All Defined benefit articles – Page 94
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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.
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News
TPR issues guidance on protecting schemes from employer distress
New guidance for trustees on protecting their schemes from employer distress stresses the need for robust protections and integrated risk management.
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News
Labour pushes climate change, superfunds, dashboard amendments
Senior Labour party figures including leader Keir Starmer have put their names to a series of amendments to the pension schemes bill, covering climate change targets, superfunds legislation and the pensions dashboards.
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News
PPF fraud fund can be used to compensate scam victims
The Pension Protection Fund will be allowed to pay compensation to the victims of some pension scams, after a High Court judge ruled its Fraud Compensation Fund would apply to schemes used for pension liberation.
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News
MPs to pressure Opperman into commitment on scam ‘red flags’
Five members of parliament, including Work and Pensions Committee chair Stephen Timms, have tabled an amendment to the pension schemes bill designed to pressure pensions minister Guy Opperman into clarifying the government’s position on pension scams.
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News
RPI decision timing ‘risks volatility’
On the go: The long-awaited outcome of a consultation on replacing the retail price index of inflation is set to be published on November 25, but investors have warned that the government’s timing risks violent market reactions.
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News
High Court deems rectification law ‘settled’
The High Court has upheld the precedent that pension scheme documents can be overwritten by the courts if trustees can show that changes to them have been made in error.
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PodcastsPodcast: Regulatory uncertainty puts workforce reform at risk
Podcast:The apparent contradiction between the Treasury’s new exit payment cap and existing Local Government Pension Scheme regulations risks limiting employers’ ability to restructure their workforce, warns Alison Murray, partner and head of public sector actuarial at Aon. She is joined by Linklaters counsel Anna Taylor, in a conversation also covering a new responsible investment bill and a proposed solution to the Section 75 problem.
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News
Scottish Widows to divest £440m from ESG failures
On the go: Scottish Widows is to divest £440m from companies that failed to meets its environmental, social and governance standards.
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Features
Professional trustees: ‘quis custodiet ipsos custodes?’
Analysis: With consolidation now the name of the game in the small world of pensions, trustee conflicts of interest could harm millions of pension scheme members’ prospects, as schemes eye superfunds and master trusts with vast sums at stake in fees.
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News
Data error leads Cornwall Council to overcharge hundreds of employees
Hundreds of workers enrolled in the Cornwall Pension Fund could be due a rebate after an administration error saw Cornwall Council overcharge them for their pension contributions.
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News
Dominic Chappell jailed for tax evasion
On the go: Dominic Chappell, the former owner of BHS, has been sentenced to six years in jail for tax evasion.
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News
Most DB schemes do not meet regulator’s fast-track requirements
On the go: Seventy per cent of defined benefit schemes fall short of the Pensions Regulator’s ‘fast-track’ approach as proposed in its new DB funding code, according to analysis from Hymans Robertson.
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News
Proposed RI bill would force trustees to consider members’ ‘best interests’
The leader of the Liberal Democrats supports a proposed responsible investment bill broadening the concept of fiduciary duty to encompass sustainability concerns and aim for a ‘world worth retiring into’.
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News
BHS exec scheme next to achieve PPF-plus outcome
On the go: The defined benefit scheme for senior management at defunct retailer BHS has bought out its benefits, allowing the plan to exit the Pension Protection Fund’s assessment period.
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News
M&S completes two buy-ins worth £750m
On the go: Marks and Spencer has completed a £390m buy-in transaction with Aviva and a £360m similar transaction with Phoenix Group for its pension scheme, totalling around £750m in bulk annuity deals.
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News
Open schemes predict £160bn liability hike with new TPR rules
On the go: Open defined benefit schemes could see their liabilities increase between £120bn and £160bn due to the new funding rules proposed by the Pensions Regulator.
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News
LGPS could face legal challenges over new exit payment cap
Local Government Pension Scheme administrators face potential legal challenges, after a new cap on exit payments from public sector schemes contradicting existing regulations came into force on Wednesday.