All Defined benefit articles – Page 68
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PodcastsPodcast: Mandating net zero could ‘cut straight through’ fiduciary duties
Podcast: The government mandating default funds be aligned with ‘net zero’ would be a way around concerns about fiduciary responsibility, but there are questions about what this would mean in practice. Stuart O’Brien, partner at Sackers, and Gareth Stears, pensions technical consultant at Aries Insight, discuss environmental, social and governance issues, social housing, and the Pensions Regulator’s controversial criminal powers.
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NewsUSS sponsor claims members will be ‘priced out’ without reform
On the go: Universities UK, the group representing 340 Universities Superannuation Scheme employers, has warned that USS members will be priced out of the scheme if the union’s threats of strike action derail reform proposals.
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NewsWates Pension Fund appoints fiduciary manager
On the go: The £333.9m Wates Pension Fund has appointed Russell Investments as fiduciary manager for its £300m defined benefit section.
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NewsMiracle Garden Care scheme agrees £49m full buyout
On the go: The Miracle Garden Care Pension Scheme has completed a £49m buyout deal with Just Group.
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NewsPensions Dashboards Programme seeks testing providers
On the go: The Pensions Dashboards Programme is inviting organisations that intend to provide a pensions dashboard to help test the development of the project’s ecosystem.
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NewsOmbudsman finds NHS ‘negligent’ failings led to doctor's tax breach
The Pensions Ombudsman has upheld a complaint against the NHS Business Services Authority and Primary Care Support England after they “negligently” failed to provide a GP with tax information and delayed the handling of his pension contributions.
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NewsPPF to appoint specialist panel to assist with overfunded schemes
On the go: The Pension Protection Fund is looking to appoint four new specialist companies to provide transaction advice to schemes in assessment that are overfunded on a PPF basis.
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NewsSTV Group reaches agreement on DB schemes’ valuations and funding
On the go: Glasgow-based media company STV Group has reached an agreement with the trustees of its two defined benefit schemes over its December 2020 funding valuations and recovery plans.
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NewsCD&R called to reassure MPs over Morrisons takeover
On the go: Labour and Liberal Democrats MPs have warned Clayton, Dubilier & Rice that it must make guarantees to workers and rule out asset-stripping as it looks set to complete its £7.1bn Morrisons takeover.
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NewsGovt presses ahead on public sector schemes cost-control reform
The government has announced its intention to push ahead with reform of the cost-control mechanism used in public sector pensions, despite criticism from some in the industry.
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NewsTrustees on the hook as ‘high street’ advice market goes into free fall
Trustees are being saddled with the burden of sourcing financial advice for members as the high street advice market goes into free fall, halving in just three years, LCP has said.
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NewsMetal Box completes £2.2bn full buy-in with PIC
On the go: The Metal Box Pension Scheme has completed a full £2.2bn buy-in with Pension Insurance Corporation, with plans to convert this to a buyout in November 2021.
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NewsFTSE 100 DB surplus not immune to funding code and inflation shocks
On the go: FTSE 100 defined benefit schemes' positions grew again in Q3, with the post-pandemic recovery leaving their combined IAS19 surplus at £50bn. But LCP has warned that inflation, coupled with stricter rules under the new defined benefit funding code, could still do damage.
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NewsGovernance burden does not translate into value, industry says
On the go: Pensions professionals have said the burden of the increased level of scheme governance is not worth the value it brings, a survey from XPS Pensions Group has found.
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NewsBritish Steel payouts reach £21.5m
On the go: The Financial Services Compensation Scheme has paid out £21.5m to members of the British Steel Pension Scheme who were wrongly advised to transfer their defined benefit pensions, after payment figures have doubled in the past few months.
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NewsFCA to introduce ‘synthetic’ Libor to ease rate wind-down
On the go: The Financial Conduct Authority has announced that some key Libor panels will publish ‘synthetic’ rates to safeguard an “orderly wind-down” of the benchmark interest rates.
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NewsTPR criminal powers policy spurs more industry concern
The Pensions Regulator has published its policy on how it intends to use upcoming criminal powers to prosecute those who fall foul of new legislation, following widespread industry concern into the scope and extent of the powers.
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NewsCapita pension scheme appoints fiduciary manager
On the go: The £1.5bn Capita Pension & Life Assurance Scheme has selected Russell Investments as its fiduciary manager after the scheme trustees’ decided to move to an improved investment governance model.
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OpinionHow declarations of intent might change the world of pensions
DLA Piper’s legal director Craig Looker explains how corporate transactions will be affected by the Pensions Regulator’s new powers and what is expected from sponsors and schemes’ trustees.
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PodcastsPodcast: Understanding green and sustainable bonds
Podcast: The green bond market is forecast to hit $500bn (£366bn) by the end of this year, according to the Climate Bonds Initiative, while the UK government has just raised £10bn from its debut green bond issue. However, high demand and limited supply raises questions over pricing and yield, while the availability of suitable projects has ignited concerns over greenwashing. In this podcast, Arthur Leijgraaff, senior treasury officer at the Dutch development bank FMO, and Rik Klerkx, senior portfolio manager at Cardano, explain what goes into a green bond issuance, and what trustees need to ask of their asset managers and issuers.