All Defined benefit articles – Page 48
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NewsLocal government McCloud rules expected in October 2023
On the go: Legislation aimed at removing the age discrimination that formed the basis for the McCloud ruling is expected for the Local Government Pension Scheme in October 2023, the Local Government Association has said.
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NewsLGPS board chair’s TCFD appeal to minister runs aground
The chair of the Local Government Pension Scheme Advisory Board believes that the government missed the opportunity to introduce new climate-related reporting rules for local authority schemes with COP26, after a request sent to the minister of state for Levelling Up Communities mysteriously failed to reach its intended recipient.
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NewsTPR publishes new scams guide in appeal for industry support
On the go: The Pensions Regulator has appealed for support from industry to protect savers from scammers, and has issued guidance for trustees on how to report pension scams.
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NewsDB schemes’ surplus increases £55bn in May
On the go: The aggregate surplus of the 5,215 defined benefit schemes in the Pension Protection Fund 7800 Index increased by £55.4bn in May.
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NewsHouse of Fraser scheme secures £600mn buyout
On the go: The House of Fraser Beatties & Jenners Pension Scheme has completed a £600mn buyout with Pension Insurance Corporation, covering 3,850 deferred members and 5,050 pensioners.
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NewsLGPS advisory board chair appeals for infrastructure clarity
On the go: The government needs to provide a clearer definition of the kind of infrastructure investment it wants public sector schemes to carry out as part of its levelling up agenda, the chair of the Local Government Pension Scheme advisory board has said.
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NewsEmployers failing to grasp LGPS costs and ‘responsibilities’
Many employers do not understand the value or costs associated with being part of the Local Government Pension Scheme, according to the assistant director of the £28.2bn Greater Manchester Pension Fund.
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NewsTPR’s new DB funding code expected in September 2023
The Pensions Regulator expects its much-anticipated new defined benefit funding code to be in place and operational by September 2023, according to its latest corporate plan.
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NewsCleveland Potash schemes appoint pension services provider
On the go: The £285mn Cleveland Potash Pension Schemes has appointed Willis Towers Watson’s OneDB to provide combined actuarial, fiduciary management and administrative services.
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NewsRailpen launches voting coalition, BlackRock expands client voting
ESG spotlight: A roundup of the latest news on environmental, social and governance initiatives, including Railpen announcing a pushback against “unequal voting rights” and BlackRock giving its pension clients more say in how they take part in shareholder votes.
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NewsOpperman supports public sector DB reform
On the go: Pensions minister Guy Opperman has warned that public sector defined benefit schemes should be reformed, branding the system unsustainable.
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NewsHow to handle disagreements over ESG on trustee boards
Pressure to align on sustainability can often lead to a lack of consensus within the board over what approach to take, and how quickly to take it.
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NewsNearly a third of DB trustees think net zero ‘isn’t relevant’
On the go: Thirty per cent of defined benefit pension trustees think efforts to push their schemes towards net zero emissions “isn’t relevant to them”, according to new research.
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NewsTPR to review initial TCFD reports
On the go: The Pensions Regulator will review schemes’ published Task Force on Climate-related Financial Disclosures reports in the coming months, it has disclosed.
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NewsBMW disputes inclusion on Make My Money Matter net zero target list
BMW has contested its inclusion on a list of the UK’s 20 largest pension schemes to have allegedly not set net zero targets.
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NewsStaffordshire Fire and Rescue Service pauses McCloud payments
The Staffordshire Fire and Rescue Service has stopped making payments to members of the Firefighters’ Pension Scheme affected by the McCloud ruling after pressure from the government.
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NewsTfL staff to strike again over pensions
On the go: London Underground staff members of the National Union of Rail, Maritime and Transport Workers will walk out once more as part of their pensions dispute on June 21, to coincide with the biggest set of transport strikes in decades.
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NewsFirefighters go to court over ‘letter aimed at blocking pensions’
The Fire Brigades Union is preparing legal action after it received a letter intended for chief fire officers, which it described as an attempt “to block firefighters receiving the pensions they are legally entitled to”.
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NewsBMA hits out at Capita’s three-year NHS contract extension
On the go: The British Medical Association has hit out at the decision to give Capita a three-year extension to its contract to run Primary Care Support England.
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NewsNI Police Pension Scheme breaches cost cap
On the go: The Police Pension Scheme for Northern Ireland has breached its cost-control mechanism ceiling as a result of the McCloud remedy, according to data from the Government Actuary’s Department.