All Defined benefit articles – Page 160
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NewstPR greenlights British Steel RAA
The Pensions Regulator has granted initial approval for the restructuring of the British Steel Pension Scheme, which will see members offered revised benefits at a level above those provided by the Pension Protection Fund.
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FeaturesSSE wipes off £1.2bn of longevity risk
FTSE 100 energy company SSE has completed £1.2bn of longevity risk hedging for two of its defined benefit pension schemes, comprised of two buy-ins and longevity swaps with separate insurers.
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News
Trustee pay falls as workload ramps up
The average pension scheme trustee is being asked to dedicate more working days than ever to the running of a scheme, and is being paid less to do so, a survey released on Thursday has suggested.
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News
Calls for action on complexity at heart of DB transfer delays
Increased demand for defined benefit pension transfers, lack of transfer experience among independent financial advisers and complexity of DB pensions is adding to transfer delays by putting strain on administrator resources, recent research has shown.
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OpinionThe societal shift hindering good pensions policy
The Society of Pension Professionals’ Hugh Nolan says politicians and the public are locked in an individualistic system that prejudices policy soundbites over sound policy.
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FeaturesCYBG scheme closure highlights industry's 10-year funding headache
Banking group CYBG has closed its defined benefit pension scheme to future accrual, wiping £131m from its liabilities and avoiding increased contributions amid worsening market conditions.
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NewsCourt backs IBM in DB closure dispute
Technology giant IBM’s decision to close its UK defined benefit schemes has been ruled lawful by the Court of Appeal, in the culmination of an eight-year battle over the sponsor’s discretionary powers.
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OpinionIs your scheme closed in the way you think?
Significantly fewer than 1m lucky individuals were active members of private sector occupational defined benefit schemes in 2015, compared with almost 5m in 2000, according to figures from the Office for National Statistics.
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OpinionWhy people turn to equity release for retirement income
Analysis: Statistics show equity release is becoming more popular, but is it the right answer for property owners with inadequate pension provision?
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FeaturesGKN scheme closures and debt issuance to combat £1bn deficit
Engineering firm GKN has closed its UK defined benefit pension schemes to future accrual, and plans to use proceeds from a debt issuance to plug a £1bn deficit on its UK post-retirement obligations.
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Features
Outsourcing admin: What to look out for
Analysis: Outsourcing pensions administration or transitioning to a different provider can be a complicated and time-consuming process. What steps can trustees take to smooth the journey?
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OpinionHow to prepare for the FCA’s assessment of transfer advisers
From the blog: Pension transfer advisers are stuck between a rock and a hard place. The Financial Conduct Authority is taking an intrusive and robust approach to regulating the industry, in many cases closing down businesses because they are not satisfied with their advice and methods.
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FeaturesScapa sticks to risk management strategy with Pie
Adhesive tape manufacturer Scapa has carried out a pension increase exchange exercise, in its latest move to manage the cost and risk of its legacy defined benefit scheme.
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OpinionThe PPF’s funding strategy: Flight path to self-sufficiency
The Pension Protection Fund’s Hans den Boer says why the PPF cannot be complacent despite its healthy funding position.
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News
DB white paper will be published in winter
The Department for Work and Pensions will consider giving further “proactive” powers to the Pensions Regulator and examine the case for consolidation, in a long-awaited white paper on defined benefit to be published in the winter.
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FeaturesEnvironment Agency fund in surplus with ESG
Strong investment returns have lifted the Environment Agency Active Pension Fund into surplus, as it challenged the industry to collaborate to improve uptake of environmental, social and governance-related strategies.
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Opinion
How will the DGF market develop?
Will the diversified growth fund sector grow or shrink? And do illiquid assets have a role to play in DGFs? Shuntao Li from Barnett Waddingham, Percival Stanion from Pictet Asset Management, Murray Taylor from JLT Employee Benefits, Neil McPherson from Capital Cranfield and Naomi L’Estrange from 2020 Trustees discuss how the market is likely to develop.
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OpinionTPR: Taking a proactive approach
The Pensions Regulator’s Nicola Parish looks at recent high-profile cases and what the regulator will do differently in future.
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OpinionSleeping on the job – a hazard for trustees
From the blog: The long-running dispute involving the Coats Group defined benefit schemes finally came to a conclusion last month: the Pensions Regulator’s anti-avoidance investigation into Coats resulted in a £74m settlement for the third and final DB scheme under investigation.
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OpinionThe best way to harness illiquidity
Joshua Featherby at Cambridge Associates explains how defined benefit schemes can use the illiquidity premium to their advantage.