More defined benefit news – Page 127
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The Pension SuperFund: Benevolent disruptor or danger to members?
If assembling a star-studded team of executives is enough to get a radical new pensions proposition off the ground, Edi Truell might already have done enough to disrupt the UK defined benefit sector.
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BT agrees to replace DB with ‘hybrid' scheme
BT has announced the closure of its defined benefit scheme and has agreed to develop a ‘hybrid’ solution with the Communication Workers Union.
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PwC probed on Carillion fees and conflicts
MPs have grilled PwC partners on fees and the safeguards the accountancy firm put in place to prevent conflicts of interest arising from its various roles regarding collapsed contractor Carillion.
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UK sees launch of first superfund
The UK is seeing the launch of its first so-called superfund, designed to consolidate defined benefit schemes, with an initial £500m of capital subject to transaction approvals.
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BT sweetens DB closure with promise of 'hybrid' scheme
BT has announced the closure of its defined benefit scheme and agreed to work with the Communication Workers Union over a forthcoming ‘hybrid’ solution.
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DB white paper promises tougher fines and consolidation drive
Employers who wilfully or recklessly put their defined benefit pension schemes at risk are in the firing line of new punitive fines announced in a government policy statement released on Monday.
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Govt says it has learnt from BSPS saga
Lessons "can and will be" learnt from the British Steel Pension Scheme events, the government has said, but stands by the outcome involving a regulated apportionment arrangement and new pension scheme.
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TPR and FCA seek input for joint strategy
The Pensions Regulator and the Financial Conduct Authority are jointly calling for input on regulating the pensions and retirement sector.
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NewsFines for DB negligence leave industry split
Employers who wilfully or recklessly put their defined benefit pension schemes at risk are in the firing line of new punitive fines announced in a government policy statement released on Monday.
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Hammersmith & Fulham weighs up fossil fuel divestment
The £1bn London Borough of Hammersmith & Fulham Superannuation Fund is discussing whether to lower its fossil fuel exposure as part of its next investment strategy review.
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United Utilities faces two-day strike over pensions
About 1,500 United Utilities employees are expected to walk out on Friday and Monday because of the company's plans to change the final salary scheme to a hybrid arrangement.
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New British Steel Pension Scheme meeting size and funding tests
Under the terms of the agreement between Tata Steel UK and the BSPS relating to the regulated apportionment arrangement, the New BSPS will only go ahead if certain conditions are met – including conditions related to size and funding level.
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NewsReuters steps up member comms during sponsor M&A
Trustees of the defined benefit schemes of Thomson Reuters have been updating members about the agreed sale of part of the business, as experts stress the fine line between saying too much or too little about a deal.
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DB deficits increase in February
Defined benefit deficits across schemes eligible for the Pension Protection Fund have increased to £72.1bn at the close of February 2018, from a deficit of £51bn at the end of January 2018.
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Striking academics turn down pension offer
The University and College Union has voted to reject proposals agreed by the union and Universities UK over pension pay, meaning lecturers will continue to strike.
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Councils fear loss of control under London CIV proposals
The London Collective Investment Vehicle has announced a number of upgrades to its governance structures in response to personnel changes, but local authority participants still have fundamental concerns about how investing in the pool will work.
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NewsMineworkers receive tax demands after admin error
Members of the £11.4bn Mineworkers’ Pension Scheme have received notices from HM Revenue & Customs incorrectly telling them that they owe thousands of pounds in tax.
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UUK and UCU strike pensions deal
Universities UK, which represents employers, and the University and College Union have said they reached an agreement on Monday in the dispute about the closure of academics' defined benefit arrangement.
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Rising interest rates threaten sponsor covenants, say experts
PLSA Investment Conference 2018: Interest rate and inflation risk could pose imminent threats to schemes and sponsors, while quantitative easing might not have been bad news for schemes, experts have said.
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Anglian Water in spat with three unions
Anglian Water has refused to meet unions GMB, Unite and Unison for talks at a conciliation service over the closure of its defined benefit pension scheme, prompting them to accuse it of provoking industrial action.