More defined benefit news – Page 143
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NewsSchemes think long term to tackle future risk
PLSA Investment Conference 2016: Panellists from both public and private sector defined benefit arrangements and defined contribution mastertrust Nest assessed the complex matrix of risks facing schemes across the UK.
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LGPS to meet cost of GMP inflation proofing
A quirk in regulation could leave the Local Government Pension Scheme and several other public sector arrangements responsible for meeting the costs of inflation-proofing the benefits of members retiring between April 2016 and December 2018.
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Tax relief off the table but Budget could still bring surprises
The chancellor is reported to have shelved anticipated changes to pensions tax relief ahead of next week’s Budget, but industry commentators predict a further wrangle of the landscape could still be afoot.
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NewsSwallowfield charts new route with scheme closure
The latest scheme to pull up the drawbridge on defined benefit accrual, Swallowfield has enhanced its defined contribution offering for members, but consultants have urged caution against “sleepwalking” into bigger deficits.
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Barclays scheme probes impact of ringfencing
Barclays is assessing which of its entities will participate in the bank’s UK Retirement Fund from 2026, when ringfencing regulations become fully effective, as schemes across the sector face up to complex covenant questions.
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Consultancy looks to group small schemes for bulk annuity scale
Consultancy KPMG is looking to group small schemes together before bringing them to the bulk insurance market, allowing them to better access the buy-in and buyout markets, but rivals have said governance could prove a challenge.
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NewsCostly equalisation error: Morrisons handed £100m liability by High Court ruling
A High Court ruling on the benefits for 15,000 former Safeway workers has added a £100m liability to current owner Morrison’s defined benefit obligation, pointing to the difficulties involved in equalisation.
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Pie generates £23m for Centrica
Utilities provider Centrica has saved £23m on future pension liabilities after a pension increase exchange was taken up by a quarter of retired participants across three of its defined benefit sections.
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Regulation and markets force schemes to step up on governance
Efforts to cope with a combination of market volatility and demographic shift towards an older population are causing pension schemes to re-examine and improve their governance structures, research from State Street this week showed.
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LGPS meets first pooling landmark
The Local Government Pension Scheme submitted initial proposals for asset pooling last week, but talks between funds are ongoing as the scheme works to meet government benchmarks.
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NewsNHS cash for pensions offer could open loophole
An NHS trust has come under scrutiny for offering nurses cash to opt out of the pension scheme, which experts have said could lead to other employers copying the move.
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NewsIndustry concern over government's 'dangerous' ESG proposals
A proposal that would empower the government to intervene in local government pension investment decisions where they contradict British foreign policy has raised concern in the pensions industry.
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NewsM&S scheme in ample surplus as hedge pays off
The Marks and Spencer Pension Scheme has swung into surplus, thanks to a combination of outperformance of return-seeking assets and full hedging of interest rate risk, the company said last week.
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Transfers to be streamlined as more ask for quotes
The Pensions Regulator will introduce new guidance to ensure transfers between defined contribution schemes are completed promptly, the government said last week. This comes as defined benefit transfer values recovered in January after hitting a low in December.
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NewsOmbudsman ill-health decision underscores complexity for members
Schemes have been urged to maintain open channels of communication with employers and members around ill-health benefits after an ombudsman determination ruled against a member’s attempt to "rewrite history".
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NewsRM deficit reduction highlights need to be proactive
Online teaching tools supplier RM has shortened its recovery plan and reduced its deficit by more than £10m using a combination of contributions, updated member information and a buy-in.
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NewsCap on golden handshakes could affect average earners at Magnox
Workers across the public sector will see a £95,000 cap on exit payments under a new clause added to the 2015-16 enterprise bill which could hit average earners at nuclear decommissioning company Magnox.
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New code firms up boundaries on incentive exercises
A revised code of practice on incentive exercises will provide trustees and employers with practical tips on problem areas, as schemes begin to target more holistic derisking strategies.
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NewsRenishaw recognises true liability as IFRIC 14 bites
Gloucestershire-based engineering company Renishaw’s defined benefit liabilities jumped £15.6m above the IAS 19 accounting deficit at the end of last year, as experts highlighted the impact the accounting measure IFRIC 14 has on scheme valuations.
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Tougher nudge needed to make freedoms a success
Consumers will not have enough money to benefit from the opportunities the pension freedoms present, a report has warned, and any success will hinge on auto-enrolment becoming more prescriptive.