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Latest funding and surplus news
In Depth: Surplus release could be limited by governance needs, industry says
Guardrails included in the government’s surplus release proposals may limit the scope and frequency of payments, according to several consultants.
Surplus release rules edge closer as DWP publishes consultation
The Department for Work and Pensions has launched its highly anticipated consultation on releasing surplus capital from overfunded defined benefit pension schemes, with rules slated to come into force next year.
Reality check for surplus release: PPI research shows limits of new policy
Funding resilience, scheme rules, fiduciary duty, and other factors could all restrict the ability or willingness of trustees to return surplus to employers or members, according to a new report.
Bulk annuities latest: Insurance remains top option for most, finds Aon
Plus: Standard Life insures a subsidiary’s defined benefit pension scheme for £200m, while Just Group and Broadstone team up again for a sub-£5m transaction.
Mineworkers’ Pension Scheme trustees hail progress on surplus discussions
The trustees of the £10.5bn Mineworkers’ Pension Scheme have met with ministers to lobby for surplus rules to be brought in line with those for the British Coal Staff Superannuation Scheme.
In Depth: What TPR’s Annual Funding Statement tells us about endgame planning
Pensions Expert explores the latest Annual Funding Statement and gauges the industry reaction as attention turns to surplus release regulations, ahead of new rules expected next year.
More on DB from Pensions Expert
Trustees urged to embrace accreditation and ‘continuous learning’
Panellists at the PMI’s annual conference in London argued that trustee capability must evolve beyond technical knowledge to include stronger decision-making, leadership and behavioural skills.
DC assets to overtake DB as retirement saving transforms
Data from the Department for Work and Pensions shows how DC is expected to grow in the years ahead – but shrinking overall assets further emphasise the adequacy issue facing the sector.
Better admin is the key to improving retirement outcomes
Rory Murphy, former chair of the Merchant Navy Officers’ Pension Fund, calls for urgent action to raise administration standards and stop members from being negatively impacted by poor practices.
DWP to review flexible apportionment rules after Stagecoach-Aberdeen deal
The government plans to review rules permitting the transfer of defined benefit pension schemes from one sponsor to another in the wake of the landmark Stagecoach-Aberdeen deal.
From sewage to solvency: Lessons on covenant from a challenged water sector
Vidett’s Mike Birch analyses developments in the water sector and what they mean for trustees of schemes attached to water companies, with regulatory and political shifts potentially affecting covenant strength.
Special report: Why the big deal about small bulk annuity transactions?
Smaller pension schemes have traditionally struggled to access the insurance market, but significant changes have made bulk annuity transfers more compelling, as Bradley Gerrard reports.
‘Record’ buy-in pricing levels as insurer competition hots up
LCP research illustrates how competition among insurers is helping schemes of all sizes secure bulk annuities at record prices, while Broadstone and L&G have announced a £10m buy-in with a Devon-based property company’s DB scheme.
Guiide and Aon collaborate on DB member comms service
The service – dubbed ‘My Pension Planner’ – is primarily aimed at helping members understand their choices at retirement, but it can also demonstrate how their pension income can work alongside other savings and sources of income.