On the go: Fifty-seven per cent of defined benefit schemes in the UK are in deficit, with an aggregate shortfall of £160bn, according to the latest edition of the Pension Protection Fund’s Purple Book.
HMRC delays GMP reconciliation final timeline again
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January 16, 2020
On the go: HM Revenue & Customs has again declined to announce a new timeline for the guaranteed minimum pension reconciliation final data cuts, despite having promised that its next update would bring a string of delays to an end.
Tapered annual allowance solution dismissed by experts
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January 16, 2020
Pensions experts have criticised a rumoured government policy to raise the tapered annual allowance threshold income, calling it a sticking plaster that will not solve the underlying problem.
TPR presses Church of England for shorter deficit recovery
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January 16, 2020
The Pensions Regulator has dismissed the idea of the Church of England reducing its deficit contributions, after a change in the valuation method used for one of its defined benefit schemes resulted in a dramatic shortfall decrease.
Chappell ordered to pay £9.5m into BHS schemes
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January 14, 2020
On the go: Dominic Chappell has been ordered to pay £9.5m into two pension schemes related to the collapsed high street chain BHS.
RPI reform consultation to be published in March
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January 14, 2020
On the go: A consultation on changes to the retail price index will be published alongside the UK Budget on March 11, the chancellor of the exchequer has announced.
Railways Pension Scheme deficit called into question
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January 13, 2020
New calculations showing an £11bn deficit for the Railways Pension Scheme have been dismissed by the National Union of Rail, Maritime and Transport Workers, which has promised industrial action if new measures to plug the gap are imposed without negotiation.
GMP rectification facing further delays after HMRC announcement
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January 13, 2020
The government’s delayed timeline for confirming payments due under guaranteed minimum pensions reconciliation will be published soon, HM Revenue & Customs announced on Thursday, as it attempted to put an end to long-running confusion over partial payments.
Mineworkers and British Coal secure £268m settlement
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January 10, 2020
On the go: The Mineworkers’ Pension Scheme and the British Coal Staff Superannuation Scheme have secured a $350m (£268m) settlement from a class action against a photovoltaic solar panel producer.
PPF reaches 1,000th scheme transfer milestone
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January 10, 2020
On the go: The Pension Protection Fund has accepted its 1000th scheme with the transfer of Carillion Rail, a section of the Railways Pension Scheme with almost 4,000 members.