More defined benefit news – Page 72
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NewsFirstGroup explores change in DB scheme discount rate
Bus and train operator FirstGroup is to engage in “strategic discussions” with its trustees, after the funding valuation for the First UK Bus Pension Scheme was finalised and improvements were made to its technical provisions.
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NewsCamden invests in green assets, schemes call for net-zero alignment
ESG Spotlight: A roundup of the latest news on environmental, social and governance initiatives, with the Camden Pension Fund moving equity assets into lower carbon alternatives, and a group of institutional investors calling for consistency on corporates net-zero plans.
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NewsGPs admin woes continue in new Capita pensions portal
The long-running saga of admin issues for doctors continues, as a new pensions and payments portal for GP practices, introduced in June, has shown a series of failings, including missing records and payments.
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NewsProfit warnings from DB sponsors decrease 73% in a year
On the go: Profit warnings from listed companies with defined benefit schemes have dropped by 73 per cent between Q3 2020 and Q2 2021, but 10 percent remain in the insolvency “danger zone’’, according to figures from EY.
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NewsBritish American Tobacco secures second buy-in with PIC
On the go: The £4.2bn British American Tobacco UK Pension Fund, has signed an additional buy-in deal with Pension Insurance Corporation, insuring approximately £400m of pensioner liabilities.
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NewsIndustry bodies to set dashboards data matching standards
On the go: The Pensions Administration Standards Association will be working with the Pensions and Lifetime Saving Association and the Association of British Insurers to set up the standards for the pension dashboards data matching.
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NewsSeven providers sign up for dashboard test
On the go: Seven software providers, third party administrators and pension providers will be taking part in the first test of the pensions dashboard.
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NewsMP introduces bill to investigate Atomic Energy Authority transfers
Conservative MP David Johnston has introduced a private members’ bill to allow the Parliamentary and Health Service Ombudsman to investigate pension transfers made out of the UK Atomic Energy Authority pension scheme.
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NewsProfessional trustee board appointments increase 60%
On the go: The number of schemes appointing professional trustees is on the rise, with almost half of pension fund boards now having such arrangements, which compares with one in five schemes five years ago, according to LCP.
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NewsAlmost a third of tranche 14 schemes in surplus
Detailed analysis of triennial valuations with due dates up to January 2021 has shown that almost one in three defined benefit and hybrid schemes are in surplus, but many pension funds face a headwind due to falling interest rates.
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NewsLegal & General DB scheme secures £925m derisking transaction
On the go: The Legal & General Group UK Pension and Assurance Fund has completed a £925m assured payment policy transaction with Legal & General Assurance Society.
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NewsAon and WTW cancel $30bn mega-merger
On the go: Aon and Willis Towers Watson have abandoned their planned $30bn (£21.7bn) merger after an intervention from the US Department of Justice.
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NewsPIE exercises can be a 'win-win' for schemes under current conditions
On the go: Improved regulatory clarity and rising inflation rates could mean now is the time for defined benefit pension schemes to consider offering a pension increase exchange to their members, according to LCP.
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NewsGovt to open new public sector scheme for judges in 2022
On the go: The Ministry of Justice has launched a consultation on creating a new public sector pension scheme for judges, which will address the issues caused by the McCloud judgment and allow the government to have a pensions-based solution for the whole judiciary.
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NewsEmployer seeks £265,000 in damages from Plumbing Pensions
A plumbing employer has filed a summons at the Court of Session in Edinburgh seeking more than £265,000 in damages from Plumbing Pensions over its alleged repeated failures to manage the scheme’s Section 75 debt.
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NewsBorder to Coast on track to deliver £110m in cost savings
On the go: The circa £24.7bn Border to Coast Pensions Partnership is on track to deliver more than £110m of cumulative net savings within its first decade of pooling and more than £250m in the first 15 years, according to its annual report.
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NewsTrustees of Morrisons’ schemes in talks with Fortress after takeover bid
On the go: The trustees of Morrisons’ defined benefit schemes are in talks with representatives of Fortress Investment Group, which has made an offer to takeover the British retailer.
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NewsPensions Ombudsman taking longer to resolve old complaints
On the go: The Pensions Ombudsman has seen delays in resolving complaints, due to the impact of Covid-19 and the increased complexity of these cases.
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NewsLeek United Building Society joins Enplan platform
On the go: The circa £45m Leek United Building Society Pension and Assurance Scheme has joined the Enplan Pension Platform, which will provide governance, actuarial, investment and administration services to the scheme.
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NewsPodcast: Too much jargon hampers sustainable investing drive
Podcast: Politicians and the pensions industry risk jeopardising the progress made on sustainable investing because they are too fond of jargon. Members are keen to get involved, but they have to understand what they are getting involved in. Georgia Stewart, chief executive of Tumelo, and Chris Hulatt, co-founder of Octopus Group, talk sustainability, inter-generational fairness and cryptocurrencies.