All Defined benefit articles – Page 92
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News
Majority of schemes struggle to obtain climate risk data
On the go: Nearly three-quarters (74 per cent) of pension professionals said they lack vital information necessary for them to report on climate risk in their pension schemes, according to a survey from the Pensions and Lifetime Savings Association.
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NewsGreen pressured to save Arcadia pension schemes
On the go: Philip Green is being pressured to “make good” on promises to 10,000 members of the Arcadia pension scheme as his retail empire is on the brink of filing for administration, which would leave the scheme in the Pension Protection Fund.
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News
Aviva staff scheme completes £875m buy-in
On the go: The Aviva Staff Pension Scheme has completed a £875m buy-in with Aviva that covers the defined benefit pension liabilities of 2,868 members.
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NewsPodcast: Industry needs to work together to sort out GMPs
Podcast: As schemes might struggle to find information about members who are due top-ups to past transfers due to guaranteed minimum pensions equalisation, the industry is being called on to work together and help close those data gaps. Lynda Whitney, partner at Aon, and David Brooks, technical director at Broadstone, discuss what lies ahead for trustees and administrators as they try to digest the latest High Court ruling in this area.
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News
Pension scheme strategies not fit for ‘purpose’
On the go: The number of trustees having to alter their scheme’s long-term plans in the past year suggests pension scheme strategies are “not fit for purpose”, according to new research.
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News
AA goes private again with detailed pensions agreements
On the go: Trustees of defined benefit schemes belonging to troubled motoring group the AA have agreed funding principles with the company’s new private equity backers, including a commitment not to increase technical provisions where possible.
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News
Cyber security awareness lags as attacks jump threefold
On the go: A third of respondents to a poll by the Pensions and Lifetime Savings Association confessed they did not know their organisation’s cyber security plans, despite cyber crimes surging by 86 per cent in a single quarter this year.
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News
RPI reform to leave linker owners short-changed from 2030
The government is to press ahead with controversial reforms to the retail price index leaving index-linked gilt holders worse off, but has decided to delay the move until 2030.
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News
Covid delays Kent fund remedies after Woodford debacle
The Kent County Council Superannuation Fund’s auditor has flagged delays in attempts to learn lessons from the Woodford debacle as a serious risk to the scheme.
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News
DB schemes have £130bn tied up in unrealised life expectancy advances
On the go: PwC is proposing changes to the way defined benefit schemes calculate the impact of projected life expectancy improvements in its liabilities, as these pension funds have more than £130bn tied up in assumptions that have not yet materialised.
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News
PPF reserves could be ‘wiped out’ by one or two big claims
Pension Protection Fund chief executive Oliver Morley has warned that the lifeboat’s reserves could be wiped out by just a few large claims, while downplaying the risk of a post-Covid run of small-scheme claims.
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News
Advisers could help trustees with GMP past transfers
On the go: Advisers have been urged to proactively check whether their clients could be entitled to a top-up payment on their defined benefit transfer, which could help trustees in tracking down members affected by the latest guaranteed minimum pensions ruling.
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News
GMP ruling implementation will be ‘Herculean’ task for schemes
A ruling on guaranteed minimum pension equalisation will see trustees having to revisit 30 years of pension transfers, which will be a “Herculean” task for administration teams amid missing data and poorly kept records.
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News
DB scheme trustees to revisit thousands of past transfers
On the go: Trustees of defined benefit schemes will have to revisit pension transfers from the past 30 years if the individual had contracting-out benefits, and provide a top-up if necessary.
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News
TPS phased withdrawal plan arrives too late for hundreds of schools
Teachers’ organisations and pension professionals have given a lukewarm welcome to the Department for Education’s proposal to allow independent schools to retain Teachers’ Pension Scheme membership for existing staff, while at the same time offering private plans for new staff.
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News
Trustees green-light RSA takeover after securing guarantees
On the go: Trustees of defined benefit schemes belonging to UK insurer RSA have accepted a proposal to split the company’s parent group in two, in exchange for new offers of covenant enhancement.
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News
HMRC’s leapfrog on insolvencies to hinder PPF recoveries
Government changes to prioritise the payment of insolvent businesses’ tax bills at the expense of other creditors could reduce recoveries by the Pension Protection Fund and adversely impact levy payers, according to the lifeboat.
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News
KPMG ‘helped’ US firm dump £100m Silentnight scheme into PPF
On the go: KPMG allegedly helped US buyout fund HIG Capital force the insolvency of Silentnight to acquire the company without the burden of its £100m pension scheme, in a case brought by the UK’s accounting regulator.
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News
Smiths Group completes £146m buy-in with Canada Life
On the go: The engineering company has secured a £146m bulk annuity deal with Canada Life for the Smiths Industries Pension Scheme.
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News
Pension professionals demand pause to TPR’s tough stance on funding
The UK could face a tidal wave of insolvencies and job losses in the coming winter months. With this bleak prospect looming, pension professionals are calling for a more pragmatic approach from the Pensions Regulator on scheme funding.