All Defined benefit articles – Page 94
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NewsTPR’s new code of practice has ‘major implications’
The Pensions Regulator’s proposed new code of practice has “major implications” for pension schemes, introducing a raft of new duties and requirements around climate change, stewardship, investment and administration, experts have said.
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PPF reveals 23% ethnicity pay gap
On the go: The Pension Protection Fund has published its latest ‘Diversity pay gap report’, which reveals it has an ethnicity pay gap of 23 per cent.
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Pandemic causes £41bn DB deficit bump
On the go: The coronavirus pandemic and attendant national lockdown saw a marked deterioration in defined benefit scheme funding positions, with the overall deficit up £41bn as of March 2020 compared with the same month in the previous year.
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Lambeth scheme appoints multi-asset credit manager
On the go: The £1.7bn London Borough of Lambeth Superannuation Fund has appointed a new multi-asset credit manager. The scheme also intends to move some of its alternative mandates to the London Collective Investment Vehicle.
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ClearGlass to offer free cost collection for sub-£20m DB schemes
On the go: Small UK pension schemes are to be offered free collection and analysis of their asset management costs, under corporate social responsibility plans revealed by ClearGlass.
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FCA rules could hit DB transfer market winners hard
On the go: More than a third (37.5 per cent) of the defined benefit transfer market was advised by just three firms in 2020, as St James’s Place, Royal London and AJ Bell increased their market share “dramatically”, according to a report from LCP.
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NewsTax ‘super-deduction’ could leave DB schemes short-changed
A “super-deduction” introduced in the Budget could see less money available to clear pension deficits, experts have warned, as businesses look to take advantage of the tax break.
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Royal Mail Pension Plan invests in domestic property
On the go: The £12.5bn Royal Mail Pension Plan, comprising the £11.2bn Royal Mail Group section, the £733m Defined Benefit Cash Balance Scheme section and the £461m Post Office Limited section, has invested in Wayhome, a UK property company that encourages gradual home ownership through a hybrid rent and buy model.
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One in three managers use their influence on voting rights
On the go: Only a third of asset managers are able to provide details of how they have used their influence in voting as investors, according to new research.
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OpinionSeismic shift coming to DB consolidation
Stoneport’s head of covenant, Jacqui Woodward, explains why the UK’s defined benefit sector could suddenly experience an increase in consolidation, similar to that experienced in other countries such as Australia, the Netherlands and Germany.
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OpinionHow scheme trustees can make implementation statements matter
Implementation statements can provide a valuable framework for pension trustees to engage with underlying asset managers on their stewardship responsibilities, writes Imran Sattar, fund manager at Majedie Asset Management.
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Brunel sees successful engagement with HSBC on fossil fuel financing
On the go: Brunel Pension Partnership, composed of 10 Local Government Pension Scheme funds with £30bn in assets under management, has claimed a role in UK bank HSBC’s board-backed resolution to lower fossil fuels.
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NewsTPR’s criminal powers draft policy fails to repeal industry concerns
The Pensions Regulator’s draft guidance on its new criminal powers, published on Thursday, failed to allay fears about the new sanctions, since it will be able to prosecute anyone in connection with an offence and will no longer be bound by limitation periods.
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Opperman urges pension schemes to share scam data
On the go: The minister for pensions and financial inclusion has urged pension schemes to share scam data with the Pension Scams Industry Group, with the goal to get a real coverage of the issue.
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University employers urge USS to reconsider its valuation outcomes
On the go: Universities UK, which represents 340 Universities Superannuation Scheme employers, has written to the trustees of the scheme urging a rethink of its valuation outcomes.
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Brunel commits to net-zero by 2050
On the go: Brunel Pension Partnership, composed of 10 Local Government Pension Scheme funds with around £30bn in assets under management, has committed to a 50 per cent reduction in its carbon emissions across its portfolio by 2030, with the goal of achieving net-zero by 2050.
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NewsConcerns remain as DWP’s climate change consultation closes
Despite welcoming the government’s proposed measures on climate risk, industry experts have highlighted several outstanding concerns as the new rules need more clarity and risk a “herd mentality when it comes to metrics and targets”.
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NewsFraud Compensation Fund to begin processing cases within 18 months
The Fraud Compensation Fund could begin processing cases through to settlement within 12-18 months, a meeting of the Transparency Task Force was told on Monday.
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PPF 7800: Schemes in surplus for first time in two years
On the go: The position of the UK’s 5,318 defined benefit pension schemes moved into surplus for the first time in two years, with improvements in funding positions driven by increased bond yields, according to the PPF 7800 index for February.
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NewsAviation scheme agrees to buy-in; brokers finalise buyout with Aviva
Risk watch: A roundup up of the latest derisking transactions, including the Civil Aviation Authority’s buy-in with Legal & General, and Sydney Packett & Sons’ buyout deal with Aviva.