More defined benefit news
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NewsGovernment and TPR to scrutinise pre-97 benefits
In response to a recommendation by the Work and Pensions Committee, the DWP will engage with the regulator to understand why many DB schemes do not award discretionary increases to members with pre-1997 benefits.
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NewsAnnual Funding Statement: Covenant assessment clarity welcomed
In its Annual Funding Statement, the regulator clarified aspects of covenant assessments to help trustee boards through the first valuations under the new funding regime.
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NewsAnnual Funding Statement: Trustees should prepare for surplus release options
Industry commentators have welcomed the recommendation from the regulator to engage early with sponsors over the potential release of DB surpluses.
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NewsAnnual Funding Statement: Focus on endgame planning, says TPR
The regulator’s latest Annual Funding Statement shows strong funding across most of the DB sector, but it says recent volatility means trustees should maintain focus on robust endgame planning.
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NewsMinister for industry commits to fixing British Coal surplus ‘injustice’
Minister for industry Sarah Jones has “pledged to resolve” the matter of the British Coal Staff Superannuation Scheme’s £2.3bn investment reserve.
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NewsFall in deficit repair payments 'marks boost for DB sponsors'
The quarterly total of deficit reduction contributions into defined benefit schemes fell below £1bn in the second quarter of 2024, for the first time in several years.
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NewsRegulator clarifies superfund guidance ahead of expected market growth
TPR has sought to clarify its expectations and address misconceptions around superfund transactions ahead of the Pension Schemes Bill and potential new entrant to the sector.
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NewsUse dashboards preparation to cut admin costs, charities urged
Spence & Partners reports that charity DB schemes are approaching full funding – but costs are rising, meaning more efficiencies are needed.
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NewsGMP communication failing costs Volkswagen scheme £500
The Ombudsman awarded a member of the Volkswagen Group Pension Scheme £500 in compensation for failing to keep them updated on GMP equalisation.
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NewsDB pension schemes enter Q2 with strong funding position
Private sector pension schemes were in a strong position ahead of the market volatility caused by US trade tariffs, according to the PPF 7800 Index.
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NewsClara Pensions plots private markets push with new investment vehicle
Defined benefit consolidator Clara Pensions intends to invest up to 35% of its assets into private markets.
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NewsThink tank calls for full PPF underpin to boost surplus release case
The Social Market Foundation has set out recommendations for the government to make releasing surplus assets from DB pension schemes more attractive and secure.
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NewsLloyds ringfences £5.1bn with two longevity swaps
Two defined benefit (DB) pension schemes sponsored by Lloyds Banking Group have agreed longevity insurance and reinsurance arrangements.
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NewsBT Pension Scheme agrees longevity swaps worth £10bn
The UK’s largest corporate defined benefit (DB) pension scheme has struck two longevity reinsurance deals worth a combined £10bn.
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NewsUSS overhauls responsible investment approach
The pension scheme’s revitalised multi-pronged sustainability strategy is partly dependent on government policy coordination.
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NewsHow TPR helped secure funding boost for newspaper scheme
A pension scheme sponsored by Reach - and previously involved in the Robert Maxwell fraud - has settled a funding dispute following an intervention by the Pensions Regulator.
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NewsSimplify actuarial advice rules, argues SPP
Proposed new rules for actuarial advice should be revised to reduce unnecessary communication and complexity, according to the Society of Pension Professionals.
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NewsBrookfield gets green light from UK regulators to enter bulk annuity market
Plus: Utmost strikes investment partnership with Schroders; Just insures careers charity pension scheme for £2.8m.
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NewsWhat a new mortality model means for your pension scheme
New mortality data and calculations being introduced later this year could increase liabilities for some DB schemes – but others could see theirs fall further.
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NewsArcadia secures scheme merger ahead of wind-up
A High Court ruling has approved the merger of collapsed retailer Arcadia’s two pension schemes, citing a “moral obligation” to put them on an equal footing.