All Defined benefit articles – Page 43
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NewsWaiting times a problem as demand for Pensions Ombudsman rises
The Pensions Ombudsman has been successful in its application for additional funding, part of which will go towards establishing its new pensions dishonesty unit, and tackling customer waiting times as demand is expected to rise by at least 10 per cent over the next year.
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NewsOmbudsman fines Capita for substandard administration
The Pensions Ombudsman has told Capita to pay £500 to a disgruntled scheme member as its communications “fell below the standards of good administration”, though the member’s substantive complaint was not upheld.
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NewsTruss hints at doctors’ pension fix
On the go: Conservative party leadership candidate Liz Truss has said she will “sort out” the problems with doctors’ pensions in a bid to tackle the staff retention crisis, though she has not yet said how she would go about doing this.
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NewsTaylor Wimpey suspends escrow payments
On the go: Home construction company Taylor Wimpey has suspended escrow payments to its defined benefit pension scheme due to its strong funding position.
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NewsExperts warn schemes of recession and inflation risks after BoE rate rise
The Bank of England has announced its highest rate hike in 27 years, lifting its base rate by 0.5 per cent to 1.75 per cent in a bid to control rising inflation, with warnings of an imminent recession creating fresh challenges for UK pension schemes.
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NewsBMA blasts Sunak role in NHS pensions taxation
The British Medical Association has hit out at Rishi Sunak for changes made during his time as chancellor of the exchequer to the tapered annual allowance of NHS pensions.
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NewsUnite calls for pension protection in Bournemouth Transport deal
On the go: The trade union Unite has called on the prospective new owners of Bournemouth Transport to commit to protecting jobs and pensions.
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NewsTPR revamps guidance on fiduciary management tender processes
The Pensions Regulator has published updated guidance on the tender process for fiduciary management services and trustees, setting objectives for investment consultants as it prepares to take over regulation of these duties this autumn.
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NewsLondon Underground strike over pensions set for August 19
On the go: The National Union of Rail, Maritime and Transport Workers has confirmed that its London Underground members will carry out a 24-hour strike on August 19 over a pensions dispute.
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NewsFalling bond yields drive down July FTSE 350 surplus by £9bn
On the go: The pension funding surplus of the UK’s biggest 350 listed companies fell last month amid choppy markets and falling bond yields.
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NewsNHS pension payments delayed as retirements surge 50%
More than a thousand NHS pensioners have seen their pension payments delayed as the NHS Business Services Authority, which administers NHS pensions, struggles to cope with a spike in retirements and resignations.
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NewsTPR unveils new scam-busting plan amid cost of living crisis
The increase in the cost of living may leave savers more vulnerable to scammers, the Pensions Regulator has warned, as it unveils a new three-year plan to protect individuals from pension scams.
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NewsLGPS funds back LGA opposition to 90-day dashboard window
Local government pension scheme funds have told Pensions Expert that they support the Local Government Association’s warning to the government over its plans to give schemes just 90 days’ notice before the dashboards go live.
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NewsLGPS board presses new ministers on TCFD timetable
On the go: The Scheme Advisory Board of the Local Government Pension Scheme has written to two newly appointed government ministers urging them to commit to a timetable for scheme reform, as fears mount that important consultations could be delayed.
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NewsMcCloud incentives see hundreds of Scottish police retire early
On the go: Incentives introduced as part of the McCloud remedy have led to hundreds of Scottish police officers — many in senior positions — choose to retire early, leading to fears that the force is not sufficiently manned to tackle serious crime.
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News‘Fundamental duties’ overlooked as claimant misses 12 years of benefits
The Pensions Ombudsman has partially upheld a complaint against the trustee of the Midcounties Co-operative Pension Scheme, criticising the scheme's record keeping, but fell short of awarding the applicant the 12 years’ worth of entitlements he sought.
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NewsDLUHC rules out requirement for LGPS to provide life assurance AVCs
The Department for Levelling Up, Housing and Communities has confirmed there is no regulatory requirement to provide life assurance additional voluntary contributions under the 2013 regulations governing the Local Government Pension Scheme, but said it will consider amending the rules to clarify matters.
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NewsRailpen takes joint majority stake in battery energy storage platform
On the go: The Railways Pension Scheme, which manages more than £37bn in assets, has jointly acquired a majority stake in a battery energy storage company with the Alberta Investment Management Corporation.
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NewsCollective defined contribution schemes launch in Great Britain
On the go: Providers in Great Britain are now able to apply to launch collective defined contribution schemes, a development hailed by pensions minister Guy Opperman for its potential to “transform the UK pensions landscape”.
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PodcastsPodcast: Ball in TPR’s court as DB funding code consultation launches
Podcast: The consultation into the defined benefit funding code by the Department for Work and Pensions hints at a prescriptive regime to come, but the Pensions Regulator must improve on its “rubbish” code of practice draft, according to Zedra client director Richard Butcher. He and Hymans Robertson partner Laura McLaren discuss the next steps, stronger nudge concerns, and assess the health of pensions post-Maxwell.