More defined benefit news – Page 150
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NewsSainsbury's closes deficit after strong asset returns
Sainsbury’s Pension Scheme has reduced its deficit by £28m, despite low interest rates and a fall in the real discount rate, as many schemes struggle to control their funding levels.
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How to prepare your portfolio for a rise in transfer requests
Defined benefit schemes should review the shape of their liability profile and consider their investments should a high proportion of members transfer out, as figures show a sharp rise in requests.
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Surrey opts for LDI to harness funding gains
Surrey County Council Pension Fund has put a liability-driven investment platform in place to capture rises in the funding level, after falling gilt yields wiped out last year’s gains.
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NewsSaga shows dedication to DB with 10-year recovery plan
Amid the wider trend of scheme closures, over-50s specialist Saga has vowed to keep its defined benefit plan open to members, revealing details of a 10-year deficit recovery plan.
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NewsJohn Lewis deficit swells by £250m, steadfast on strategy
John Lewis Pension Scheme’s deficit has risen by close to £250m since the start of 2014, but the company plans to stick to its strategic counter-measures agreed earlier this year.
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NewsTesco succumbs to DB burden, schemes urged to monitor covenants
Loss-making supermarket giant Tesco took a further step towards ending its defined benefit provision this week, as it began formal discussions to close to new members and future accrual.
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LGPS funds feel the pressure as local pension boards get off the ground
Public sector pension funds are under pressure to compile their pension boards ahead of the August 1 deadline, but some report being “stretched” by the wait for guidance on the reform.
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NewsManx Telecom calls time on DB, offers suite of DC options
Communication company Manx Telecom eased the closure of its defined benefit scheme last year by providing members with a range of alternative defined contribution options, alongside a new sharesave scheme.
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University trust liabilities could rise by a quarter
University self-administered trusts could face a sharp rise in the value of liabilities, industry experts have warned, sparking calls for a review of the sector’s risk exposure and possible consolidation.
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DB-DC proposals trigger benefit questions
The Financial Conduct Authority has issued a consultation on transfers out of defined benefit schemes, but experts say a disparity between definitions of money purchase benefits could lead to confusion.
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How to get the best for your scheme in M&As
Any Other Business: Last week, oil giant Royal Dutch Shell announced plans to buy rival BG Group for £47bn and is widely predicted to be the first in a swath of deals across the sector.
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Johnston Press DB recovery to net 25% of sold sponsor assets
Johnston Press Pension Plan has agreed a revised recovery plan with its sponsor, entitling it to a chunk of the proceeds from the sale of company assets, to help plug its rising deficit.
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Electrocomponents reboots recovery plan to quell DB deficit
An electronics company pension scheme has agreed a new recovery plan and increased member contributions as its deficit more than doubled in an 18-month period, in part due to longevity risks.
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NewsChannel 4 ceases accrual as DB closures mount
Channel 4 is offering defined benefit members enhanced pension contributions for five years after it closes the scheme to future accrual at the end of 2015, as funding levels deteriorate.
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Just months left to tackle contracting-out costs, consultants say
Consultants have urged defined benefit scheme trustees and sponsors to take action as the one-year countdown to the end of contracting-out approaches.
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Council funds report low take-up of 50-50 option
The option for local authority staff to halve their pension contributions while retaining other benefits has seen take-up below expectations, as the local government reforms bed in.
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John Laing tackles deficit with £100m alternative financing plan
Infrastructure heavyweight John Laing contributed £100m in cash and equity interests to its pension scheme, as part of a deficit recovery schedule that was revised before floating the company in February.
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Lincolnshire fund enters admin-sharing deal with West Yorks
Lincolnshire Pension Fund has teamed up with West Yorkshire Pension Fund on benefit administration in order to deliver cost savings, in the latest example of local authority collaboration.
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PPF to bring investments in-house as it refines strategy
The Pension Protection Fund has added to the tally of schemes bringing elements of asset management and member services in-house, as it seeks cost savings and a greater control over assets.
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Lifetime allowance cut a blow for DC savers
Budget 2015: The reduction of the lifetime allowance to £1m will hit defined contribution savers hardest say experts, who anticipate a rise in members exiting pension saving.