The Association of Consulting Actuaries is calling on the government to change the way it calculates pension increases for unfunded public sector schemes, proposing that these are based on economic growth rather than inflation, as this would be “fairer” for future generations of taxpayers.

A new report from Punter Southall has revealed the best-performing defined contribution default providers during Covid-19, with Nest and L&G leading in the consolidation phase, Smart Pension topping cumulative performance in the growth phase, and L&G Multi Asset doing best in the retirement phase.

The Pensions Regulator has announced its intent to prosecute the former owner of Norton Motorcycles for illegally investing money into the business from three pensions schemes of which he was the sole trustee.

On the go: Housing associations are facing average contribution rate increases of 17 per cent following the Social Housing Pension Scheme’s 2020 valuation, a full 50 per cent higher than expected under the current deficit repayment plan, LCP has said.

This week – Fears abound over September’s triple lock adjustment, the ombudsman criticises Aon and Willis Towers Watson over a benefits error and gives an employer a firm ticking off, and the DWP sets up a working group to explore a ‘statements season’.

Podcast: Richard Butcher, managing director of PTL, reflects on his tenure as Pensions and Lifetime Savings Association chair, in an episode covering GMP guidance, master trusts and bespoke indices for environmental, social and governance investments.

The Pensions Ombudsman, Anthony Arter, has partially upheld a complaint against Aon and Willis Towers Watson over their handling of a benefits estimation error.

The Pensions Ombudsman has ordered a company to pay £1,000 to five staff members for “distress and inconvenience” after it deducted pension contributions without paying them into the scheme.

On the go: A proposed £2.57bn cash acquisition by Cobham Ultra Acquisitions of Ultra Electronics Holdings will see the defence company’s defined benefit scheme receive an extra £100m in funding.

On the go: The Department for Work and Pensions has established a working group looking at options to develop the ‘statements season’ proposed in its recent simpler annual benefit statements consultation.