More defined benefit news – Page 89
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Govt to force schemes to publish climate risk disclosures
On the go: The largest pension schemes will be legally required to assess and report on climate change risks within their investment portfolios under new government rules.
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PPF levy expected to increase due to Covid-19 impact
As insolvencies ramp up and more defined benefit schemes are expected to end up at the Pension Protection Fund, the lifeboat might need to increase its levy to face a multibillion-pound hit, amid several other solutions, analysis from LCP shows.
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Hitachi completes £275m buy-in with L&G
On the go: The Hitachi UK Pension Scheme has agreed a £275m buy-in transaction with Legal & General that covers the remaining deferred members and retirees, after a similar deal in 2018 with Scottish Widows.
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Calls for government to clarify dashboard data standards
On the go: The government is facing growing calls to “come clean” about what data is required from pension schemes and providers for the pensions dashboard so that the industry can prepare properly, following conflicting reports.
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More than £30m lost to scams in three years
On the go: Pension savers should reject “unexpected” pension offers made online or over the phone, regulators have urged in their latest ScamSmart campaign, as figures showed more than £30m has been lost to scammers since 2017.
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Police officers warn of age discrimination in McCloud remedy
The government’s proposed remedy for the McCloud/Sargeant age discrimination cases fails to address the issue in a “fair and non-discriminatory manner”, a group of police officers has warned.
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Small bulk annuity transactions increase 20%
On the go: The first half of 2020 saw a near 20 per cent increase in the number of bulk annuity transactions under £100m, when compared with the same period last year, according to analysis from Aon.
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USS delays scheme valuation
On the go: The Universities Superannuation Scheme has been forced to delay its valuation by two weeks, due to the “urgent and difficult matters relating to A-level results and admissions”.
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TPR in discussions with Plumbing trustees over governance failures
The Pensions Regulator has been in discussions with the trustees of the Plumbing and Mechanical Services Industry Pension Scheme, who face criticism for governance failures amid a long-running debacle that could send plumbers into bankruptcy.
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PPF and DWP appeal Hampshire methodology ruling
On the go: The Pension Protection Fund plans to appeal a judgment forcing it to pay at least half of the defined benefits expected by survivors of scheme members, while the government will appeal the finding that the PPF’s compensation cap is illegal.
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Covid-19 adds £10bn to inflation woes
As the government’s consultation to make changes to the retail price index draws to a close, the impact of aligning the inflation measure with the consumer price index including housing costs has increased by £10bn due to the pandemic.
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Safeway gets clarity on pension equalisation case
On the go: Safeway has reached the end of a pensions legal process that started in 2016, with the Court of Appeal ruling that its defined benefit scheme's normal pension ages were equalised retrospectively, but not for as long as initially predicted.
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Siemens completes £530m buy-in with L&G
On the go: Industrial manufacturer Siemens has completed a £530m* buy-in for Siemens Benefits Scheme with Legal & General, covering more than 2,000 pensioners.
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Trustees must watch out for buyout tax implications
Defined benefit trustees have been urged to be on their guard against a new interpretation of tax law that could see certain members hit by unexpected tax charges on buyout.
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Looming exit payment cap puts extra strain on LGPS funds
A cap on exit payments for public servants could be in place as soon as the end of the year after the Treasury laid down draft regulations in July, but it may have serious consequences for local authority pensions.
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High Court to clarify if PPF can pay redress to scam victims
The High Court has been asked to clarify whether legislation that created the Fraud Compensation Fund, managed by the board of the Pension Protection Fund, could allow for compensation to victims of pension scams.
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Ombudsman finds ‘maladministration’ in BSPS transfer
On the go: The trustees of the old British Steel Pension Scheme have been ordered to pay out to a steelworker, after “maladministration” meant he received a pension transfer lower than he could have done.
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Experts query whether £31m offer will satisfy TPR in Box Clever case
ITV has put forward an initial offer of £31m to the Pensions Regulator of financial support for the struggling Box Clever Pension Scheme, following an eight-year courtroom battle.
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Littlewoods scheme buys in remaining £930m with Rothesay
On the go: The Littlewoods Pensions Scheme has secured almost £1bn of its defined benefit liabilities with insurer Rothesay Life, with the plan’s pension promises now completely covered by bulk annuity contracts.
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South Yorks breezes through Covid but warns of potential danger ahead
The South Yorkshire Pensions Authority is reducing its exposure to equity market risk, after it escaped through the Covid-19 crisis largely unscathed.