All Defined benefit articles – Page 127
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OpinionSmall schemes, big changes: How to tackle the UK governance problem
The United Kingdom has a small schemes problem. With the Pensions Regulator zeroing in on any sign of weak governance at sub-scale funds, it is time for trustees to take action.
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FeaturesLloyds Banking Group completes second trustee board merger
Lloyds Banking Group now has a single trustee board for its four largest pension schemes, after completing its second pension trustee board merger in three years.
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News
Fate of Arcadia on a knife edge
On the go: A crucial vote takes place today on a rescue package for Sir Philip Green’s beleaguered Arcadia Group.
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News
Arcadia CVA proposals approved
On the go: All seven of Arcadia’s company voluntary arrangements have been approved by the required majority of the retailer’s creditors.
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News
DB deficit grows during May
On the go: UK defined benefit funding levels dropped by four percentage points on aggregate at the end of May, according to the latest update from the Pension Protection Fund.
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News
PSIG calls on trustees to review procedures amid rise in scammers
The Pension Scams Industry Group exhorted trustees to review their scam prevention procedures on Tuesday, as pension fraud attempts continue to rise despite tightening government regulations.
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News
Arcadia future hangs in balance as crucial vote delayed
On the go: Sir Philip Green’s Arcadia Group postponed a creditors’ meeting until June 12, after the floundering company failed to secure sufficient initial support from landlords.
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News
Rolls-Royce and L&G complete record £4.6bn deal
On the go: Rolls-Royce has completed a partial buy-in on the way to buyout in excess of £4.6bn, securing the benefits of around 33,000 members of the Rolls-Royce UK Pension Fund.
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News
Green seals vital deal with TPR to bolster pension fund
On the go: In a last-minute attempt to save his Arcadia empire on Tuesday night, Sir Philip Green sealed a deal with the Pensions Regulator that has the backing of the Pension Protection Fund for a crucial restructuring of the business.
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News
ECJ ruling could force PPF to provide buyout uplift
On the go: An opinion given to the European Court of Justice by its Advocate General could mean that defined benefit lifeboats like the Pension Protection Fund have to cover the entire value of members’ benefits when their sponsor becomes insolvent.
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NewsPPF could soon face court challenge on CVA stance, says barrister
The Pension Protection Fund could soon face a challenge to the way it acts in company voluntary arrangements, according to one legal expert, as it is seen as a ‘super creditor’ with preferential treatment in these restructuring processes.
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News
UCU chief urges Trinity College to backtrack on USS exit
On the go: The University and College Union has written a last ditch open letter urging the fellows of Trinity College at the University of Cambridge to reconsider their withdrawal from the Universities Superannuation Scheme.
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NewsResign over pensions dispute, RMT urges Grayling
The UK’s railway union called for the resignation of transport secretary Chris Grayling on Thursday, threatening strike action over the escalating railway procurement row.
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News
DB members transferring face adviser shortage as regulations bite
On the go: Nearly seven out of 10 advisers are wary of advising on defined benefit transfers, according to Aegon Research.
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News
600 Group completes £201m buyout with PIC
On the go: Yorkshire-based engineering firm 600 Group has finalised the buyout of its UK pension scheme liabilities with Pension Insurance Corporation.
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News
MoJ underpays pension payments to 25 judges
On the go: The Ministry of Justice has short-changed 25 members of the Judicial Pensions Scheme who have been underpaid in their pensions. The underpayments totalled £53,917.
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News
Stagecoach announces next wave of legal action against DfT
On the go: Stagecoach started the second wave of its legal action against the Department for Transport on Friday, claiming it was illegally excluded from three rail franchise contests in April over pensions liabilities.
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News
Plumbers’ scheme set to close to future accrual
On the go: The multi-employer defined benefit scheme for the plumbing industry will close to future accrual from June 30, despite an apparently healthy funding level.
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NewsCambridge academics threaten to ‘greylist’ Trinity College if it leaves USS
Two-hundred-and-fifty Cambridge academics have signed an open letter condemning a proposal from Trinity College to withdraw from the Universities Superannuation Scheme and to set up its own private pensions scheme.
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News
Marks & Spencer adds £1.4bn in new buy-ins
On the go: Marks & Spencer's UK defined benefit scheme has entered a £1.4bn buy-in with the Pension Insurance Corporation and Phoenix Life, bringing its total insured portfolio up to two thirds of its pensioner population.