All Defined benefit articles – Page 55
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NewsClara ‘in talks’ to raise £100mn of new funding
On the go: Clara-Pensions, the first defined benefit “superfund” to be approved by the Pensions Regulator, is in talks to raise £100mn of new funding.
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NewsFTSE 350 DB deficit reaches two-year low amid bond yield rise
The accounting deficit of the defined benefit schemes of the UK’s 350 biggest public companies fell to £45bn at the end of last month — a level last seen in April 2020.
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NewsUniversal Office Supplies scheme agrees £47mn buy-in
On the go: The Universal Office Supplies Pension Scheme has agreed a buy-in with Legal & General.
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NewsTPR aims for transparency in consolidated enforcement powers
The Pensions Regulator has launched a consultation into a new draft enforcement policy document that aims to consolidate existing enforcement policies governing defined benefit, hybrid, public sector and defined contribution pension schemes.
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NewsNationwide completes £172mn buy-in with Canada Life
On the go: The circa £7bn Nationwide Pension Fund has completed a £172mn bulk annuity transaction with Canada Life for its circa £338.2mn Cheshire and Derbyshire Section.
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NewsSchemes to weigh up £8bn cost of discretionary increases
Defined benefit schemes in the UK will have to weigh up the significant costs of granting discretionary increases later this year, which could add up to £8bn in liabilities across private sector DB schemes, according to Aon.
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NewsStandard Life’s sustainable switch and a new LGPS active fund
ESG spotlight: A roundup of the latest news on environmental, social and governance initiatives, including a new sustainable multi-asset profile from Standard Life, a £1bn sustainable global equities fund from LGPS Central, and an anti-scams pledge from the Universities Superannuation Scheme.
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NewsOne in three employees want paid-for adviser pensions consultations
On the go: Nearly a third of employees believe they are being kept in the dark over their pensions by their employers, while a similar amount (28 per cent) want their employers to pay for meetings with advisers to discuss their concerns about their retirement savings.
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NewsHSBC pensions ‘clawback’ resolution defeated at AGM
On the go: A resolution against so-called pensions “clawback” at HSBC was defeated at the bank’s annual meeting, with 94 per cent of votes cast against abolishing the practice.
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OpinionNew DB funding code should focus on transparency
Buck’s Sarah Brown and Andrew Horner argue there should be a transparent relationship between covenant, funding and investment strategy ahead of the Pensions Regulator’s second consultation on its new code of practice on defined benefit scheme funding.
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NewsSome DB schemes will be subject to ‘stronger nudge’ requirements
On the go: Some defined benefit schemes will have to comply with the Department for Work and Pensions’ new “stronger nudge” requirements, due to come into force on June 1, dispelling suggestions that only defined contribution schemes would be affected.
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NewsTPR: Smaller scheme trustees can do more
Some trustees at smaller pension schemes need to raise their game in areas like governance, David Fairs, the Pensions Regulator’s executive director of regulatory policy, has said.
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NewsCapital build-up sees Lloyds make extra £500mn deficit contribution
On the go: Lloyds Banking Group has made £1.3bn in deficit contributions to its three main defined benefit pension schemes.
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NewsGMP conversion bill receives royal assent
On the go: A private members’ bill aimed at clarifying and streamlining the process of guaranteed minimum pensions conversion has received royal assent.
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NewsEmployer contributions may lag NI LGPS growth, GAD finds
On the go: Tax-backed employers may struggle to maintain their contributions in line with the Northern Ireland Local Government Pension Scheme’s growth, the Government Actuary’s Department has found.
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NewsUnite campaigners plan pensions clawback protest at HSBC AGM
Members of the Unite trade union will protest outside HSBC’s annual meeting, in the latest chapter of a long-running saga over employees’ pensions.
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NewsTPR funding statement flags uncertainty impact for valuations
High levels of uncertainty surrounding inflation, interest rates, mortality, energy prices and economic growth will put additional pressure on trustees completing their tranche 17 valuations this year, according to the Pensions Regulator’s annual funding statement.
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NewsContribution notice of £3.6mn hints at ‘new era’ of TPR powers
Legal commentators have hailed what could be the start of a “new era” in the Pensions Regulator’s enforcement powers after its determinations panel handed down a contribution notice for more than £3mn to two individuals connected with the Meghraj Group Pensions Scheme.
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NewsAlmost half of schemes lacking cyber security testing
On the go: Almost half of pension schemes (43 per cent) have not tested the strength of their plan’s IT systems, processes and procedures for cyber crime protection, according to new research.
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NewsCampaigners oppose govt’s planned boycott ban
On the go: A coalition of 46 campaigning organisations has spoken out against anti-boycott legislation due in the next Queen’s Speech, which includes a ban on pension funds from pursuing politically motivating boycotts and divestments.