All Defined benefit articles – Page 193
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News
IASB proposal could hit sponsor-scheme funding strategies
A proposed change to pensions accounting guidance around surpluses could lead to trustees having to renegotiate their financing arrangements with employers and shifting towards non-cash vehicles.
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News
Interest rate uncertainty a concern for employer covenants
Interest rate rises could have a negative effect on covenant strength as some companies are forced to refinance at higher rates, advisers have said, and trustees should keep a watching brief to mitigate any resultant impact on their sponsors' ability to pay scheme contributions.
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FeaturesRBS reviews recovery plan as interest rates hurt funding level
The Royal Bank of Scotland has extended its pension fund recovery plan and increased contributions following a slip in the funding level.
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News
Schemes have scope to delve deeper into illiquids, but confidence lacking
Defined benefit schemes are showing increased interest in illiquid alternatives as they hunt greater yield and diversification, but many lack sufficient resources and the confidence needed to execute such investments.
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News
DB-to-DC transfers forecast to impact on derisking strategies
Investment experts have predicted liability-driven investment programmes could become more tricky since the chancellor gave the green light to transfers from defined benefit to defined contribution, with schemes finding find it more difficult to predict liabilities.
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News
How the PPF's contingent asset shift could affect your scheme
The Pension Protection Fund will publish in October the conclusion of its consultation on making the certification of contingent assets more transparent, after around half a sample of type A contingent assets failed a stress test.
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Opinion
Last DB schemes standing: A snapshot of FTSE 100 benefits
Consultancy LCP yesterday released its Accounting for Pensions 2014 report giving an insight into the pension arrangements of some of the country's biggest companies. The report at times paints a bleak picture for defined benefit schemes.
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NewsHow your scheme could benefit from the Arcadia CPI judgment
Employers have been encouraged to assess whether they can switch from the retail prices index to the consumer price index to reduce their liabilities, after a High Court ruling last week.
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News
Church of England scheme boosts funding level with 20% equity growth
The Church of England Funded Pension Scheme has seen an improvement in its funding level thanks to asset outperformance, in particular from equities, as it looks to increase its illiquid asset holdings.
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Features
Unilever sees 26% opt-out from AE joiners on tax grounds
Unilever has seen slightly more than one in four of its tiny non-scheme member population opt out, with the majority close to or having reached the lifetime allowance limit for tax-privileged saving.
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News
Newly defined money purchase plans wake up to actuarial and comms obligations
Trustees and employers offering money purchase benefits may face increased member communication and valuation requirements as a result of the government’s new statutory definition.
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News
Invensys terminates reservoir trust as surplus grows
Invensys Pension Scheme has exceeded full funding on a technical provisions basis and has taken the unusual step of terminating a reservoir trust that was set up to provide funding security after the employer was purchased.
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Opinion
Gardner: How to win by not losing
Talking head: Redington’s Rob Gardner analyses the state of pension funds’ growth assets, arguing that in an environment where many assets look expensive, reward can be found through focusing on reducing downside.
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Features
Vodafone scheme completes CWW merger with £325m employer payment
Vodafone has contributed £325m to its defined benefit scheme as it completes the transfer of the Cable & Wireless Worldwide Retirement Plan, after purchasing the rival telecoms company in 2012.
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News
BBC plan sees slight deficit improvement as contributions bed in
The BBC has seen a small improvement in its accounting pension deficit as it embarks upon a 12-year plan of additional contributions to boost its scheme funding.
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News
ETV exercises to rise as government accepts DB-to-DC transfers
Industry experts have predicted the use of enhanced transfer value exercises could increase as employers look to encourage switches out of defined benefit plans in light of the Budget changes, but trustees have been urged to ensure members receive adequate advice.
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Features
NESPF beefs up governance to prep for Scottish LGPS reform
North East Scotland Pension Fund plans to establish a dedicated governance team – incorporating communication responsibilities – to deal with the increased workload produced by local government pension scheme reforms.
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News
Civil service employers face increased contributions after discount rate cut
Participating employers of the Principal Civil Service Pension Scheme will face an increase in their pension costs, due to a reduced discount rate, following government efforts to control public spending.
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Opinion
Picking through the guidance guarantee small print
Finally some details on the guidance guarantee. Soon-to-be pensioners will receive independent guidance from April 2015, as the government clarifies the guidance guarantee announced in this year’s Budget.
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News
Court of Appeal upholds crown guarantee for BT Pension Scheme
The court of appeal has ruled to uphold a crown guarantee given to the BT Pension Scheme, making the government responsible for ongoing liabilities should the employer fail.