A ruling on guaranteed minimum pension equalisation will see trustees having to revisit 30 years of pension transfers, which will be a “Herculean” task for administration teams amid missing data and poorly kept records.
DB scheme trustees to revisit thousands of past transfers
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November 20, 2020
On the go: Trustees of defined benefit schemes will have to revisit pension transfers from the past 30 years if the individual had contracting-out benefits, and provide a top-up if necessary.
KPMG ‘helped’ US firm dump £100m Silentnight scheme into PPF
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November 17, 2020
On the go: KPMG allegedly helped US buyout fund HIG Capital force the insolvency of Silentnight to acquire the company without the burden of its £100m pension scheme, in a case brought by the UK’s accounting regulator.
Smiths Group completes £146m buy-in with Canada Life
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November 16, 2020
On the go: The engineering company has secured a £146m bulk annuity deal with Canada Life for the Smiths Industries Pension Scheme.
M&S completes two buy-ins worth £750m
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November 5, 2020
On the go: Marks and Spencer has completed a £390m buy-in transaction with Aviva and a £360m similar transaction with Phoenix Group for its pension scheme, totalling around £750m in bulk annuity deals.
Open schemes predict £160bn liability hike with new TPR rules
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November 5, 2020
On the go: Open defined benefit schemes could see their liabilities increase between £120bn and £160bn due to the new funding rules proposed by the Pensions Regulator.
Brunel launches £1.2bn sustainable equities fund
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October 28, 2020
On the go: Brunel Pension Partnership has launched an equity fund with environmental, social and governance considerations that will be managed by three asset managers.
SNP revives pensions commission in bill amendment
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October 27, 2020
On the go: Two Scottish National party MPs have tabled an amendment to the pension schemes bill to set up a new pensions advisory commission.
Larger DB schemes face £100bn bill due to new regulations
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October 27, 2020
The impact of new regulations in the pension schemes bill and the future defined benefit funding code will mean that sponsors of the UK’s largest schemes will have to fork out £100bn over the next 10 years, according to new analysis from LCP.
Ibstock Pension Scheme completes £340m buy-in
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October 20, 2020
On the go: Ibstock has completed a £340m buy-in transaction with Just Group representing 50 per cent of total liabilities of its defined benefit pension scheme.