All Defined benefit articles – Page 23
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NewsTPR expects improved LDI liquidity buffers to be maintained
The Pensions Regulator has set out its expectation that liquidity buffers be maintained across pooled and leveraged liability-driven investment mandates, going beyond the demands of Irish and Luxembourgish regulators.
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NewsLDI pooled funds determined Bank of England intervention
The Bank of England’s bond market intervention was determined by the lack of ability of liability-driven investment pooled funds to receive the liquidity needed from schemes to rebalance in a short period of time, Andrew Bailey has revealed.
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NewsBalfour Beatty Pension Fund completes £1.7bn longevity swap
On the go: The £4bn Balfour Beatty Pension Fund has signed a £1.7bn longevity swap transaction with Zurich Assurance and Scor.
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NewsPPF: True impact of LDI crisis is still unknown
The true impact of the liability-driven investment turmoil will only be known when schemes start publishing their annual accounts, especially for a group of pension funds that were not able to meet collateral calls and lost their hedges, the Pension Protection Fund’s head of LDI and credit has warned.
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NewsUSS surplus hints at ‘positive choices’ over contribution rates
On the go:The Universities Superannuation Scheme has swung into a £5.6bn surplus, according to its latest monitoring report, offering the possibility of “positive choices” regarding future contribution rates, while sparking fury among those taking strike action against scheme reforms.
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NewsRetirement standards compromised by changes in pensions system
On the go: Changes made to the UK pensions system are positive for sustainability but are leaving savers’ retirement standards compromised.
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NewsInflation is main concern for DB trustees and sponsors
On the go: Inflation and monetary policy represent the key concern for three-quarters (74 per cent) of pension trustees and their sponsors over the next six months.
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NewsLabour MPs table amendment to preserve EU PPF protections
Labour MPs have tabled an amendment to a bill aimed at revoking residual EU law, seeking to retain judgments linked to the Pension Protection Fund.
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NewsSome BSPS members to receive redress calculation by end of 2023
On the go: The Financial Conduct Authority has said that companies should provide British Steel Pension Scheme members with their redress calculation by the end of December 2023, if individuals opt to receive it as a lump sum.
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NewsWebinar: Pension Protection Fund 2022 Purple Book
The Pension Protection Fund will be publishing its annual analysis of the defined benefit sector on December 1.
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NewsPublic sector pension statements’ deadline delayed
On the go: The government intends to delay the deadline for the issuance of pension savings statements covering the 2022-23 period by a year to October 2024 in certain public sector schemes, as part of the tax remedy to an age discrimination case.
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NewsTiming and flexibility concerns raised over LGPS climate reporting
The pensions industry has expressed its concerns to the government over proposals surrounding new requirements for Local Government Pension Scheme funds to produce climate risk reports, citing fears over the timescale imposed and a lack of flexibility.
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NewsExperts estimate £500bn in assets are ‘missing’ after LDI crisis
Around £500bn in pension scheme assets are “missing somewhere” as a result of the liability-driven investment crisis, the Work and Pensions Committee has been told, with experts also questioning the role of leverage in these funds and the need for more guidance from regulators.
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FeaturesWhy do savers continue to misunderstand their pensions?
Analysis: The pensions industry spends extensively on member communications, but 48 per cent of employees do not know how much their employer is paying into their pension, according to a survey by The People’s Pension.
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NewsL&G blames govt for LDI crisis and backs consultant regulation
Legal & General has placed responsibility for the market turmoil that triggered the autumn liquidity crisis firmly at the feet of the government, while adding its support to calls for the regulation of investment consultants.
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NewsUUK: ‘Ignoring USS problem is not the answer’
The president of Universities UK has stood by planned reforms to the Universities Superannuation Scheme, in the lead up to unprecedented strike action that will take place across 150 universities.
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NewsElectronic technologies scheme secures £400mn buy-in
On the go: The TT Group (1993) Pension Scheme has completed a £400mn buy-in with Legal & General, securing the benefits of around 5,000 retirees and deferred members.
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NewsLDI crisis to hit L&G’s DB revenue and profit by £10mn
On the go: Legal & General has disclosed that its defined benefit business-linked revenues and profits will be hit by around £10mn in its full-year 2022 results, following an autumn liquidity crisis among pension schemes that saw its higher-fee products sold to meet collateral calls.
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NewsRoyal Mail CDC scheme to increase annual payroll costs by £30mn
Royal Mail’s new collective defined contribution scheme is anticipated to increase its annual cash payroll costs by around £30mn, its half-year accounts have disclosed.
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NewsTreasury delays NHS scheme McCloud remedy to October 2023
The McCloud remedy for the NHS Pension Scheme has been pushed back to October 2023 on the back of Treasury delays in producing required documents.