All articles by Maria Espadinha – Page 13
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News
Pension actuaries urged to improve commutation advice quality
On the go: Pension scheme actuaries are being called to improve the quality of the advice they are giving trustees on commutation rates, after a review of their work by the Institute and Faculty of Actuaries.
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LGPS Central hires managers for £660m multi-asset credit fund
On the go: LGPS Central has selected BMO Global Asset Management and Western Asset Management to manage its £660m Multi-Asset Credit Fund.
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OECD: Pension systems facing increased challenges after Covid-19
On the go: The pandemic-led economic crisis has compounded the challenges faced by pension systems in different countries, while also bringing new problems for governments to deal with, a new report has found.
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Doomsday scenario would see PPF with £25bn in claims by 2030
The Pension Protection Fund has updated its risk assessment on future claims to a worst-case scenario of £25bn by 2030, up from £22.5bn at last year’s reckoning.
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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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PodcastsPodcast: Industry needs to work together to sort out GMPs
Podcast: As schemes might struggle to find information about members who are due top-ups to past transfers due to guaranteed minimum pensions equalisation, the industry is being called on to work together and help close those data gaps. Lynda Whitney, partner at Aon, and David Brooks, technical director at Broadstone, discuss what lies ahead for trustees and administrators as they try to digest the latest High Court ruling in this area.
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Covid delays Kent fund remedies after Woodford debacle
The Kent County Council Superannuation Fund’s auditor has flagged delays in attempts to learn lessons from the Woodford debacle as a serious risk to the scheme.
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DB schemes have £130bn tied up in unrealised life expectancy advances
On the go: PwC is proposing changes to the way defined benefit schemes calculate the impact of projected life expectancy improvements in its liabilities, as these pension funds have more than £130bn tied up in assumptions that have not yet materialised.
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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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DB scheme trustees to revisit thousands of past transfers
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.
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KPMG ‘helped’ US firm dump £100m Silentnight scheme into PPF
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.
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Smiths Group completes £146m buy-in with Canada Life
On the go: The engineering company has secured a £146m bulk annuity deal with Canada Life for the Smiths Industries Pension Scheme.
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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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Open schemes predict £160bn liability hike with new TPR rules
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.
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Brunel launches £1.2bn sustainable equities fund
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.
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SNP revives pensions commission in bill amendment
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.
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Larger DB schemes face £100bn bill due to new regulations
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.
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Punter Southall revives multi-employer concept in consolidator
As consolidation offers multiply in the defined benefit market and superfunds wait for their first transactions, Punter Southall is proposing a revival of the multi-employer concept for smaller schemes, which could bring their sponsors savings of 80 per cent.
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News
Ibstock Pension Scheme completes £340m buy-in
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.
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PPF reserves drop 16% due to pandemic
On the go: The Pension Protection Fund saw the value of its reserves decrease by 16 per cent in 2019-20 due to the impact of the markets’ reaction to the Covid-19 pandemic on its return-seeking assets.