All Defined benefit articles – Page 95
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News
DB deficits fall £21.4bn in January
On the go: The aggregate deficit of the 5,318 defined benefit schemes in the Pension Protection Fund 7800 Index fell by £21.4bn in January.
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USS extends Capita administration contract
On the go: Capita Pensions has been awarded a five-year contract extension by the Universities Superannuation Scheme to deliver pension system and administration support.
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Mowlem scheme completes buyout and exits PPF
On the go: The Mowlem (1993) Pension Scheme has entered into a £150m buyout transaction with Legal & General Assurance Society, securing benefits outside of the Pension Protection Fund.
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RPI reform boosts inflation hedging
On the go: The announced reform of the retail price index, to match the consumer price index including housing costs, saw inflation hedging rise by six per cent quarter on quarter at the end of September 2020.
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NewsJudicial review could hold up public sector exit payment reform
The High Court is to hear challenges brought by a number of public sector unions to the £95,000 exit payment cap, after permission for a judicial review was granted late last year.
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NewsTPR: Valuations until March 2022 done under current funding regime
Pension schemes with scheme valuations until the end of the first quarter of next year do not need to worry about the Pensions Regulator’s new defined benefit funding code, David Fairs has revealed.
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PodcastsPodcast: Tackling climate change will require a ‘step change’ in governance
Podcast: The government’s “revolutionary” plans to tackle climate change “ain’t half prescriptive” when it comes to pensions investments, and will require a “step change” in governance to achieve. So say Stuart O’Brien, partner at Sackers, and ITS director Tegs Harding, who also discuss the consequences of another row at the Universities Superannuation Scheme and the cartelisation of the advisory market.
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NewsGovt opts for deferred choice underpin solution to McCloud
The government has confirmed it will opt for the deferred choice underpin solution to the McCloud problem, which despite being the right choice according to pensions specialists, will open the floodgates of administration woes for public sector schemes.
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Government rejects NHS pension tax proposals
On the go: The government has decided not to go ahead with its proposed flexibilities for the NHS Pension Scheme, as it believes changes to the taper threshold went far enough to address the issue.
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News
Hundreds of schemes to move to surplus under PPF’s proposals
On the go: Some 261 defined benefit schemes are expected to move from deficit to surplus under new proposals to change actuarial assumptions used by the Pension Protection Fund.
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News
Civil service scheme extends MyCSP admin contract
On the go: The Cabinet Office has extended the contract with MyCSP for the provision of pensions administration and related services to the Civil Service Pension Scheme until the end of 2023.
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Brunel Pension Partnership invests in affordable housing
On the go: Brunel Pension Partnership, composed of 10 Local Government Pension Scheme funds and with around £30bn in assets under management, will now offer PGIM Real Estate’s UK Affordable Housing Fund to its clients.
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NewsMaster trust competition hots up despite consolidation
Data crunch: The majority of master trusts are targeting defined contribution schemes in a bid to boost their assets under management, leading to heightened competition in a marketplace where there is scepticism about acquiring rivals.
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Guide launched to assess investment consultants’ climate competence
On the go: The Investment Consultants Sustainability Working Group has launched a guide to help trustees in assessing their investment consultants on climate competency.
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Trustees demand greater access to technology to support their role
On the go: The coronavirus pandemic has seen off the quarterly meeting cycle, with 80 per cent of trustees agreeing that ad hoc and online meetings are the way forward, according to new research.
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GMP tax guidance expected to land in February
On the go:Guidance from the Pensions Administration Standards Association on the tax implications of guaranteed minimum pensions equalisation is expected to be published next month, according to an update from the body’s dedicated working group.
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PPF halves small scheme levy but warns of future rate hikes
On the go: The Pension Protection Fund has confirmed it will halve the levy for schemes with less than £20m in liabilities in order to “better reflect the risk posed by small schemes”, according to the final version of its 2021-22 levy rules.
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Savers lose £78m to ‘clone firm’ investment scams in 2020
On the go: Fraudsters pretending to be legitimate companies stole £78m from unsuspecting victims through pension and investment scams in 2020, according to Action Fraud.
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Aberdeen City Council Transport Fund completes first buy-in
On the go: The circa £300m Aberdeen City Council Transport Fund has secured roughly three-quarters of its liabilities through a buy-in with pensions insurer Rothesay Life.
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NewsDWP proceeds with ‘revolutionary’ climate change agenda
The Department for Work and Pensions has proposed broadening the scope of climate risk analysis to cover not just the environmental impact of pension schemes’ portfolios, but also sponsor covenants and actuarial valuations.