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Latest funding and surplus news
Surplus release: Time to put plans and policies in place
The Department for Work and Pensions, HM Revenue & Customs, the Pensions Regulator and the Financial Reporting Council are all working together to construct the surplus release framework for defined benefit pension schemes.
DB schemes end first half with £264bn surplus on PPF measure
Despite the broadly positive position, the PPF’s data showed that the aggregate position of schemes in deficit on a PPF basis worsened over the course of June.
Endgame delays could cost schemes millions in surplus, claims fiduciary manager
Van Lanschot Kempen argues that delaying decisions on endgame options could mean schemes miss out on potential investment returns that could in turn boost surplus release payments.
Private investor group supports DB scheme with capital injection
A defined benefit pension scheme has agreed a rare “capital-backed investment” transaction with a private investment firm to secure an injection of capital to improve its funding position.
Trustees under pressure to use surplus powers despite conflict concerns
With new surplus release flexibilities coming into force through the Pension Schemes Act, a survey of defined benefit pension scheme trustees has found a growing appetite for run-on but concerns about potential conflicts of interest.
Always A Pensions Angle: SpaceX, Surpluses, and the Senior LGPS Officer
With SpaceX launching onto public markets with a $2trn-plus valuation, podcast co-hosts Tom Parker and Nick Reeve don their pension-themed spacesuits to explore some of the more pressing issues it raises.
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.
More on DB from Pensions Expert
Always A Pensions Angle: Plumbing the depths of section 75
In the latest episode of Always A Pensions Angle, co-hosts Tom Parker and Nick Reeve tap into a plumbing industry pensions story, Torsten Bell’s continuation as pensions minister, and the latest efforts to boost investment in the UK.
TPR warns plumbing companies after taking action on section 75 debt
The Pensions Regulator issued warning notices and fined an accountant in its efforts to secure a section 75 debt payment from a company exiting the £1.2bn Plumbing & Mechanical Services Industry Pension Scheme.
Bulk annuity market competition could push PPF liabilities down further
The Pension Protection Fund (PPF) is consulting on changes to its liability valuation methods in light of increased competition in the bulk annuity market.
WTW opens up longevity swap market to sub-£1bn pension schemes
WTW said its new service, known as Longevity Stream, aimed to make hedging life expectancy risks “more accessible, efficient and cost-effective”.
Bulk annuities: M&G strikes latest ‘BPA Plus’ deal; Standard Life insures subsidiary’s scheme
Two innovative buy-ins were announced this week, featuring a with-profits element and residual risk cover while negotiating potential conflicts of interest.
Bulk annuities: Sub-£25m deals continue as Royal London, Aviva and Just all active
The small end of the bulk annuities market remains vibrant, with sub-£25m deals completed by a number of insurers.
Smiths Group secures £760m bulk annuity deal with M&G
The FTSE 100-listed engineering company has now insured its entire defined benefit pension scheme through a series of transactions over the past few years.
Brightwell to administer Rolls-Royce scheme following buyout
Pension Insurance Corporation has completed a £4.3bn buyout of the Rolls-Royce Pension Fund in nine months, a transition aided by a new administration partnership with Brightwell.