate around pensions tax relief is a polarising one. The 2006 A-day reforms were designed with the intention of simplifying the system. But they never quite achieved that goal and, in reality, never came close.
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Lords bill on TPR dividend approval and scrapping PPF cap resurfaces
On the go: A bill that would give the Pensions Regulator approval over company dividends payments and remove the cap on compensation payments made by the Pension Protection Fund has returned to the House of Lords.
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Contractors take advantage of LGPS loophole on exit payments
The pensions industry is still waiting for the government to close a loophole allowing outsourcers to claw back surplus from the Local Government Pension Scheme even when they have not paid into the plan.
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Pensions experts predict RPI limbo for years to come
Experts have condemned delays in publishing a long-awaited consultation on reforms to the retail price index, since its outcome could radically alter the fortunes of pension funds and pensioners.
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FCA launches pensions advice market review
On the go: The Financial Conduct Authority is set to embark on a fresh crackdown on financial advisers, where it will analyse whether savers are receiving unsuitable pensions advice.
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PodcastsPodcast: Vegan case flags importance of heeding members
Podcast: Trustees and employers should consult members on their beliefs, and incorporate the investment views of the majority in their pension default fund, according to Romi Savova, chief executive at PensionBee, and David Brooks, technical director at Broadstone. The experts discuss the impacts of a landmark ruling finding that veganism is a philosophical belief, alongside other topics, in this week’s podcast.
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News
AA considers DB scheme closure
On the go: The AA is considering closing the last section of its defined benefit scheme still open to future accrual, with 2,800 employees expected to be transferred to one of its defined contribution plans.
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Pension schemes bill to cost industry £818m in first year
The pensions industry faces an annual cost increase of £818m as a result of changes brought in by the pension schemes bill, with the new defined benefit funding regime and the pensions dashboard requiring the lion’s share of this investment.
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News
Smaller-sized bulk annuity deals to increase in 2020
On the go: Fewer multibillion bulk annuity deals are expected in 2020, although the number of smaller transactions is set to increase, according to research from Willis Towers Watson.
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Train operators' legal battle with government kicks off
On the go: Train operators will argue that the government has unfairly excluded them from rail contracts over its stance on pensions, in a High Court case that begins on Monday.
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British Steel trustees cleared by Pensions Ombudsman
The Pensions Ombudsman has rejected a number of complaints against the trustees of the old British Steel Pension Scheme, after concluding that communications to members were not misleading and did not amount to scaremongering.
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PPF: More than half of defined benefit schemes still in deficit
On the go: Fifty-seven per cent of defined benefit schemes in the UK are in deficit, with an aggregate shortfall of £160bn, according to the latest edition of the Pension Protection Fund’s Purple Book.
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News
New rules for pension transfers to cost industry £1m
On the go: New rules to prevent scams are expected to cost the industry and employers about £1m in their first year and impact more than 160,000 pension transfers.
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News
Post Office workers set to receive scheme surplus spoils
Members of the Post Office section of the Royal Mail Pension Plan may be in line to receive a windfall, with the trustee considering how to share a £28m surplus as the scheme moves to partial buyout.
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Tapered annual allowance solution dismissed by experts
Pensions experts have criticised a rumoured government policy to raise the tapered annual allowance threshold income, calling it a sticking plaster that will not solve the underlying problem.
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HMRC delays GMP reconciliation final timeline again
On the go: HM Revenue & Customs has again declined to announce a new timeline for the guaranteed minimum pension reconciliation final data cuts, despite having promised that its next update would bring a string of delays to an end.
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News
Hundreds of teachers take legal action against government
On the go: More than 300 teachers are issuing claims to the employment tribunal relating to discriminatory changes made to their pensions in 2015.
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Regulator outlines Q1 policy plans
On the go: The Pensions Regulator is to publish recommendations on trustee diversity and governance in February, as the watchdog set out its policy commitments for the early months of 2020.