More defined benefit news – Page 104
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News
Lords bill on TPR dividend approval and scrapping PPF cap resurfaces
On the go: A bill that would give the Pensions Regulator approval over company dividends payments and remove the cap on compensation payments made by the Pension Protection Fund has returned to the House of Lords.
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FCA launches pensions advice market review
On the go: The Financial Conduct Authority is set to embark on a fresh crackdown on financial advisers, where it will analyse whether savers are receiving unsuitable pensions advice.
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Pensions experts predict RPI limbo for years to come
Experts have condemned delays in publishing a long-awaited consultation on reforms to the retail price index, since its outcome could radically alter the fortunes of pension funds and pensioners.
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AA considers DB scheme closure
On the go: The AA is considering closing the last section of its defined benefit scheme still open to future accrual, with 2,800 employees expected to be transferred to one of its defined contribution plans.
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Smaller-sized bulk annuity deals to increase in 2020
On the go: Fewer multibillion bulk annuity deals are expected in 2020, although the number of smaller transactions is set to increase, according to research from Willis Towers Watson.
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Pension schemes bill to cost industry £818m in first year
The pensions industry faces an annual cost increase of £818m as a result of changes brought in by the pension schemes bill, with the new defined benefit funding regime and the pensions dashboard requiring the lion’s share of this investment.
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Train operators' legal battle with government kicks off
On the go: Train operators will argue that the government has unfairly excluded them from rail contracts over its stance on pensions, in a High Court case that begins on Monday.
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PPF: More than half of defined benefit schemes still in deficit
On the go: Fifty-seven per cent of defined benefit schemes in the UK are in deficit, with an aggregate shortfall of £160bn, according to the latest edition of the Pension Protection Fund’s Purple Book.
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New rules for pension transfers to cost industry £1m
On the go: New rules to prevent scams are expected to cost the industry and employers about £1m in their first year and impact more than 160,000 pension transfers.
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British Steel trustees cleared by Pensions Ombudsman
The Pensions Ombudsman has rejected a number of complaints against the trustees of the old British Steel Pension Scheme, after concluding that communications to members were not misleading and did not amount to scaremongering.
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Post Office workers set to receive scheme surplus spoils
Members of the Post Office section of the Royal Mail Pension Plan may be in line to receive a windfall, with the trustee considering how to share a £28m surplus as the scheme moves to partial buyout.
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Hundreds of teachers take legal action against government
On the go: More than 300 teachers are issuing claims to the employment tribunal relating to discriminatory changes made to their pensions in 2015.
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Tapered annual allowance solution dismissed by experts
Pensions experts have criticised a rumoured government policy to raise the tapered annual allowance threshold income, calling it a sticking plaster that will not solve the underlying problem.
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HMRC delays GMP reconciliation final timeline again
On the go: HM Revenue & Customs has again declined to announce a new timeline for the guaranteed minimum pension reconciliation final data cuts, despite having promised that its next update would bring a string of delays to an end.
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Regulator outlines Q1 policy plans
On the go: The Pensions Regulator is to publish recommendations on trustee diversity and governance in February, as the watchdog set out its policy commitments for the early months of 2020.
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TPR presses Church of England for shorter deficit recovery
The Pensions Regulator has dismissed the idea of the Church of England employers reducing their deficit contributions, after a change in the valuation method used in one of its defined benefit schemes resulted in a shortfall decrease from £236m to £50m.
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UK crawls back towards PPF surplus
On the go: UK defined benefit schemes are inching towards being fully funded on the basis used by the Pension Protection Fund, new figures from the lifeboat reveal.
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RPI reform consultation to be published in March
On the go: A consultation on changes to the retail price index will be published alongside the UK Budget on March 11, the chancellor of the exchequer has announced.
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Chappell ordered to pay £9.5m into BHS schemes
On the go: Dominic Chappell has been ordered to pay £9.5m into two pension schemes related to the collapsed high street chain BHS.
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NewsRailways Pension Scheme deficit called into question
New calculations showing an £11bn deficit for the Railways Pension Scheme have been dismissed by the National Union of Rail, Maritime and Transport Workers, which has promised industrial action if new measures to plug the gap are imposed without negotiation.