More defined benefit news – Page 130
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NewsGovt defeated on 'discriminatory' changes for firefighters and judges
The Employment Appeal Tribunal is returning the firefighters’ discrimination case to the Employment Tribunal and has dismissed the government’s appeal over a similar case in relation to a group of judges.
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Box Clever trustees under scrutiny for scheme setup decisions
The trustees of failed TV rental business Box Clever’s defined benefit pension scheme have come under scrutiny for their decisions involving the fund’s setup, as part of an Upper Tribunal hearing on the company’s collapse.
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Committees question Santander, FSB and Carillion shareholders
Both the Work and Pensions Committee and Business, Energy and Industrial Strategy Committee have written to the Federation of Small Businesses, HM Revenue & Customs and major shareholders in Carillion to try to get a better idea of operations at the construction outsourcing company.
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British Steel scheme consultation closes
The British Steel Pension Scheme has closed its 'Time to Choose' consultation, with the scheme receiving responses from 97,000 of its 122,000 members.
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NewsMPs accuse Carillion of trying to 'wriggle out' of pension obligations
The Work and Pensions Committee has accused Carillion of trying to “wriggle out” of its pension obligations for the past decade, amid calls for stronger laws to prevent future scandals.
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ITV case: Regulator argues for retrospective moral hazard powers
The leveraging up of TV rental company Box Clever put members’ pensions at risk while extracting maximum value for its shareholders, a landmark Upper Tribunal case about the Pensions Regulator’s powers has heard.
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CWU and Royal Mail reach agreement
The Communication Workers’ Union has announced that it has agreed a deal with Royal Mail over pensions and pay.
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GMB union hits out over pension funding in water industry
Trade union GMB attacked Prime Minister Theresa May over her statement in the Observer that she would "fine greedy bosses who betray their workers".
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UUK will 'consider reintroducing DB' after DC switch
Universities UK has put forward a proposal to change the pension benefits for academics to defined contribution from April 1 2019, but has committed "to consider in three years’ time if defined benefits can be reintroduced should the scheme’s funding conditions improve".
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Carillion directors called to joint inquiry
The Work and Pensions Committee and the Business, Energy and Industrial Strategy Committee are starting a joint inquiry into the collapse of Carillion, which has left thousands of employees and pension scheme members in limbo.
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Consultants commit to flagging ESG factors
Sixteen investment consultancy firms have said that they will seek to ensure that pension schemes take into account environmental, social and governance factors where they are financially material.
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Academics back strike action over USS DB closure proposal
Staff strikes are set to cause significant disruption across 61 of the UK's universities in February, after union members voted to take industrial action over changes to their pension provision.
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NewsBT scheme to keep RPI amid bigger changes
The High Court has ruled in favour of the BT pension scheme trustees and denied BT the right to change the measure by which increases for its Section C scheme are calculated, but BT has said it is considering an appeal.
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NewsMay's promise to protect pensions lacks concrete solutions
Theresa May has pledged to stop executives who try to “line their own pockets” by putting pension schemes at risk, but questions over resourcing and legislative issues remain.
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May promises to stop pensions being put at risk
Theresa May has promised to stop executives from putting pensions at risk.
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PPF releases update on contingent asset agreements
The Pension Protection Fund has published revised standard form agreements for contingent assets, along with new guidance. The update follows the December publication of the final rules for the PPF Levy for 2018-19.
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Select committee questions TPR on Barclays scheme sponsorship
The Work and Pensions Committee is questioning the Pensions Regulator on the sponsorship of Barclays Bank’s pension scheme in relation to the company’s restructuring plans.
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High Court rules against proposed BT scheme CPI switch
Telecoms giant BT wanted to switch the measure by which pensions increase from the retail price index to the consumer price index, but the High Court has ruled against this change.
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GKN hits out at Melrose over pensions
Engineering company GKN has rejected what it said are indirect claims made by unsuccessful bidder Melrose Industries that GKN's pension liability has increased due to delays in closing its main scheme to accrual.
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Employers need individual guidance to navigate VAT rules, accountants say
The Pensions Research Accountants Group has responded to recent HM Revenue & Customs changes to the VAT treatment of pension fund costs, advising schemes to seek guidance on their individual circumstances.