More defined benefit news – Page 138
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Select committee: Scare negligent employers into funding with 'nuclear' fines
The Work and Pensions Select Committee has called for “nuclear deterrent” fines – tripling the amount currently payable – to be levied against employers seen to be shirking pension responsibilities, in its report into defined benefit pensions.
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From BHS to Uber: The events that shaped pensions in 2016
Year in review: Having almost grown used to new regulations and system overhauls, 2016 managed to top (almost) everything, keeping the pensions industry on its toes. We have picked out some of the articles that accompanied this year’s turning points for pensions.
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From RAAs to hedging: Top DB and derisking stories from 2016
Year in review: 2016 was the year the dam finally broke and defined benefit funding issues jumped into the mainstream news, with stories such as Tata Steel and BHS’s funding woes striking a chord.
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NewsBSPS nears compromise deal as Tata announces closure plan
Tata Steel UK is to consult with employees on closing the British Steel Pension Scheme to future accrual, as part of an agreement with trade unions aimed at safeguarding the future of its UK steelworks.
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NewsIBM revises cash commutation factors
The IBM Pension Trust has updated its cash commutation factors, offering transferring members across its schemes higher lump sums when exchanging part of their defined benefit entitlements.
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NewsStagecoach chair stresses need for accurate cash flow data
Accurate data on scheme balance sheets and a willingness to seek out information independently of consultants and advisers is crucial to managing a scheme facing changing cash flows, the chair of the Stagecoach Group Pension Scheme said this week.
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NewsOne year wiser: What trustees have learnt in 2016
Any other business: From Brexit to Trump, 2016 has been a year of the once-inconceivable coming to pass. Faith in institutions, already low, has taken repeated batterings as prediction after prediction has turned out to be wrong.
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TPR's record-keeping push welcomed but stresses remain for small schemes
The Pensions Regulator is demanding that trustees report on record-keeping in the scheme return and has issued new guidance, after conducting a survey which found that too many are not measuring members’ data.
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FCA reveals transfer data as experts note 'dramatic' increase
Close to 8,000 people transferred out of defined benefit schemes and into defined contribution between Q3 2015 and Q1 2016, figures from the Financial Conduct Authority show, but experts estimate the numbers may be even higher.
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Trustees not convinced by indexation change arguments
Trustees are overwhelmingly in favour of restructuring scheme benefit structures in response to the defined benefit crisis, a recent survey has suggested, but stop short of supporting a statutory override on increases of accrued benefits.
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'Unconflicted' MNTs have a place on trustee boards, experts say
Communicating complicated legislative changes, focusing on defined contribution governance and protecting members’ benefits are just a few of the challenges faced by trustee boards.
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NewsThames Water pours money into LDI
Trustees of Thames Water’s two defined benefit pension schemes have been focusing on risk reduction over the past year, introducing a new liability-driven portfolio for both funds.
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NewsCapital protection key as ABF introduces equities overlay
The Associated British Foods’ UK defined benefit pension scheme has implemented an equities derivative overlay strategy to give added risk protection to its substantial portfolio of growth assets, maintaining a strong allocation to equities.
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Industry divided over CPIH
The Office for National Statistics has recently said it will make the consumer price index including owner-occupiers’ housing costs its preferred measure for gauging inflation next year, so should the government follow suit for pension indexation and revaluation?
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Keep comms 'balanced' as DB transfer interest is up
Advisory service Intelligent Pensions has seen the number of defined benefit transfer requests it has processed increase during 2016 as members seek to take advantage of the freedom and choice reforms.
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HMRC system changes ‘not catching anyone unawares’
HMRC is making software changes as part of ongoing plans to ensure its systems are up to date, but as long as pension administrators making pay-as-you-earn or pension scheme returns are prepared, they should not be too concerned, experts have said.
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Hedging at a high as schemes lose hope for fast rate rise
Institutional investors in the UK increased inflation hedging by 11 per cent over Q3, according to a survey – a sign that schemes and sponsors have reached the limits of their tolerance for widening deficits.
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Select committee urges government to scrap triple lock
The Work and Pensions Committee has called for the state pension triple lock to be scrapped, in an attempt to ameliorate an economy "skewed in favour of baby boomers and against millennials".
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NewsDiageo’s Care scheme proposal highlights struggle over DB provision
Two unions are balloting members over industrial action in a pensions dispute with Diageo, as the UK-based multinational proposes replacing its final salary scheme with a career average arrangement.
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NewsAlstom energised by employer guarantee and extra contributions
The Alstom Pension Scheme has agreed an increase in recovery plan contributions following a drop in its funding level, but the decision has been buoyed by a strengthened sponsor guarantee.