All Hymans Robertson articles – Page 6
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News
Court of Appeal gives green light to Pru annuity sale
On the go: The Court of Appeal has overturned a High Court ruling that blocked the transfer of £12bn of annuities from Prudential, now M&G, to Rothesay Life.
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Aviva staff scheme completes £875m buy-in
On the go: The Aviva Staff Pension Scheme has completed a £875m buy-in with Aviva that covers the defined benefit pension liabilities of 2,868 members.
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GMP ruling implementation will be ‘Herculean’ task for schemes
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.
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TPS phased withdrawal plan arrives too late for hundreds of schools
Teachers’ organisations and pension professionals have given a lukewarm welcome to the Department for Education’s proposal to allow independent schools to retain Teachers’ Pension Scheme membership for existing staff, while at the same time offering private plans for new staff.
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Most DB schemes do not meet regulator’s fast-track requirements
On the go: Seventy per cent of defined benefit schemes fall short of the Pensions Regulator’s ‘fast-track’ approach as proposed in its new DB funding code, according to analysis from Hymans Robertson.
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M&S completes two buy-ins worth £750m
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.
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Majority of DB schemes’ recovery plans on track before Covid
Data crunch: Only a third of defined benefit schemes extended their recovery plan end date in 2019, but pandemic storms are set to see pension funds entering choppy waters, with insolvency looming for some sponsors and trustees being asked to make tough decisions.
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Barclays Bank coughs up £750m in unusual DRC move
In an unusual arrangement, Barclays Bank UK Retirement Fund’s deficit recovery plan remains on track through a self-investment, as the scheme subscribed to a £750m bond issued by an entity of the banking group.
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Redundant local civil servants face pension cut
Public sector members of the Local Government Pension Scheme aged above 55 who are made redundant and want to retire early will face a cut to their benefits, according to new rules proposed by the government.
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Trustees on the hook for advice under new FCA guidance
On the go: Trustees have been warned that providing personalised illustrations to demonstrate the outcomes of a defined benefit pension transfer will be viewed as regulated advice under new guidance from the Financial Conduct Authority.
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Looming exit payment cap puts extra strain on LGPS funds
A cap on exit payments for public servants could be in place as soon as the end of the year after the Treasury laid down draft regulations in July, but it may have serious consequences for local authority pensions.
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South Yorks breezes through Covid but warns of potential danger ahead
The South Yorkshire Pensions Authority is reducing its exposure to equity market risk, after it escaped the Covid-19 crisis largely unscathed.
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TPS employer contributions could reach 30% in 2023
A funding crisis in the pension scheme for teachers could lead to further contribution increases and yet more private schools leaving the scheme, as Covid-19 and the McCloud judgment take their toll.
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NewsBA pension trustee urges against RPI changes
The chair of Airways Pension Scheme Trustee Ltd, Roger Maynard, has warned that possible reforms of the retail price index could cause great injustices, as well as undermining trust in the issuance of index-linked gilts.
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New DB funding code could imperil sponsors and members
Some of the proposals in the Pensions Regulator’s consultation on a new defined benefit funding code could lead to worse outcomes for scheme sponsors, members and the Pension Protection Fund, according to a new report by LCP.
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Govt outlines solutions for pensions net pay anomaly
The government is seeking industry views on how to end the net pay anomaly affecting low-paid earners in the pensions tax relief system.
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New GMP guidance stops short of clarifying rules around conversion
New guidance on guaranteed minimum pensions has clarified the tax implication of equalising past inequalities between men and women, but critics have said it leaves unaddressed important questions for schemes hoping to convert GMPs into regular scheme benefits.
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TPR’s fast-track proposal 'risks levelling down by employers'
Actuaries have expressed concern that the Pensions Regulator’s proposal of a ‘fast-track’ route for compliance, with its expectations on defined benefit funding, could spur market-leading employers to level down their approach.
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News
Charities suffer under the strain of DB scheme deficits
On the go: Three-quarters of charities have defined benefit schemes in deficit, adding extra strain to a sector already hit hard by coronavirus, according to a new report by Hymans Robertson.
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Regulator repeats anti-scam warning after £5m lost to fraudsters
On the go: The Pensions Regulator has repeated its warning about scammers after a report revealed more than £5m has been lost to fraud since February.