The Pensions Regulator has pushed back against a suggestion put to the watchdog by MPs that it pressured some pension schemes towards liability-driven investments, when they did not think LDI was appropriate for them.
TPR ‘dials down leverage’ in DB funding code fast-track
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December 13, 2022
The Pensions Regulator has lowered the amount of leverage that it deems acceptable for schemes to have to meet the requirements for a ‘fast-track’ valuation, as part of its new defined benefit funding code.
Manufacturer claims actuaries ‘almost put us out of business’
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December 12, 2022
On the go: Construction products manufacturer Dixon International Group has told the Work and Pensions Committee that actuarial pressures in relation to its defined benefit scheme “almost put us out of business and several times pushed us into loss”.
TPR: Valuing some illiquid assets may be ‘impossible’
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December 12, 2022
The Pensions Regulator has warned of the challenges posed by attempting to value illiquid assets, as the government seeks to incentivise defined contribution to increase these investments.
Rules to remove DC charge cap fees due in the new year
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December 9, 2022
The government will lay regulations to remove fees from the defined contribution charge cap early next year, one of a number of pensions-related proposals included in the reforms aimed at improving the competitiveness of the UK’s financial services sector.
FCA urges LDI stress-testing in the face of rising buffer costs
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December 9, 2022
The Financial Conduct Authority has called on asset managers to stress-test the “operational consequences” of improved liquidity buffers for liability-driven investment funds, recognising the additional costs that these buffers impose on pension schemes.
Half of defined benefit schemes now closed to future accrual
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December 8, 2022
Fifty per cent of defined benefit schemes are now closed to future accrual, according to new figures from the Pensions Regulator.
Railpen leads bondholder stewardship group
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December 7, 2022
ESG spotlight: A roundup of the latest news on environmental, social and governance initiatives, including the launch of a new bondholders’ stewardship working group, the adoption of a formal ESG policy by BlackRock’s LifePath UK DC investment strategy, and a new global standard for stewardship resourcing.
Bigger LDI collateral buffers will increase sponsor reliance, MPs told
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December 7, 2022
The Work and Pensions Committee has been reminded of the trade-off between bigger collateral buffers and investment returns, with one chief executive warning that buffers of 400 basis points would force some schemes to “pare back their growth ambitions” and increase their reliance on sponsor contributions.
Sheffield manufacturer fined over missing contributions
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December 6, 2022
The Pensions Ombudsman has ordered Sheffield manufacturer M&G Olympic Products to compensate two former employees – whom the company had made redundant – over missing pension contributions.
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