All Defined benefit articles – Page 141
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News
FTSE350 pension deficit rises to £45bn
On the go: The total deficit of FTSE350 companies’ defined benefit pension schemes increased to £45bn from £41bn at the end of February. The move was caused by an increase in liabilities to £811bn from £806bn, partially offset by asset values increasing to £766bn from £765bn, according to Mercer figures released this week.
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News
Employers keep workers in the dark on pension freedoms
On the go: Some employers are still sticking their heads in the sand when it comes to pensions reforms. Only 59 per cent have alerted their employees to pension freedoms, according to the Employer Engagement Survey 2018 published by the Department for Work and Pensions in March 2019.
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News
£7.1m bulk annuity boom for PIC
On the go: Pension Insurance Corporation saw a near doubling of new pension insurance business to £7.1bn of premiums (2017: £3.7bn), for clients including BHS, Siemens and Rentokil, its parent company's 2018 results published today revealed.
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News
Record £10bn annuity sales boosts L&G profits
On the go: Legal & General’s 2018 results released on Wednesday showed a record £10bn annuity sales, as demand grew for both institutional risk transfer deals and individual annuities.
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News
Schemes should discuss options ahead of Brexit-day clash
On the go: One in seven UK pension schemes faces a Brexit conundrum with their valuation year-end dates falling due on March 31, the Sunday after the UK is due to leave the EU on March 29, Aon says.
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News
Regulator turns focus to DB sponsors’ long-term plans
Trustees and sponsors of defined benefit pension schemes will have to recognise a long-term funding target for their plans, under guidance set out on Tuesday by the Pensions Regulator.
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OpinionUSS dispute has exposed a transparency deficit
Brexit may be inflaming passions across the country, but away from the headlines an equally heated debate has been raging among scheme advisers, managers and members over the serious matter of how to value pensions.
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FeaturesDoctors express anger at NHS scheme failings
The leviathan NHS Pension Scheme is under fire again, with a Byzantine labyrinth of responsibilities, administration failings, and frustrations at government pensions policy infuriating medical staff.
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NewsTrustees not responsible for bad IFA transfer work, scheme professionals say
Advisers to pension schemes have hit out at proposals that British Steel Pension Scheme should award discretionary payouts to members who mistakenly left the plan, saying it shifts the blame for bad financial advice on to trustees.
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OpinionBetter communication can ease rush to transfer out of DB
Transfers from defined benefit pension schemes have proved attractive in recent years, but there are serious questions over their suitability for many. Trustees cannot afford to shy away from helping their members, and the Pension Protection Fund wants to help, says Sara Protheroe.
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NewsRBS scheme slashes equities after £2bn contribution
The Royal Bank of Scotland’s UK defined benefit schemes have dramatically cut their exposure to equities, derisking their portfolios into corporate and government bonds to improve the plans’ risk level.
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Features
LGPS funds strive to make an impact with build to rent
A minor revolution is taking place in town halls across the country. Local authority pension funds are changing tack, eschewing traditional equities for alternatives, and looking to make a difference with their allocations.
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News
PPF beset by fresh court proceedings over 50% payout level
On the go: Court proceedings have started against the Pension Protection Fund, seeking to challenge its approach for calculating any increases due to its members as a result of a European Court of Justice ruling last September.
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News
Unregulated companies source of 52% of all scams
On the go: More than half of all scams can be linked back to unregulated introducers or advisers, according to research by the Pension Scams Industry Group.
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OpinionSuperfunds: A safer prospect for members?
Aside from the constant, almost deafening chatter surrounding Brexit, the Department for Work and Pensions consultation on defined benefit consolidation – or superfunds – has been the talk of the pensions town over the past few weeks.
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Features
Caffyns appoints fiduciary manager and overhauls portfolio
Trustees of the £86m Caffyns Pension Scheme have appointed a fiduciary manager to improve the performance of the fund’s assets, leading to a restructuring of its investment portfolio.
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FeaturesLafarge pension scheme enters into longevity swap to reduce risk
The Lafarge UK Pension Plan has entered into a longevity swap with a global reinsurance company, in a bid to reduce the scheme’s exposure to longevity risk.
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News
UK pension schemes’ deficit falls to £23.1bn
On the go: UK pension schemes have beaten the January blues, with their total deficit down by £8.8bn, according to recent Pension Protection Fund figures.
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News
Relief for pension schemes as CPI falls to 1.8 per cent
On the go: UK pension schemes will get a small measure of comfort from the current inflation figure, with the consumer price index falling for the third month in a row to 1.8 per cent in January, the lowest level since January 2017.
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PodcastsPodcast: How to approach the bulk annuity market
Podcast: 2019 is predicted to break last year’s record for bulk annuity deals. But with insurers being more selective, experts have stressed the need for defined benefit pension scheme trustees to make sure they are well prepared before approaching the market. In this episode, Marian Elliott, head of integrated actuarial at consultancy Redington, discusses the main drivers behind increased derisking activity in recent years, and explains how pension funds should prepare for transactions.