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Latest funding and surplus news
TPR data shows continued funding improvements as new regime looms
Data from the Pensions Regulator shows continued improvement in funding levels for defined benefit pension schemes, as trustees review endgame options amid an expanded menu of options.
XPS urges fiduciary manager reviews as more DB schemes consider run-on
Improved funding levels and changing DB endgames are altering what schemes need from their fiduciary managers, according to XPS Group.
Sharing is caring: making the right call in surplus release decisions
Maggie Rodger, co-chair of the Association of Member Nominated Trustees, explains her organisation’s response to the surplus release consultation and the crucial factors all parties need to consider.
Trustees must be in control of surplus decisions, trade bodies argue
Organisations representing member-nominated and professional trustees have emphasised the importance of independence during surplus decisions for defined benefit pension schemes.
Schemes keeping surplus release options open as rulebook debated, Aon finds
More than three-quarters of defined benefit (DB) pension schemes’ trustee boards and sponsoring employers have yet to agree on how surplus will be shared once the new rules come into force next year.
DB surplus release rules need refinement, industry tells government
With the government’s consultation on draft rules closing next week, providers and trade bodies have been forthright in their views on the plans, with many changes urged to ensure fairness and mitigate conflicts of interest.
SPP calls for surplus rules to support regular payments from DB schemes
The current wording of draft rules is skewed towards one-off payments and could make it difficult for schemes that want to ‘run on’ and make regular payouts, according to the SPP.
More on DB from Pensions Expert
Murray takes over as chair for Railways Pension Scheme
Richard Murray is taking over from Christine Kernoghan as chair of trustees for the £36bn multi-employer pension scheme for the railways sector.
Endgame latest: Trio of announcements from buy-in to wind-up
The latest updates on endgame activity span from Canada Life’s £52m buy-in to the full wind-up of a flavours and fragrances company’s defined benefit pension scheme.
Pension groups back PPF valuation changes but raise levy concerns
Proposed changes to PPF valuation assumptions have prompted calls for a wider rethink of s179 requirements and warnings over unintended consequences for levy calculations and Fast Track funding.
Investment latest: USS acquires rail company; Insight nets £1bn mandate
USS has agreed to take over a rail freight company, while Insight is to help facilitate surplus sharing through a £1bn mandate with an unnamed DB pension scheme.
Bulk annuities latest: M&G strikes £100m ‘BPA-plus’ deal with financial services firm
The bulk annuity deal is combined with M&G’s With-Profits Fund to give access to potential additional investment returns. Plus, Just Group insures a manufacturer’s scheme for £11m.
DB running costs up by a third – and size is no protection, data shows
Data from TPT Retirement Solutions shows legal, admin, governance, and data-related fees are among the drivers of year-on-year increases – and size is no protection against rising costs.
Clara-Pensions onboards £40m scheme through small transactions service
More than 400 members of the unnamed scheme will join the Clara Pension Trust, which aims to be a ‘bridge to buyout’ with an insurer.
Canada Life wraps up food company scheme through £400m buy-in
The transaction secures the benefits of more than 7,000 members of the Samworth Brothers Limited Superannuation Scheme, sponsored by the owner of the Ginsters and West Cornwall Pasty Company brands.