All Defined benefit articles – Page 148
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News
Civil service scheme overpaid pensioners by £22m
Pensioners of the Civil Service Pension Scheme have received historic overpayments of £22m and face reduced pensions to correct the mistake.
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TPR appoints new policy lead
The Pensions Regulator has hired David Fairs as its executive director for regulatory policy, analysis and advice.
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MPs probe pension funds on climate risk amid wider ESG push
MPs are probing pension funds on their approach to climate change risk, as experts expect a ‘multi-pronged attack’ to push environmental concerns higher up trustee agendas.
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DB deficits continue to decrease but tensions remain
Defined benefit deficits across UK private sector pension schemes have decreased to £105bn from £180bn last year.
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Universities minister: Compensate students for UCU pensions strike
Universities minister Sam Gyimah has said universities should compensate students for teaching time lost because of academics' ongoing strike over pensions.
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Trustees lack info to judge fid man and consultant VfM, finds CMA
Competitive processes are not providing customers with the necessary information to judge the value for money of investment consultants and fiduciary managers, the Competition and Markets Authority has said.
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FeaturesGeneral Medical Council swallows DB closure pill
The General Medical Council is set to close its defined benefit scheme to future accrual from April 1 2018, and is in talks with the trustees regarding additional funding.
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Lower rises in life expectancy are no longer a blip
The recent slowdown in life expectancy rises has settled into a general trend, according to new data.
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NewsSainsbury’s tackles bills with DB scheme merger
Supermarket giant Sainsbury’s is hoping to save on pension costs by combining its two defined benefit schemes, a move advisers say can also bring strategic alignment for the sponsor.
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Attractiveness of deferred debt arrangement remains to be seen
Employers in multi-employer pension schemes will now be able to delay the requirement to pay an employer debt when they cease accrual in the scheme, but opinions are divided on how attractive this will be.
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NewsPPF reassures Toys R Us members after insolvency
US retail chain Toys R Us has become insolvent despite a creditor agreement late last year. Its pension scheme, with an estimated £25m deficit, has been in a Pension Protection Fund assessment since December.
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Post Office workers’ scheme agrees £450m buy-in
The Royal Mail Pension Plan has agreed a £450m bulk annuity transaction to insure the liabilities of its Post Office Limited section.
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News
'Risk-averse' former Carillion FD sold off shares
MPs have published evidence from Carillion's former financial directors, showing that one sold all of his shares in the company as soon as possible after retiring.
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NewsCarillion: Regulator blasted for grasp of key facts on DB
Executives at the Pensions Regulator have been lambasted by MPs for being poorly informed and undermining confidence in pensions, after they appeared unable to answer questions on subjects including “a major KPI” of defined benefit scheme health.
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News
Could airline black box approach take off in the pensions industry?
A Pensions Institute report published on Wednesday has suggested that emulating the airline industry’s black box thinking approach of systematically analysing mistakes could solve many of the problems facing defined benefit schemes.
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FeaturesBMA rebukes NHSE and Capita over admin 'fiasco'
The British Medical Association – the trade union and professional association for doctors and medical students – has been lobbying for improvements to the administration of the NHS Pension Scheme after member complaints and a motion by GPs last year to address issues with third-party administrator Capita.
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Features
Can you run your scheme better than a sole trustee?
Analysis: Defined benefit trustee boards are finding it increasingly difficult to source a full complement of member-nominated trustees, as final salary becomes a legacy benefit system. Is the rise of the sole corporate trustee inevitable?
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FeaturesPwC schemes cut property from portfolio
PwC's two defined benefit pension schemes have removed property from their investment strategies and made a number of changes to their fixed income allocations.
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NewsUniversity of Oxford learns hard lesson with Care closure
The University of Oxford has introduced a defined contribution scheme for new joiners and is making a number of other changes to reduce costs as universities are waking up to their pension deficits. One expert called the education sector ‘a disaster’ in pension terms.
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News
Carillion divestor considered lawsuit over reporting
Shareholders of the failed outsourcer Carillion had concerns about the business’ strength as early as 2015, according to a select committee inquiry into its collapse, raising questions about the transparency of the group’s financial reporting.