More defined benefit news – Page 90
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Industry leaders’ plea to ministers over FCA advice trap
Leaders of pensions industry representative groups have written a joint complaint to government ministers over new guidance from the Financial Conduct Authority, which they warn could see helpful trustees deemed to be giving regulated financial advice.
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DB schemes should beware lockdown ‘inertia’
On the go: Three in four defined benefit schemes say they have taken no material action to change their investment strategies or journey plans as a result of Covid-19, but a new report from LCP warns that “inertia” could prove damaging.
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DB scheme accounting deficits jump £13bn in a month
On the go: The accounting deficits and liability values of the defined benefit schemes of the UK’s 350 largest listed companies rose by £13bn last month alone, according to research by Mercer.
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Threat of action by TPR settles sponsor dispute
On the go: The Pensions Regulator has settled a case in which a pension scheme was placed at risk by an organisational restructure, with the threat of action being sufficient to force an agreement.
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TPS employer contributions could reach 30% in 2023
A funding crisis in the pension scheme for teachers could lead to further contribution increases and yet more private schools leaving the scheme, as Covid-19 and the McCloud judgment take their toll.
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NewsBA pension trustee urges against RPI changes
The chair of Airways Pension Scheme Trustee Ltd, Roger Maynard, has warned that possible reforms of the retail price index could cause great injustices, as well as undermining trust in the issuance of index-linked gilts.
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PLSA publishes SIP reporting guidance ‘just in time’
The Pensions and Lifetime Savings Association has published guidance providing “practical steps” for defined benefit and defined contribution trustees on how best to publicly disclose their activities in line with upcoming requirements.
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NewsUSS member satisfaction at ‘record low’ as contributions rise
Members of the Universities Superannuation Scheme are growing increasingly dissatisfied with their relationship with the scheme, its latest annual report and accounts show.
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PLSA framework to help savers navigate ‘confusing’ freedoms
On the go: The Pensions and Lifetime Savings Association has proposed a new regulatory regime that will require schemes to support savers when making decisions about how to access their pensions.
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Fifth of private schools on the brink of leaving TPS
The mass exodus of private schools opting out of the Teachers’ Pension Scheme has reached a crescendo with 110 schools leaving in the past year.
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Trustees need more pay and diversity, survey finds
On the go: Remuneration levels for trustees and chairs are not sufficient to attract skilled applicants to the roles, while fears are growing that too few trustees are entering the profession, according to a new report by Winmark and Barnett Waddingham.
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Engineering consultant scheme on lookout for bulk annuity bargains
Trustees of the defined benefit scheme for a Yorkshire engineering consultancy’s staff are actively monitoring the bulk annuity market, after two completed transactions and improved funding levels.
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NewsPensions administrator suffers ransomware attack
Pension companies have been warned to be on their guard against ransomware attacks, after industry insiders confirmed to Pensions Expert that at least one administrator was subjected to a ransomware attack in the past week.
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Brunel pool issues tenders across credit spectrum
On the go: The Brunel Pension Partnership has called for pitches from managers of both multi-asset credit and sterling corporate bonds, seeking to deploy some £2.7bn of local authority pension capital.
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Premaberg Holdings completes £5m bulk annuity transaction
On the go: Premaberg Holdings, a manufacturer of separation and filtration systems, has completed a £5m annuity buy-in with Just Group for its Premaberg Holdings Limited Retirement Benefits Plan.
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New DB funding code could imperil sponsors and members
Some of the proposals in the Pensions Regulator’s consultation on a new defined benefit funding code could lead to worse outcomes for scheme sponsors, members and the Pension Protection Fund, according to a new report by LCP.
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McCloud remedy ‘must be implemented efficiently’
On the go: The Association of Consulting Actuaries has warned that the government’s proposed solutions to the McCloud dilemma “must be implemented efficiently” for each affected scheme.
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Warnings of 20% member losses as RPI consultation closes
On the go: Investment managers have demanded that the government compensates clients for losses they will suffer if the retail price index is downgraded, as a consultation on changes to the outdated inflation measure closes.
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New GMP guidance stops short of clarifying rules around conversion
New guidance on guaranteed minimum pensions has clarified the tax implication of equalising past inequalities between men and women, but critics have said it leaves unaddressed important questions for schemes hoping to convert GMPs into regular scheme benefits.
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Provider nudges increase guidance uptake
On the go: A strong provider nudge drives three times more savers to seek pension guidance, trials arranged by the Money and Pensions Service have found.