All Defined benefit articles – Page 144
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News
DB schemes inch closer to full PPF funding
On the go: Defined benefit schemes in the UK are nearing full funding on the Pension Protection Fund's section 179 basis, with an aggregate deficit of £62.8bn at the end of July.
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News
Lookers merges defined benefit schemes
UK motor resale company Lookers has amalgamated two of its defined benefit pension schemes, as experts highlight the improved efficiency and cost savings associated with mergers.
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News
BHS successor scheme concludes buyout
On the go: The BHS2 pension scheme, which was set up in 2017 after the collapse of department store chain BHS, has completed a buyout with the Pension Insurance Corporation that will cover £800m of liabilities.
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News
Mid-market direct lending approach 'too constraining', WTW says
Mid-market direct lending is “now demonstrating signs of material deterioration in credit underwriting and future return potential”, according to a report by consultancy Willis Towers Watson, which is instead recommending its clients invest in debt for US real estate and UK commercial real estate.
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OpinionPPF: Our new approach to company voluntary arrangements
Malcolm Weir, director of restructuring and insolvency at the Pension Protection Fund, explains how the lifeboat’s new CVA guidance will assist employers and their advisers when putting together a proposal.
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Features
Automation improves insurer scheme admin but work still to do
The Royal Insurance Group Pension Scheme has reported a “considerable improvement in service” from administrator Willis Towers Watson, after two years of problems that have hurt the scheme’s ability to service transfer requests.
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News
Bulk annuity volumes break H1 record
On the go: UK pension schemes entered into a record £7.8bn of buy-ins and buyouts in the first half of 2018, as large 'back book' transfers between insurers failed to disrupt the market's capacity.
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News
DB transfers heading into costly drawdown products, research finds
Defined benefit members transferring out of their scheme to take advantage of freedom and choice may be wasting money on fees for flexibilities they are unlikely to use, according to a new report.
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News
SES Water cites Ofwat price review in proposed scheme closure
SES Water, formerly known as Sutton and East Surrey Water, has opened a consultation with members on the closure of its defined benefit section to future accrual, citing efficiencies demanded by water regulator Ofwat.
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OpinionCompanies cannot justify DB for older workers only
No one wants to give up a lucrative defined benefit pension, but allowing continued accrual for older workers while younger workers get inadequate defined contribution stifles businesses and creates intergenerational inequality, writes Quantum Advisory’s Phil Farrell.
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FeaturesSouth Yorkshire builds dashboard to remedy data backlog
The South Yorkshire Pensions Authority has developed a dashboard to help monitor information as part of a development plan to solve its longstanding data woes.
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News
Bank of England raises base rate to 0.75%
The Bank of England has raised its base interest rate to 0.75 per cent, its highest level since February 2009.
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OpinionTrustees must take valuation deadlines seriously
Agreeing a triennial valuation is a key priority for the trustee of a defined benefit scheme and its sponsoring employer. It allows the Pensions Regulator to check the health of a scheme and its ability to provide members with their expected retirement benefits.
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News
Select committee chair loses no confidence vote by local party
Labour MP Frank Field has lost of vote of no confidence in his constituency, as local party members try to oust the Work and Pensions Committee chair over his support for Brexit.
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News
Brewery fined for refusing to share information with TPR
Samuel Smith Brewery and its chairman must pay fines of almost £28,000 for failing to hand over to the Pensions Regulator requested information relating to its defined benefit schemes, Brighton Magistrates Court ruled on Monday.
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NewsFTSE 100 steps up derisking drive as deficits shrink
Defined benefit schemes of FTSE 100 employers continue to derisk investment portfolios at a rapid rate, despite mismatching of assets and liabilities generating attractive returns over the last year.
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FeaturesBT’s 'sleight of hand' bond gift slashes accounting deficit
BT’s defined benefit scheme has seen its accounting deficit drop by £1.8bn over the past quarter after investing in the bonds of its own sponsor, but some experts have questioned whether the move has any meaningful impact on member security.
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News
Northumbrian Water makes moves to manage liabilities
Northumbrian Water has embarked on a multi-pronged liability management exercise in a bid to control its defined benefit obligations, including a pension increase exchange and employer-funded financial advice.
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OpinionIncreasing TPR powers vital to protect DB schemes
From the blog: The white paper on protecting defined benefit schemes will go under the spotlight on Wednesday with both the Pensions Regulator and pensions minister giving oral evidence to the Work and Pensions Committee as part of its inquiry.
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News
Government appoints first CEO of single financial guidance body
On the go: The Department for Work and Pensions has appointed John Govett as the first chief executive officer of the new single financial guidance body.