More defined benefit news – Page 121
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News
OPDU launches independent pension trustee liability policy
On the go: The Occupational Pensions Defence Union has launched a pensions trustee policy aimed at individual independent trustees in the UK.
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University of Manchester staff vote for strike action over pension closure
On the go: Support staff at the University of Manchester have voted overwhelmingly to take strike action over plans to cut and close their pension scheme.
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Pensions gender pay gap reaches 40 per cent
On the go: Women retire with pension incomes almost 40 per cent lower than men on average, according to new research, despite recent legal efforts to ensure equality in the state pension system.
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Aon: Do not 'just kick the tyres' on historic valuation approaches
On the go: Aon is urging sponsors and trustees of UK defined benefit schemes to do more than 'just kick the tyres on historic valuation approaches' and check their actuarial valuation choice is right for their scheme.
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NewsThousands of Nationwide scheme members sign up to new portal
Nationwide Pension Fund has seen successful take-up of its new online pensions portal among members, as the scheme continues to put its faith in online communications and works on new developments for the portal.
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Govt must act on social care as crisis looms with rise in ageing population
On the go: A quarter of UK residents will be aged 65 years or over within the next 50 years. This is a result of improvements in life expectancy.
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Schemes shift attention from interest rates to inflation hedging
On the go: Inflation hedging has seen a sharp rise with activity up by 22 per cent in the third quarter of 2018, to around £24.2bn. Total interest rate hedging activity was around £29.2bn in the third quarter, a 1 per cent fall according to the BMO Global Asset Management.
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Pension giants challenge companies on climate lobbying
A consortium of pension funds with £1.6tn in assets has written to 55 large companies on their approach to climate lobbying, as government and regulators take action on Environmental Audit Committee recommendations to improve pension fund governance.
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NewsHammond’s Budget looks to unlock DC savings for patient capital
The government is to consult next year on whether the charge cap for defined contribution default funds should be changed to unlock greater investment in patient capital, as part of a Budget with significant implications for DC savers.
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High Court: Schemes must equalise GMPs
Defined benefit schemes must equalise guaranteed minimum pensions between men and women, the High Court has ruled, in a decision that could cost FTSE 100 companies alone an estimated £15bn.
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NewsFord set to offer partial transfers
Ford has agreed to offer members of its defined benefit scheme the right to partially transfer out half of their pension as cash at retirement, allowing former employees greater flexibility in their benefits.
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Fairs: Commercial consolidators pose new challenges for regulator
The Pensions Regulator has stated its support for the introduction of defined benefit consolidators, but is still grappling with key risks and challenges including the timing of necessary legislation and the impact consolidators may have on the marketplace.
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PPF benefit top-up met with anger from solvent FAS members
The Pension Protection Fund’s plan to top up compensation where members receive less than half of their original pension unfairly misses out some members of the Financial Assistance Scheme, according to a pensions campaign group.
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TRIG endorses new initiative for transfer framework
On the go: The cross-industry Transfers and Re-registration Industry Group has thrown its support behind an initiative aimed at raising governance standards over pension transfers.
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Employers support pension tax relief reform
The majority of employers think that the existing pension tax structure is too complicated and needs simplifying, according to research by the Association of Consulting Actuaries.
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PPF to top up pensions to 50% ahead of legislation
On the go: The Pension Protection Fund is to begin topping up the benefits of members whose compensation has fallen below half of their original entitlement “as quickly as possible”, after a European court found its current payment structure unlawful.
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NewsThales ups alts for predictable cash flows
Trustees of the Thales defined benefit pension fund have taken steps to move away from listed equities and increased the scheme’s exposure to investments with more predictable cash flows.
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FTSE 100 DB risk drops nearly a quarter
The aggregate risk across FTSE 100 defined benefit schemes has fallen to its lowest level in four years, according to research that seeks to integrate covenant and investment risk.
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PPF: UK DB liabilities drop by another £40bn
On the go: Defined benefit funding levels have risen over September, bringing the UK's aggregate deficit to £38.7bn on the Pension Protection Fund's section 179 basis.
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Nortel bought out after 9-year struggle
On the go: The UK pension scheme of failed telecoms giant Nortel has been bought out with Legal & General in a £2.4bn transaction, bringing nine years of uncertainty for members to an end.