All Defined benefit articles – Page 84
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NewsGovt rejects calls for £1.2bn pension boost for mineworkers
On the go: The government has rejected calls to reform the Mineworkers’ Pension Scheme that could have seen its members share an additional £1.2bn, a decision critics have branded “intransigent” and a “slap in the face”.
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NewsWest Sussex fund hires Northern Trust as transition manager
On the go: The circa £4.2bn West Sussex Pension Fund has appointed a transition manager to support the scheme as it transitions assets to the Access pool, which handles assets for 11 Local Government Pension Schemes.
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NewsNearly a third of Gen Xers have inadequate pension savings
Almost one in three Generation Xers — individuals aged between 41 and 56 — have inadequate pension savings and face a minimum-at-best standard of living in retirement, according to research by the International Longevity Centre and Standard Life.
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NewsDB funding levels improve amid favourable markets
On the go: The accounting deficit for the defined benefit pension schemes of the UK’s 350 largest listed companies fell in June, new data from consultancy Mercer show.
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NewsNorfolk Council scheme extends investment consultancy framework
On the go: Norfolk County Council, acting on behalf of its own circa £3.6bn pension fund and a number of other UK Local Government Pension Schemes, has announced an extension to the duration of the National LGPS investment consultancy framework as a result of the Covid-19 pandemic.
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NewsPASA unveils counter-fraud guidance
On the go: The Pensions Administration Standards Association has unveiled its latest counter-fraud guidance, taking aim at scammers and looking to provide pension schemes with the tools used to counter an increase in criminal acts following the introduction of pension freedoms.
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NewsIndustry welcomes govt’s new green gilts
The government is to press ahead with “at least two” green gilt issuances later this year totalling around £15bn, and on Wednesday published its Green Financing Framework setting out its climate and environmental agenda in more detail.
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NewsLCP calls for simplified pensions tax relief limit
On the go: LCP partner and pensions tax specialist Karen Goldschmidt has called for a simplification of the pensions tax relief limits as data released by the government show the number of people affected by annual and lifetime limits has increased.
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NewsPLSA launches new RI standards at first ever ESG conference
The Pensions and Lifetime Savings Association is consulting on a new set of standards designed to help pension savers identify whether their schemes are meeting the highest standards for incorporating environmental, social and governance factors.
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NewsFour in 10 fail to check state pension forecast before retirement
On the go: Almost four in 10 people failed to check their state pension forecast before retirement, according to new research from retirement specialist Just Group.
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NewsHymans warns over statement timescales as DWP consultation closes
On the go: As the Department for Work and Pensions closes its consultation on simpler annual benefit statements on Tuesday, investment consultancy Hymans Robertson has called for more time to implement the changes.
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NewsGovt issues response to consultation on strengthening TPR’s powers
The UK government has issued its response to the Pensions Regulator’s contribution notices and information-gathering powers regulations consultation.
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NewsHundreds of DB sponsors to face hike in contributions
On the go: Around 300 sponsors of defined benefit schemes will have to increase their deficit recovery contributions by at least 25 per cent, according to analysis from LCP.
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NewsPrivate sector DB and hybrid schemes see rise in DRCs
On the go: The value of gross assets, excluding derivatives of private sector defined benefit and hybrid schemes, fell by 1 per cent between the third and fourth quarters of 2020, according to the Office for National Statistics.
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NewsNumber of doctors retiring early trebles
On the go: The number of doctors retiring early has more than trebled over the past 13 years, with concerns that hefty tax bills are the main factor driving the action.
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NewsFTSE 350 DB schemes back on track after Covid-19 blow
On the go: The majority of defined benefit schemes from FTSE 350 companies are back on track in terms of their funding goals, after being hit in 2020 by the economic crisis caused by Covid-19, according to research from Barnett Waddingham.
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PodcastsPodcast: Treasury ‘ignored advice’ in public sector pension reforms
Podcast: A report from the Public Accounts Committee about the public sector pensions reform has showed that Treasury ignored advice that could have prevented the McCloud case, argues Ian Neale, co-founder of Aries Insight. He is joined by Sackers partner Claire Carey, in an episode also covering industry consultation fatigue and the new Task Force on Climate-related Financial Disclosures reporting requirements.
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NewsUSS board member resigns after scheme valuation fallout
On the go: Ian Maybury, director at the trustee board of the Universities Superannuation Scheme, has resigned from his post after a disagreement on the pension fund’s latest actuarial valuation.
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NewsGovt to reform discount rate and cost-control mechanism
The government has proposed aligning the discount rate review periods with the valuation cycles of public service pension schemes, and is taking forward reforms to the cost-cap mechanism first proposed by the government actuary.
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NewsGivaudan scheme completes £64m buy-in with Aviva
On the go: The Givaudan UK Pension Plan has completed a £64m buy-in transaction with Aviva, covering the pensioner liabilities for 277 members.