More defined benefit news – Page 73
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NewsMPs quiz prospective TPR chair over conflicts of interest
The Work and Pensions Committee has questioned the leading candidate to take over as chair of the Pensions Regulator regarding potential conflicts of interest.
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NewsIndustry calls again for clarity as TPR criminal consultation closes
The pensions industry has once again united in its calls for clarity as a consultation into the scope and application of the Pensions Regulator’s new criminal powers comes to a close.
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NewsMelrose to cut GKN pension deficit with asset sale
On the go: Industrial company Melrose is to further its commitment to cutting the GKN pension deficit by pledging an additional £100m of money raised from the sale of one of its subsidiaries.
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NewsAlmost £2m lost to pension fraud so far in 2021
On the go: Action Fraud is warning savers to remain vigilant and protect their pensions, as new research from the national reporting centre for fraud and cyber crime reveals that £1.8m has already been lost to pension fraud in 2021.
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NewsPandemic could have modest impact on mortality rates
On the go: If Covid-19 is confined to the two waves already registered, and the vaccination rollout programme is successful, the pandemic’s effect on mortality rates is likely to be marginal, new research from LCP has revealed.
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Schemes to spend £1.5bn on GMP equalisation past transfer top-ups
New research from Buck suggests the bill for equalising guaranteed minimum pension benefits in past defined benefit scheme transfers continues to grow, with at least £1.5bn needed for schemes to top up these historic transactions.
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NewsCloud-based data recovery service wins industry praise
A new cloud-based service promising independent data backup facilities for pension schemes has won praise from industry experts, who hailed it as an “innovative solution” to the rare but worrisome prospect of administrator failure.
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NewsLGPS Central launches £680m Multi-asset Credit Fund
On the go: LGPS Central, which manages around £23bn of assets for eight Local Government Pension Scheme funds worth a collective £45bn, has launched a £680m Multi-Asset Credit Fund.
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Actuaries call for simplified pensions tax system
On the go: The Association of Consulting Actuaries has leant its voice to those calling for a simplified pensions tax system, but cautioned that any changes must be “realistic, manageable and proportionate”.
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NewsReuters Pension Fund incorporates ESG factors to improve returns
The £2.8bn Reuters Pension Fund is integrating environmental, social and governance factors into its portfolio in order to improve risk-adjusted returns, while achieving a funding level above 100 per cent in 2020.
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Most savers expect companies in their pension to pay living wage
On the go:A third of savers (33 per cent) would prefer their pension provider to divest from companies that do not pay the living wage, rather than engage with them to drive better behaviour, according to research from PensionBee.
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DB transfer values recover after February fall
On the go: Defined benefit transfer values increased in March to recover around a third of the drop seen in February, according to figures from XPS Pensions Group.
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UK DB scheme surplus rises £19.6bn in March
On the go: The aggregate surplus of the 5,318 defined benefit schemes in the Pension Protection Fund 7800 Index has increased by £19.6bn in March.
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Dashboards milestone reached as PDP looks for architecture supplier
On the go: The Pensions Dashboards Programme has issued an invitation to tender for a supplier to provide digital architecture.
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NewsOmbudsman sides with Pilots’ trustee on accrual rate changes
The Pensions Ombudsman has sided with the trustee of the Pilots’ National Pension Fund in its move to change the scheme’s benefits accrual rate, noting that the decision was reached “following a reasonable decision-making process”.
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NewsAon criticises USS valuation assumptions as ‘overly prudent’
Aon has criticised the methodology and assumptions underlying the Universities Superannuation Scheme trustee’s response to the USS valuation, accusing it of being overly prudent and failing to properly justify several of its assumptions.
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NewsBridging pension option smooths Rolls-Royce scheme restructure
The introduction of a bridging pension option in the Rolls-Royce UK Pension Fund has helped smooth the transition for its members following a scheme restructure announced in May 2020.
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Calls for government to review minimum pension age hike
On the go: Wealth manager Quilter has called on the government to reverse proposals to raise the normal minimum pension age to 57, saying the move is complex and will do little for people’s retirements.
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BT, Ford and M&S schemes seek judicial review on RPI changes
On the go: The trustees of BT, Ford and Marks and Spencer pension schemes announced on Friday that they are seeking a judicial review of the decision to replace the retail price index with the consumer price index including housing costs from 2030.
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Opperman warns on pension scams rise in new tax year
On the go: Pensions minister Guy Opperman has warned savers to be vigilant when reviewing their retirement plans to avoid being caught out by pension scammers operating online.