All articles by Maria Espadinha – Page 19
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News
New guidance for joint GMP rectification and equalisation
On the go: Pension schemes considering combining their guaranteed minimum pension rectification and equalisation projects can now follow new guidance published by the cross-industry GMP Equalisation Working Group.
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L&G to launch fossil fuel free fund
On the go: PensionBee will offer Legal & General’s first fossil fuel-free fund, in response to demand from consumers to exclude oil from their pension investments.
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Cheshire Pension Fund questions members on investments and ESG
The £5.8bn Cheshire Pension Fund is gauging the views of its members and participating employers on its investment strategy and environmental, social and governance policy.
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OpinionPublic sector pensions on the brink of madness
If the current conundrum with discrimination issues in the public sector pension schemes were a work of fiction, no one would believe it.
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Tax changes pose admin challenge for pension schemes
On the go: Pension specialists have welcomed the announced changes in pensions tax relief in this week’s Budget, but have pointed out that it brings an added administration challenge to schemes.
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Clara Pensions in talks with investors for new funding
On the go: Clara Pensions is seeking to raise between £200m and £300m from new investors, after a first fundraising in 2018.
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TPR alerts trustees for contingency planning amid Covid-19 fears
On the go: The Pensions Regulator has reminded trustees of the need for appropriate monitoring and contingency planning to be able to continue to run their schemes amid a coronavirus outbreak.
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News
Maps refuses to give public dashboard launch date
On the go: The chair of the Money and Pensions Service has declined to give a launch date for the public pensions dashboard, since there are too many variables to be considered at this time.
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RPI to drop 1% per year with proposed reform
The UK Statistics Authority is proposing to align the retail price index with the consumer price index including housing costs, which is expected to lower its annual rate by an average of 1 percentage point.
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Tesco to clear pension deficit with Thailand and Malaysia business sale
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.
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DB deficits rise £50bn as coronavirus hits markets
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.
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Smart Pension to take on Welplan Pensions Master Trust
On the go: Welplan Pensions Master Trust is consolidating with Smart Pension, after a decision not to seek master trust authorisation.
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MPs question TPR’s action on Norton pension schemes
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.
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Aon’s merger with Willis Towers Watson to create $80bn giant
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).
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News
Flybe DB scheme outside of pensions lifeboat jurisdiction
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.
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Professionals support switch to CPIH with no compensation
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.
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PodcastsPodcast: Webb - Budget must deliver for doctors
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.
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News
General levy uplift to cost private schemes £4.9m in first year
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.
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Xylem completes £255m bulk annuity deal
On the go: Trustees of the Xylem UK Pension Plan have completed a £255m buy-in with Rothesay Life.
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News
Mortality rates see highest reduction since 2011
On the go: Mortality rates in England and Wales were on average 3.8 per cent lower in 2019 than in 2018, which is the largest annual fall in mortality rates since 2011, new data showed.