All Defined benefit articles – Page 65
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NewsDisappointment as Silentnight members denied compensation
On the go: MPs have expressed their disappointment that members of the Silentnight Pension Scheme will not receive any compensation from the £13m fine handed to KPMG for serious misconduct.
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NewsHalf of savers lacking interest and engagement with their DB pension
On the go:Only 49 per cent of defined benefit scheme member are concerned about knowing how much their pension could be worth, according to research from the Pension Protection Fund, which has warned of an “acute lack of understanding” by savers.
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People NewsFrank Field recognised in New Year honours
On the go: Frank Field, former Work and Pensions Committee chair, has received one of the most exclusive awards in the Queen’s New Year’s honours list.
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NewsVesuvius completes £305m buy-in with PIC
On the go: The Vesuvius Pension Plan has completed a final buy-in with Pension Insurance Corporation, covering £305m of liabilities.
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OpinionPension scams – it feels like we might be winning
Broadstone’s technical director, David Brooks, details how the new transfer rules that came into force in November are expected to make a positive change in the fight against pension scams.
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NewsWorkplace pensions bounce back after Covid-19 effects
On the go: Workplace pension contributions grew by more than 15 per cent in the second quarter of 2021, when compared with the previous year, due to contribution levels recovering after the pandemic, according to the Office for National Statistics.
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NewsFCA to consult on British Steel redress scheme
On the go: The Financial Conduct Authority will be consulting on a redress scheme for members of the British Steel Pension Scheme who transferred out after receiving bad advice.
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NewsBT, Ford and M&S schemes’ inflation judicial review granted
On the go: The trustees of the BT, Ford and Marks and Spencer pension schemes announced on Wednesday that their application for a judicial review of the decision to replace the retail price index with the consumer price index including housing costs from 2030 has been granted.
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NewsLGPS market value up nearly 25 per cent in a year
On the go: The market value of the Local Government Pension Scheme rose by 23.8 per cent in 2020-21 when compared with 2019-20, according to new figures from the Department for Levelling Up, Housing and Communities.
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NewsMitchells & Butlers agrees buy-in, AvestaPolarit derisks with Rothesay
Risk watch: A roundup up of the latest derisking transactions, including the Mitchells & Butlers scheme’s £650m full buy-in with Legal & General and the AvestaPolarit scheme’s bulk annuity transaction with Rothesay.
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NewsFairs: Diversity should make for difficult trustee board discussions
On the go: Increasing diversity and making trustee boards more inclusive will produce longer and more difficult discussions — and that is a good thing, according to David Fairs, executive director of regulatory policy, analysis and advice at the Pensions Regulator.
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NewsPASA looks to avoid statements season ‘capacity crunch’
On the go: The Pensions Administration and Standards Association has published supplemental material on the forthcoming statements season, making a number of recommendations around format and implementation that reflect “considerable concern” in the industry.
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NewsBritvic reduces deficit contributions on back of index change
Soft drinks manufacturer Britvic has seen a reduction in its pension liabilities following a change to the inflation index used by the Britvic Pension Plan.
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NewsGAD lists recommendations for LGPS 2022 valuation
The Government Actuary’s Department has published its statutory review of the Local Government Pension Scheme, listing a number of recommendations for the imminent 2022 valuations.
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NewsTriumph International scheme agrees buy-in with L&G
On the go: The Triumph International Pension Scheme has agreed a full £49m buy-in with Legal & General Assurance Society.
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NewsPLSA flags dashboard issues as project announces potential partners
On the go: The Pensions Dashboards Programme has partnered with three commercial dashboard providers with which to work during its initial testing phase, while the Pensions and Lifetime Savings Association has published an A-Z guide highlighting 26 key issues that it believes are required to make the dashboards project a success.
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PodcastsPodcast: Fiduciary trumps politics if divesting from ‘illegal Israeli settlements’
Podcast: Local Government Pension Schemes looking to divest from Israel should do so on grounds of sustainability and fiduciary responsibility, not because of politics and personal morality, says Richard Butcher, managing director of PTL. He is joined by Ian Neale, Aries Insight co-founder, to discuss divestment, defined benefit funding and ageing populations.
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NewsPPF sets increase cap for risk-based levies due to Covid-19 impact
On the go: The Pension Protection Fund has announced its final levy rules for 2022-23, which include a new 25 per cent cap on increases to its risk-based levy to protect schemes whose bills would otherwise rise significantly.
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NewsDWP begins engagement over multi-employer CDC schemes
Pensions minister Guy Opperman has confirmed that preliminary work has begun on the creation of multi-employer collective defined contribution schemes, as the Department for Work and Pensions publishes its response to the consultation on single-employer arrangements.
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OpinionThe rise of the trusteeship career
Independent Trustee Services’ executive chair Chris Martin analyses the recent changes in the pension scheme industry and how being a trustee can now be considered a career.