More defined benefit news – Page 132
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News
PASA selects members for Transfers Working Group
The Pensions Administration Standards Association has today announced the 23 members of its new Transfers Working Group, which aims to look closely at defined benefit transfer delays.
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NewsFunding levels up as FTSE 100 companies cut back DB
The UK’s blue chip companies have cut back their defined benefit servicing costs by around 15 per cent over 2017, analysis by JLT Employee Benefits has found, while funding levels continue their painstaking recovery.
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Lifeboat fund confirms 2018-19 levy
The Pension Protection Fund published its final levy rules for the 2018-19 levy year on Tuesday.
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Toys R Us wins PPF backing for CVA
The Pension Protection Fund said on Thursday it would vote in favour of proposals for a company voluntary arrangement made by struggling retailer Toys R Us. The creditor vote has since taken place.
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NewsPPF praised for tough line on Toys R Us insolvency talks
The pensions industry has welcomed the tough stance taken by the Pension Protection Fund in its negotiations with struggling retailer Toys R Us, saying it will encourage companies not to take their pension responsibilities lightly.
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Govt 'minded' to introduce mandatory trustee ESG statements
The government is to consult on whether trustees should be required to state their policies on sustainability, member concerns and stewardship, and will clarify current legislation as part of a wider push to increase pension investment in social and illiquid assets.
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BT scheme cuts TPA contract short to pull admin in-house
The BT Pension Scheme is moving the administration for its 300,000-member scheme in-house next year, not long into a contract extension with a third-party provider.
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NewsBritish Steel saga raises questions on advice market and transfers
News analysis: Steelworker Rich Caddy has regrets about his choice to transfer out of the British Steel Pension Scheme.
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All FTSE 350 DB schemes could be closed in 10 years
New research predicts that all defined benefit schemes of companies in the FTSE 350 index are likely to be closed to future benefit accrual within 10 years.
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PPF: DB funding levels highest since 2014
Defined benefit scheme funding levels have passed 90 per cent on a s179 basis for the first time since March 2014, according to the latest edition of the Purple Book.
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News
DB advisers could be sued over climate change risk
Defined benefit investment consultants and actuaries may be legally bound to advise on material climate change risk, according to new research.
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NewsFirstGroup breaks new ground by merging funds within LGPS
Transport operator FirstGroup has become the first major private sector employer to consolidate its pension funds within the Local Government Pension Scheme, as experts agree that similar mergers could be on the horizon.
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News
Lower rise in life expectancy no cure for schemes
After years of steady increases, improvement in life expectancy dropped to 1 per cent a year in 2016 from 3.1 per cent per year in 2011 in England and Wales, but low discount rates mean the rises still matter.
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NewsMPs launch inquiry into CDC
The Work and Pensions Committee has begun an inquiry into collective defined contribution schemes, but experts remain unconvinced of European-style risk-sharing, highlighting intergenerational and moral hazard risks.
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NewsSony zooms in on buy-in saving with medical data
The UK scheme of Japanese electronics giant Sony agreed a buy-in in May this year, covering its highest liabilities, with medical underwriting carried out after the deal.
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NewsGovernment pushes for patient capital in Autumn Budget
Autumn Budget 2017: Chancellor of the exchequer Philip Hammond stated the government’s desire to see pension funds invest in patient capital as part of its Autumn Budget.
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NewsEconomic gloom overshadows quiet Budget for pensions
Autumn Budget 2017: With chancellor Philip Hammond omitting pensions almost entirely from his speech, it was, as Barnett Waddingham senior consultant Malcolm McLean put it, a “steady as you go Budget”.
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NewsGina Miller: Brexit could change retirement attitudes
Economic turmoil induced by the UK’s exit from the EU might tempt savers to draw from their retirement pots sooner, according to Gina Miller, founding partner at wealth manager SCM Direct.
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Progress towards long-term objectives tops list of DB concerns
Concerns over long-term objectives, managing funding constraints and keeping up with change rank at the top of concerns held at defined benefit schemes, followed by the task of balancing stakeholder interests, new research has found.
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Covenant risk is dominating the DB agenda
Defined benefit trustees are becoming increasingly concerned about the strength of their employer covenants, a new survey has revealed, as Brexit uncertainty feeds into broader concerns about the future of sponsors.