More defined benefit news – Page 34
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NewsBMA votes to expedite McCloud remedy and recycle pensions
The British Medical Association is expected to push for the expedition of the McCloud remedy and the introduction of pension recycling rules in the NHS Pension Scheme, after backing from its members in its annual representative meeting.
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NewsIndustry calls for clarity on TPR’s enforcement powers
Industry experts, though broadly supportive of the Pensions Regulator’s approach to its new enforcement powers, have nonetheless called for additional clarity in how they will be used, with some concerned that outcomes could be determined in part by “luck”.
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NewsPDP connects first commercial dashboard provider
On the go: The Pensions Dashboards Programme has completed the connection of the first commercial dashboard provider, alongside another integrated service provider.
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NewsRetirement guidance is improving but decumulation challenges remain
On the go:Support available to those approaching retirement is improving, particularly in master trusts, but a comprehensive framework is still required to ensure all savers get the help they need, according to new research.
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NewsBarnett & Hall Holdings scheme agrees £21mn buy-in
The £31.2mn Barnett & Hall Holdings Pension Scheme has secured a circa £21mn buy-in with Legal & General Assurance Society ahead of a potential future buyout.
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NewsTPR warns trustees about imminent dashboards deadline
The Pensions Regulator has launched a campaign urging trustees to prepare for the pensions dashboards deadline, as new research shows that less than 10 per cent of schemes have begun to digitise the information they hold in preparation for the initiative.
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NewsCost of discretionary increases to combat inflation could hit £18bn
The cost of awarding discretionary increases to members could now add £18bn to defined benefit schemes' liabilities, experts have warned, as inflation continues to rise.
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NewsGovt to push ahead with firefighters and police McCloud reforms
The government will press ahead with planned reforms implementing the McCloud remedy with respect to members of the police and firefighters’ pension schemes, making amendments to ill-health provisions for the latter, despite concerns the remedy might itself be discriminatory.
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NewsBulk annuity deals hit £27.7bn in 2021
On the go: Buy-in and buyout transactions hit £27.7bn in 2021, with the majority of deals, representing £20.9bn, occurring in the second half of the year, according to new research.
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NewsUSS launches £1bn asset-backed securities push
On the go: The £90bn Universities Superannuation Scheme has launched an in-house mandate to invest in asset-backed securities.
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NewsNew ONS data exposes ‘shocking’ pensions inequality
On the go: One-10th of the UK population held more private pension wealth than the rest of the country combined between 2018 and 2020, new research has revealed.
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NewsDWP gives schemes greater scrutiny of asset managers on voting
Pension schemes will be able to use the asset manager tender process to challenge prospective managers on how they would vote on shareholder resolutions, the government has said.
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NewsFirstGroup ends deficit payments and expects £117mn return
On the go: Transport operator FirstGroup does not expect to make any further contributions towards its defined benefit pension schemes, after asset sales helped push the schemes into net surplus.
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NewsDe La Rue agrees £320mn buy-in
On the go: The £988.7mn De La Rue Pension Scheme has agreed a £320mn buy-in with insurer Scottish Widows.
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NewsAcademics reject USS Employers’ 12% pensions cut forecast
On the go: A group of academics have attempted to refute Universities UK’s claim that staff in the £90bn Universities Superannuation Scheme earning less than £40,000 annually would receive a “headline” cut of 12 per cent to their future pension, pointing out to higher losses.
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NewsBank of England raises interest rates to 1.25%
On the go: The Bank of England has raised interest rates for the fifth time in a row to 1.25 per cent.
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NewsGreater Gwent Pension Fund reports £137mn loss in Q1
On the go: The Greater Gwent Pension Fund has reported a loss of £137mn in the first quarter of 2022, mainly due to the global economic climate.
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NewsLGPS board chair’s TCFD appeal to minister runs aground
The chair of the Local Government Pension Scheme Advisory Board believes that the government missed the opportunity to introduce new climate-related reporting rules for local authority schemes with COP26, after a request sent to the minister of state for Levelling Up Communities mysteriously failed to reach its intended recipient.
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NewsTPR publishes new scams guide in appeal for industry support
On the go: The Pensions Regulator has appealed for support from industry to protect savers from scammers, and has issued guidance for trustees on how to report pension scams.
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NewsLocal government McCloud rules expected in October 2023
On the go: Legislation aimed at removing the age discrimination that formed the basis for the McCloud ruling is expected for the Local Government Pension Scheme in October 2023, the Local Government Association has said.