All LCP articles – Page 7
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NewsBritish American Tobacco secures second buy-in with PIC
On the go: The £4.2bn British American Tobacco UK Pension Fund, has signed an additional buy-in deal with Pension Insurance Corporation, insuring approximately £400m of pensioner liabilities.
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NewsLegal & General DB scheme secures £925m derisking transaction
On the go: The Legal & General Group UK Pension and Assurance Fund has completed a £925m assured payment policy transaction with Legal & General Assurance Society.
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NewsProfessional trustee board appointments increase 60%
On the go: The number of schemes appointing professional trustees is on the rise, with almost half of pension fund boards now having such arrangements, which compares with one in five schemes five years ago, according to LCP.
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NewsAlmost a third of tranche 14 schemes in surplus
Detailed analysis of triennial valuations with due dates up to January 2021 has shown that almost one in three defined benefit and hybrid schemes are in surplus, but many pension funds face a headwind due to falling interest rates.
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NewsPIE exercises can be a 'win-win' for schemes under current conditions
On the go: Improved regulatory clarity and rising inflation rates could mean now is the time for defined benefit pension schemes to consider offering a pension increase exchange to their members, according to LCP.
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NewsSavers given opportunity to lock in minimum pension age at 55
The government has given savers a way to avoid the minimum pension age increase in 2028, as new rules will allow individuals to keep their protected pension age if they transfer their pension.
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News
DB transfers fall as contingent charging ban bites
A combination of lockdown and the contingent charging ban has contributed to a record low rate of pension transfers, according to LCP.
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NewsCommonwealth Bank of Australia scheme secures full buy-in
On the go: The Commonwealth Bank of Australia (UK) Staff Benefits Scheme has agreed a circa £420m full buy-in with Legal & General Assurance Society.
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NewsAre schemes ready for climate-related financial disclosures?
In August 2020, the Department for Work and Pensions launched a consultation on the recommendations of the Task Force on Climate-related Financial Disclosures, under which pension schemes with £5bn or more in assets, including authorised master trusts, would be required to have reporting metrics in place by this October and to publish climate risk disclosures by the end of 2022.
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NewsPoor choices under pension freedoms cost savers £2bn
Savers taking advantage of pension freedoms to cash out before retirement have suffered £2bn in lost returns, spurring calls for better financial education, according to analysis by LCP.
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NewsNAO launches investigation into underpaid state pensions
On the go: The National Audit Office is to investigate the issue of underpayments of the state pension to women, looking at how it happened and what is being done to resolve it.
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NewsLCP calls for simplified pensions tax relief limit
On the go: LCP partner and pensions tax specialist Karen Goldschmidt has called for a simplification of the pensions tax relief limits as data released by the government show the number of people affected by annual and lifetime limits has increased.
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NewsHundreds of DB sponsors to face hike in contributions
On the go: Around 300 sponsors of defined benefit schemes will have to increase their deficit recovery contributions by at least 25 per cent, according to analysis from LCP.
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NewsIndustry focus shifts toward the ‘S’ in ESG
Three quarters of Pensions and Lifetime Savings Association members intend to review their social policy in the coming year, according to its response to the government’s consultation focusing on social risks and opportunities for occupational pension schemes.
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NewsMP tables bill to clarify rules around GMP conversion
On the go: A private members’ bill has been tabled in the House of Commons that aims to amend and clarify existing rules around guaranteed minimum pension conversion.
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NewsQinetiQ scheme completes buy-in with L&G
On the go: The £2bn QinetiQ Pension Scheme has completed a £130m buy-in with Legal & General Assurance Society. LCP acted as the lead adviser on the transaction and provided derisking advice.
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PodcastsPodcast: Trustees should focus more on scheme admin in anti-scam fight
Podcast: The Pensions Ombudsman has declared schemes should have their transfer and due diligence procedures updated within a month of new anti-scams guidance. Compliance will require a huge amount of administrative time and resources, and trustees should give scheme administration more focus. LCP partner Francesca Bailey and Pensions Management Institute president Lesley Alexander talk scams, dashboards and corporate activity.
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NewsA third of DB schemes now have professional trustees
On the go: The number of defined benefit schemes with a professional trustee on its board has increased by 60 per cent in five years, with a third of pension funds now using these services, according to consultancy LCP.
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NewsTUI pension schemes agree £800m buy-ins with L&G
On the go: The circa €2.4bn (£2.1bn) TUI Group UK Pension Trust, comprising the BAL Scheme, TUI UK Scheme and TAPS Scheme, has secured two buy-ins worth around £800m with Legal & General Assurance Society.
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NewsFTSE 100 scheme funding stays flat despite £200bn contributions
On the go: FTSE 100 companies have seen the funding position of their defined benefit schemes remain broadly unchanged since the financial crisis, despite sponsor contributions of more than £200bn, a report by LCP has shown.