All Defined benefit articles – Page 128
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News
Calls for next government to revive multi-employer schemes bill
On the go: The boss of a small Scottish plumbing company hit with a £1.2m pensions bill is calling for the next government to revive a 2018 proposal, which would end the current issues affecting sponsors of the Plumbing and Mechanical Services Industry Pension Scheme.
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DB schemes move to formal long-term planning as regulation bites
On the go: Defined benefit pension funds are increasingly focusing on a long-term, formalised endgame or funding target, according to research by PwC.
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Ombudsman sides with Shell on climate change dispute
The Pensions Ombudsman has sided with the Shell Contributory Pension Fund in the legal challenge regarding the disclosure of climate change information, which has prompted environmental lawyers ClientEarth to request the body to review its internal procedures.
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Bulk annuity market to reach £540bn in next decade
On the go: The bulk annuity market is expected to quadruple in the next decade compared with the current one, which saw £135bn paid to insurers, according to estimates from Mercer.
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USS urged to consider expert report in next valuation
UK universities and staff have called for the UK’s biggest pension fund to ensure its 2020 valuation process fully considers a forthcoming report from an independent panel of experts.
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News
Govt guarantees doctors’ emergency pension payments
On the go: The government will guarantee that senior clinicians’ pension tax bills will be paid even if the employer ceases to exist, the secretary of state for Health and Social Care announced.
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Civil servants told to complain about pension overpayments
On the go: The Public and Commercial Services Union is advising its members to not comply with a request from the Civil Service Pension Scheme administrator and present a formal complaint if necessary.
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Schemes’ endgame decisions could be hit by IFA shortage
Pension schemes using enhanced transfer value exercises as a way to reach an endgame solution could soon see their journey delayed, as new rules coming into the advice sector are reducing the defined benefit transfer market.
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News
Four-fifths of FTSE 350 schemes eligible for consolidation
On the go: More than four-fifths (84 per cent) of FTSE 350 companies’ defined benefit schemes are eligible to join a commercial consolidator, new research showed.
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News
TPR’s debt recovery rate stalls despite record enforcement activity
On the go: Despite the Pensions Regulator enforcement activity reaching a record high, the recovery rate against recoverable debt remains at 30 per cent, new research has revealed.
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USS CEO defends pension actions as academics strike
On the go: Universities Superannuation Scheme chief executive Bill Galvin has defended the plan’s approach to valuing its liabilities, in a radio interview on the last planned day of strikes at Britain’s higher education institutions.
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News
Latest housing association to exit multi-employer scheme
On the go: Housing association Metropolitan Thames Valley has left the Social Housing Pension Scheme, a multi-employer defined benefit plan run by TPT Retirement Solutions, transferring its assets and liabilities to master trust Enplan.
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HMRC request for schemes to report breaches branded ‘unsatisfactory’
HM Revenue & Customs' request for pension administrators to remind their members about potential tax breaches has been branded ‘very unsatisfactory’ by a former pensions minister, who said the tax authority was offloading its own responsibilities onto schemes.
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DB deficits at lowest value since May
On the go: The deficit of UK corporate defined benefit schemes dropped by £30bn to £190bn during November – its lowest level since May, when it reached £180bn, according to PwC.
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Royal London issues guidance for trustees when appointing IFAs
On the go: There is no right answer to whether trustees should be appointing financial advisers to help members make retirement decisions. However, doing nothing is not a risk-free option, a new policy paper from Royal London and Eversheds Sutherland has stated.
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News
Unilever proposes DB scheme closure to new members
On the go: Unilever is poised to close its defined benefit scheme to new members, in an attempt to reduce increasing costs and allow greater flexibility for employees.
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News
DB schemes still fit for purpose
When Michelle Ostermann came to the UK to work for RPMI Railpen, in the beginning of 2019, she was surprised by the number of closed corporate defined benefit schemes in the UK.
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News
Schemes hit back at DWP’s levy ‘knee-jerk solutions’
Several pensions experts have criticised the government’s consultation on the general levy on pension schemes, arguing that the Department for Work and Pensions has proposed ‘knee-jerk solutions’ that are not fit for purpose.
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News
ONS: Life expectancy increases continue to stall
On the go: New data from the Office for National Statistics shows that life expectancy improvements continue to stall, which is expected to improve pension schemes liabilities.
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OpinionIs there a future for equities in DB?
Data Crunch: Corporate defined benefit schemes have been shifting allocations away from equities as a means of reducing funding volatility and focusing on assets that can deliver contractual cash flows.