All Defined benefit articles – Page 29
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OpinionDigital pensions? If you build it, they will come
The past few years have seen an acceleration in digitisation in almost every area of people’s lives.
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NewsGovt to fix NHS inflation link and mandate pensions recycling
The government will be correcting pension rules regarding inflation and will mandate NHS trusts to offer pensions recycling by 2023, as part of its bid to prevent punitive pension rules from encouraging workers to leave the NHS.
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NewsTPR approached a ‘number of times’ by capital-backed consolidators
The Pensions Regulator has been approached a “number of times” by companies working on capital-backed consolidation models, according to Charles Counsell, who has called for superfund legislation.
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NewsPodcast: Webb - Opperman achieved but ‘got sidetracked easily’
Podcast: Former pensions minister Guy Opperman can boast a number of achievements from his time in office. But he was too easily sidetracked away from the bigger issues, such as under-saving in defined contribution schemes, and towards trivialities such as the statements season. LCP partner Sir Steve Webb gives his view on Opperman’s time as minister, and discusses under-saving in DC and a local council investment scandal.
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NewsEmployer DC contributions to exceed DB ‘in 5 years’
On the go: The expected decline of sponsor contributions towards defined benefit pension schemes should see businesses’ defined contribution payments outstrip these within five years, according to new research.
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NewsYell Pension Plan agrees £370mn full buy-in
On the go: The Yell Pension Plan has agreed a £370mn buy-in with Pension Insurance Corporation, covering the remaining liabilities of the defined benefit scheme.
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NewsGuy Opperman removed as pensions minister
The UK’s longest-serving pensions minister, Guy Opperman, has been removed from his post by new prime minister Liz Truss, after five years in the role.
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NewsAPPT pushes for diversity and inclusion in trustee boards
On the go: The Association of Professional Pension Trustees has launched a “hints and tips” briefing focused on diversity and inclusion, in a bid to influence how trustees go about shaping their boards.
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NewsEnvironment Agency fund races ahead of emissions targets
On the go: The £4.3bn Environment Agency Pension Fund is ahead of its target to cut emissions exposure to coal, oil and gas, according to its new stewardship report.
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NewsCovid-hit fiduciary management market gains 70% in 5 years
Although the UK fiduciary management market has risen by 11 per cent a year over the past five years, its growth is still below the previous period’s figures, with Covid-19 having an impact on selection processes in 2021, according to a survey by IC Select.
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NewsOmbudsman hits Teachers’ Pensions with maladministration fine
The Pensions Ombudsman has fined Teachers’ Pensions £500 for maladministration after it failed to adequately inform a member about the rules around breaks in pensionable service, but dismissed the member’s argument that the fine should be increased to the minimum required in cases of employment discrimination.
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NewsFBU urges employment tribunal to protect member benefits
The Fire Brigades Union has said it will encourage and assist its members in taking claims before an employment tribunal to protect their pension benefits, while it continues to negotiate with the Home Office for a permanent solution.
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NewsUnion urges government to revisit NDA pension reforms
The Prospect union has called on the government to reconsider reforms to Nuclear Decommissioning Authority pensions that will move members from their final salary scheme into a career average revalued earnings equivalent.
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NewsFirst-half bulk annuity volumes surge 50% against 2021
On the go: The pensions risk transfer market is up 50 per cent in the first half of 2022 compared with last year’s H1 figure, with £12bn in buy-ins and buyouts making for the third-largest H1 figure on record, according to analysis from LCP.
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NewsDB members could lose £25,000 to inflation increase caps
On the go: Members could stand to lose out on £1,200 a year due to caps on inflationary increases in defined benefit schemes, amounting to £25,000 of missed income over a lifetime, according to analysis from XPS Pensions Group.
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NewsFCA extends DB transfer redress consultation deadline
On the go: The Financial Conduct Authority has extended the deadline for responses to its consultation looking at how it could change the way it calculates redress for those who were wrongly advised to transfer out of a defined benefit scheme.
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NewsGovernment presses ahead with NHS scheme uplifts
The Department of Health and Social Care has expanded on its plans to change the way member contribution rates are calculated and decided in the NHS Pension Scheme, launching a new consultation laying out its proposed uplifts to contribution tier thresholds.
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NewsActivists target Federated Hermes at local government pensions summit
On the go: Climate campaigners have protested outside a local government pensions conference, specifically targeting one of the event’s headline sponsors, investment manager Federated Hermes.
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NewsRising gilt yields push PPF 7800 index aggregate surplus up 23%
On the go: The aggregate surplus of defined benefit pension schemes eligible for entry into the Pension Protection Fund leapt by almost a quarter in August, fuelled by increasing gilt yields and declining liabilities.
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NewsBAE Systems Pension Scheme reaches full funding
On the go: The BAE Systems Pension Scheme is fully funded following its latest actuarial valuation, according to a July update.