Latest articles from Angus Peters

Royal Mail closure consultation could see strike action

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Royal Mail Group has begun consulting with active members on closing its section of the Royal Mail Pension Plan, spurring the threat of industrial action from unions if the sponsor does not react positively to their concerns.

DB outlook 2017: Investment problems remain as deficits dip

Defined benefit deficits worsened during December to an aggregate IAS 19 deficit of £434bn, as experts added an uptick in inflation to their concerns for pension funds over the course of 2017.

Is good pensions practice drowning in policy consultations?

From the blog: The run up to Christmas saw a flurry of political activity to cap off what has been an exhausting year, with two separate Department for Work and Pensions consultation launches complemented by the Work and Pensions Select Committee’s report on defined benefit.

 

Indeed, a cursory glance at the DWP’s website reveals that there have been almost twice as many pension consultation announcements released over the year than the pre-2016 average.

 

Plenty of stories to keep financial journalists busy then, but are schemes able to keep up with the sheer pace of legislative review and change?

 

Click here to read the full blog post

Select committee: Scare negligent employers into funding with 'nuclear' fines

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The Work and Pensions Select Committee has called for “nuclear deterrent” fines – tripling the amount currently payable – to be levied against employers seen to be shirking pension responsibilities, in its report into defined benefit pensions.

Discrimination, indexation and tax relief's survival: Top law and regulation stories from 2016

Year in review: As if Brexit didn’t pose enough challenges, regulators, lawyers and two successive pensions ministers have had a lot on their plate in 2016.

2017 AE review will ignore adequacy but include charge cap

The Department for Work and Pensions has announced the scope of its 2017 review of auto-enrolment, including a reconsideration of the charge cap on defined contribution default funds.

IBM revises cash commutation factors

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The IBM Pension Trust has updated its cash commutation factors, offering transferring members across its schemes higher lump sums when exchanging part of their defined benefit entitlements.

BSPS nears compromise deal as Tata announces closure plan

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Tata Steel UK is to consult with employees on closing the British Steel Pension Scheme to future accrual, as part of an agreement with trade unions aimed at safeguarding the future of its UK steelworks.

Cold-calling ban could strengthen scheme powers to block transfers

The government has launched its consultation on pension scams, proposing bans on pension-related cold calls, limits on the statutory right to transfer and tighter regulations for setting up potentially fraudulent schemes. 

ABF and Pie to shore up Severn Trent against deficit plunge

cover graphic Severn Trent (teaser)

The Severn Trent Pension Scheme has agreed a new asset-backed funding strategy with its sponsor, following a year which saw its accounting deficit more than double despite derisking measures.