Finding remedies for discrimination caused by changes in public sector pension schemes is proving to be of Byzantine complexity, with possible solutions risking further legal challenges or increases in costs that could undermine the initial reforms.
DB deficits rise £50bn as coronavirus hits markets
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March 11, 2020
On the go: The aggregate deficit of the 5,422 defined benefit schemes in the Pension Protection Fund 7800 Index rose by £49.9bn in February.
Tesco to clear pension deficit with Thailand and Malaysia business sale
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March 11, 2020
On the go: Tesco will be making a one-off £2.5bn pension contribution from the sale of its businesses in Thailand and Malaysia that is expected to eliminate the current scheme deficit.
MPs question TPR’s action on Norton pension schemes
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March 9, 2020
On the go: The chair of the Work and Pensions select committee, Labour MP Stephen Timms, has written to the Pensions Regulator questioning its action over the case of Norton Motorcycles and the three pension schemes invested in the company.
Aon’s merger with Willis Towers Watson to create $80bn giant
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March 9, 2020
Aon and Willis Towers Watson have agreed on a merger, which will see the companies creating the UK’s largest pensions consulting firm and a worldwide insurance broker worth $80bn (£61bn).
Smart Pension to take on Welplan Pensions Master Trust
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March 9, 2020
On the go: Welplan Pensions Master Trust is consolidating with Smart Pension, after a decision not to seek master trust authorisation.
Flybe DB scheme outside of pensions lifeboat jurisdiction
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March 6, 2020
On the go: Members of the Flybe’s defined benefit scheme will not be entitled to compensation from the Pension Protection Fund, as the pension fund is based in the Isle of Man.
Professionals support switch to CPIH with no compensation
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March 5, 2020
On the go: More than a third of pension professionals support a switch from the retail price index to the consumer price index incorporating owner occupier housing costs with no compensation, new research shows.
Webb: Budget must deliver for doctors
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March 5, 2020
Podcast: Former pensions minister Steve Webb argued that “it would be astonishing” if the March 11 Budget does not bring a solution to the issues caused by the tapered annual allowance for doctors and senior clinicians. Sir Steve, now partner at Lane Clark & Peacock, and Lydia Fearn, head of defined contribution and financial well-being at Redington, discuss, among other topics, the possible changes for pensions to be introduced by the chancellor.
General levy uplift to cost private schemes £4.9m in first year
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March 4, 2020
Private sector pension schemes will see their general levy bill increase by £4.9m in 2020-21 as the government has confirmed a hike of 10 per cent to overcome a shortfall in funding in future years will go ahead.