More defined benefit news – Page 134
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High Court rules against statutory limit for overpayment recovery
The High Court has ruled that defined benefit schemes are not subject to a time limit on their ability to recoup pension overpayments. Such a recovery must be carried out equitably by altering future payments, however.
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Plymouth & South West Co-op introduces illiquids and cuts DGFs
The Plymouth & South West Co-operative Society pension fund is decreasing its diversified growth fund exposure and introducing a new allocation to illiquid credit.
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Chatbots, GDPR and scams: Is admin in for a sea change?
Technological advances could mean pensions administration is about to become a lot sexier, but while cyber security evolves humans still need education if the industry is to protect pensions data and money.
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UCU suspends strike action to scrutinise USS valuation
The University and College Union has called to suspend all strike action after its members accepted an offer to examine the latest valuation.
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Pension questions raised after FirstGroup rejects takeover bid
FirstGroup’s rejection of a hostile takeover approach from US private equity group Apollo Management has sparked discussion on pensions.
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Select committee launches inquiry into DB white paper
The Work and Pensions Committee has launched an inquiry into the government's recent white paper on defined benefit security and sustainability, asking how the proposed measures are likely to be most effective and whether legislation should be fast-tracked.
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NewsAssociated British Ports consults on accrual change
Associated British Ports has proposed to change the accrual rate for its defined benefit pension scheme, in a bid to cut costs and focus on fairness while keeping the scheme open to accrual.
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DB deficits slip back up
The UK's aggregate defined benefit deficit increased over March to £115.6bn from £72.1bn on a section 179 basis, according to Pension Protection Fund estimates.
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Choosing the right derisking path
Analysis: Consultants say bulk annuity pricing has never been so attractive, yet the majority of pension schemes see self-sufficiency as their likely destiny. Who is wrong?
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TPR fires warning shot over dividend to DRC balance
Defined benefit trustees and sponsoring employers should act sooner rather than later to secure members' pensions, the Pensions Regulator has said in its latest annual funding statement, and warned against prioritising dividends.
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NewsTourist board employers block scheme valuation
The British Tourist Authority and VisitScotland have yet to sign off on their scheme’s 2015 valuation as they are looking to secure guarantees from the UK and Scottish governments, in what has been described as a “torturous” process.
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Ofwat queried on water companies' DB closure plans
Chair of the Work and Pensions Committee Frank Field has written to Ofwat, the utilities regulator, about proposals by United Utilities and Anglia Water to close their defined benefit schemes to future accrual while continuing to pay out large amounts to shareholders.
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CWU members vote for Royal Mail deal
The Communication Workers Union has announced that its members have overwhelmingly voted in favour of a deal with Royal Mail over pensions and pay.
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NewsParliamentary scheme elects alternative credit
The Parliamentary Contributory Pension Fund has introduced a new allocation to alternative credit to further diversify the scheme’s portfolio of return-seeking assets.
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Nortel reaches PPF-plus after nine years of 'scorched earth'
The UK Nortel Pension Scheme has retrieved enough assets from the insolvency of its communications giant parent to buy out benefits at a level above that guaranteed by the Pension Protection Fund.
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Industry welcomes FCA transfer advice rules
The Financial Conduct Authority has published new rules on pension transfer advice following its research that showed a high proportion of advice was not suitable. It is also seeking views on contingent charging among others. The industry has welcomed the additional clarity provided in this area.
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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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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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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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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.