All Defined benefit articles – Page 44
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NewsBT sets 5-year carbon goal, Islington updates net zero targets
ESG spotlight: A roundup of the latest news on environmental, social and governance initiatives, including new decarbonisation targets from the £57.5bn BT Pension Scheme, an update to the £1.4bn London Borough of Islington Pension Fund’s responsible investment policy, and the Financial Conduct Authority’s delay to plans for sustainable investment labels.
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NewsSPP warns of covenant ESG risk, Scottish Widows issues ultimatum
ESG spotlight: A roundup of the latest news on environmental, social and governance initiatives, including the Society of Pension Professionals’ new guide to ESG, and Scottish Widows’ stewardship demands of its asset managers.
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NewsAon and Mercer issue ‘urgent’ call to action over LDI strategies
Consultancies Aon and Mercer have urged pension schemes, trustees and sponsors to prepare to intervene to protect their schemes, as bond market volatility puts strain on liability-driven investment strategies.
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NewsPensionBee reports providers to DWP alleging transfer rules abuse
PensionBee has reported a number of providers to the Department for Work and Pensions, accusing them of exploiting regulatory loopholes to obstruct and delay transfers.
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NewsDelays grip NHSBSA after spring retirement applications jump 35%
On the go: The NHS Business Services Authority has warned that it has experienced delays to handling some retirement applications after a 35 per cent surge in applications during the spring.
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PodcastsPodcast: Schemes will have a tough job weighing up discretionary increases
Podcast: A difficult balance must be struck where schemes are considering discretionary increases: alleviating the cost of living crisis for some members will have to be weighed against the needs of the current workforce. Aon partner Lynda Whitney is joined by Tim Middleton, director of policy and external affairs at the Pensions Management Institute, to discuss this dilemma, as well as the progress of the McCloud remedy and schemes’ dashboard readiness.
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NewsOrigo launches pensions dashboard connector
On the go: Fintech company Origo is to launch its own pensions dashboard connector in September, giving providers an interface with the dashboards that enables them to respond to user requests and provide pensions data.
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NewsMP calls for inquiry into war pension claims process
An MP has called for an inquiry into alleged failings by the War Pension Scheme and the Armed Forces Compensation Scheme, asking whether the claims process for injured veterans is fit for purpose.
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NewsLegal review raises questions over PPF assessment period
Compensation paid by schemes during the Pension Protection Fund’s assessment period has come under legal scrutiny, with an employment tribunal decision potentially forbidding limits on benefits paid during that time, according to lawyers.
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NewsHMRC clarifies tax treatment of GMP arrears
On the go: HM Revenue & Customs has set out the tax treatment for arrears and interest when equalising for guaranteed minimum pension, explaining the circumstances under which there is an obligation to deduct tax.
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NewsFTSE 100 schemes hit new record surplus
On the go: FTSE 100 schemes have entered “uncharted territory” after reaching a record combined surplus of £130bn, according to LCP.
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NewsLGPS escapes McCloud cost-cap breach
On the go: The Local Government Pension Scheme in England and Wales, alongside its Scottish and Northern Irish equivalents, has avoided the cost-cap breach suffered by a number of other public sector schemes resulting from the impact of the McCloud remedy cost on their 2016 valuations.
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NewsSchemes and asset managers told to buck up stewardship
On the go: Pension schemes and asset managers should embed stewardship “in every aspect of their relationship”, the Investment Association and the Pensions and Lifetime Savings Association have said.
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NewsSmiths Group scheme secures final £640mn buy-in
On the go: The £1.7bn TI Group Pension Scheme has completed a £640mn buy-in with Rothesay, covering its remaining uninsured members.
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NewsPandemic to affect life expectancy ‘by less than 1%’
On the go: Insurers only expect the coronavirus pandemic’s impact on future mortality improvements to affect life expectancy by less than 1 per cent, the Institute and Faculty of Actuaries has said.
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NewsTrustees urged to include ESG factors in covenant assessment
On the go: Accounting for Sustainability and the Employer Covenant Practitioners Association have teamed up to launch a “top tips” guide for considering environmental, social and governance risk in the employer covenant process, hailed by the Pensions Regulator chair Sarah Smart as “an important first port of call for trustees”.
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NewsRise in number of DB schemes appointing advisers to continue
On the go: A growing number of defined benefit pension schemes are offering new benefits to members such as appointing a financial advice company, according to consultancy LCP.
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NewsDWP’s dashboards consultation criticised over launch date proposals
A second government consultation into pensions dashboards has been criticised over plans to give schemes just 90 days’ notice before the dashboards go live, with experts warning of a capacity crunch.
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NewsFour in five DB transfer requests raise scam warning
On the go: Four in five (83 per cent) defined benefit transfer requests have raised one or more warning flags, according to XPS Pensions Group.
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NewsIndustry calls for clarity on TPR’s enforcement powers
Industry experts, though broadly supportive of the Pensions Regulator’s approach to its new enforcement powers, have nonetheless called for additional clarity in how they will be used, with some concerned that outcomes could be determined in part by “luck”.