All Defined benefit articles – Page 68
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NewsOmbudsman facing 'significant queue of work' from Covid-19
On the go: The Pensions Ombudsman is expecting demand to increase by 10 per cent in light of Covid-19, but is already facing a “significant queue of work” caused by the pandemic, according to its 2021-24 corporate plan.
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NewsOmbudsman criticises Railways scheme for maladministration
The Pensions Ombudsman has partly upheld a complaint by a member of the Railways Pension Scheme against its trustee and administrator, RPMI, after finding maladministration in the scheme’s decision to suspend a member’s pension between July and December 2018.
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NewsMorrisons’ takeover will ‘materially weaken’ sponsor covenant
On the go: The trustees of Morrissons’ defined benefit schemes have warned that both takeover offers for the British retailer will “materially weaken” the sponsors’ covenant.
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NewsIsle of Man civil servants to choose between DB and DC
On the go: Civil servants on the Isle of Man are to be given a choice between an existing defined benefit scheme and a new defined contribution arrangement, the island’s government has announced.
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NewsTPR to amend single code as industry slates new requirements
The Pensions Regulator’s combined code of practice has been dealt a blow after widespread industry criticism forced it to scrap new rules on unregulated investments, while the fate of its proposed “own risk assessment” remains uncertain.
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NewsSavers can have flexibility while staying in DB schemes, says LCP
On the go: Defined benefit members do not need to transfer out of their schemes to be able to gain more flexibility, as this can be achieved through a pensions increase exchange or a bridging pensions option, a new report from LCP claims.
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NewsActuaries propose changes to public sector pension increases
The Association of Consulting Actuaries is calling on the government to change the way it calculates pension increases for unfunded public sector schemes, proposing that these are based on economic growth rather than inflation, as this would be “fairer” for future generations of taxpayers.
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NewsTPR to prosecute former owner of Norton Motorcycles
The Pensions Regulator has announced its intent to prosecute the former owner of Norton Motorcycles for illegally investing money into the business from three pensions schemes of which he was the sole trustee.
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NewsHousing associations to suffer following SHPS valuation
On the go: Housing associations are facing average contribution rate increases of 17 per cent following the Social Housing Pension Scheme’s 2020 valuation, a full 50 per cent higher than expected under the current deficit repayment plan, LCP has said.
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NewsPPI to launch pensions framework report by 2022
On the go: The Pensions Policy Institute will be launching its first report providing a picture of trends, issues and outcomes of the UK pensions system in 2022.
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PodcastsPodcast: Covid-19 could have killed the PLSA
Podcast: The Pensions and Lifetime Savings Association “could have died” from the financial damage wrought by the Covid-19 pandemic, and was only saved thanks to prudent long-term planning. Richard Butcher, managing director of PTL, reflects on his tenure as PLSA chair in an episode covering guaranteed minimum pensions guidance, master trusts and bespoke indices for environmental, social and governance investments.
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OpinionLiability-driven investing in a low-yield environment
A common refrain from pension scheme sponsors recently is that they “cannot do liability-driven investing in such a low-yield environment”, or that “it makes no sense for our plan to buy bonds in such a low-yield environment”. However, both statements reflect a fundamental misunderstanding of LDI.
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NewsBorder to Coast completes Emerging Markets Equity Fund restructure
On the go: The circa £24.7bn Border to Coast Pensions Partnership, which handles the assets of 11 Local Government Pension Scheme funds worth a collective £55bn, has finalised the transformation of its Emerging Markets Equity Fund.
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NewsAon launches online quiz to explore CDC option
On the go: Aon has launched an online quiz that UK employers and pension scheme trustees can use to explore how a collective defined contribution scheme could meet their future needs.
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NewsOmbudsman criticises Aon, Willis Towers Watson over benefits error
The Pensions Ombudsman, Anthony Arter, has partially upheld a complaint against Aon and Willis Towers Watson over their handling of a benefits estimation error.
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NewsLower DB costs by going bespoke, companies told
On the go: Companies can lower the cash costs of their defined benefit schemes by up to 30 per cent if they implement an effective endgame strategy, instead of heading down the Pensions Regulator’s fast-track route, according to Hymans Robertson.
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NewsOmbudsman finds Covid is not an excuse to renege on auto-enrolment
The Pensions Ombudsman has ordered a company to pay £1,000 to five staff members for “distress and inconvenience” after it deducted pension contributions without paying them into the scheme.
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NewsDWP sets up working group to explore ‘statements season’
On the go: The Department for Work and Pensions has established a working group looking at options to develop the ‘statements season’ proposed in its recent simpler annual benefit statements consultation.
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NewsUltra pension scheme set for £100m acquisition windfall
On the go: A proposed £2.57bn cash acquisition by Cobham Ultra Acquisitions of Ultra Electronics Holdings will see the defence company’s defined benefit scheme receive an extra £100m in funding.
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NewsTPR threats enough to secure fair treatment for hybrid scheme
On the go: The Pensions Regulator’s issuance of a warning notice against a scheme sponsor has been sufficient to restore parity between it and other creditors.