More defined benefit news – Page 91
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NewsGovernment ponders solutions to £17bn McCloud problem
The Treasury has set out two proposals for ending the discrimination between scheme members that resulted from its 2015 public sector pension reforms, with costs of unwinding its scheme changes estimated to cost £17bn.
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TPR touts tougher DB approach and shrinking DC universe
On the go: The Pensions Regulator has stated its ambitions to extend its direct supervision of schemes and refocus on prompt transactions, after meeting the majority of its performance objectives over the past year.
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LGPS faced with huge McCloud admin challenge
On the go: Local Government Pension Scheme administering authorities urgently need to carry out impact assessments to clarify how many of their members fall under the scope of the McCloud judgment, according to Aon.
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Govt’s ‘landmark’ pensions bill proceeds to Commons
On the go: The pension schemes bill, which includes rules for pension dashboards and new powers for the Pension Regulator, has cleared its first hurdle in the House of Lords.
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Working group issues guidance on GMP equalisation data
On the go: Trustees of defined benefit pension schemes must make considered decisions about whether data they may need for guaranteed minimum pension equalisation is cost-effective to obtain, according to new guidance on the process.
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NewsUSS strikes £300m deal with with affordable housing investors
The Universities Superannuation Scheme has entered into a £300m 45-year debt facility arrangement with a real estate investment trust, funding shared ownership housing developments.
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Market volatility leads to attractive returns in low-risk credit
On the go: Pension schemes should consider adopting high-quality, low-duration credit strategies such as asset-backed securities as an alternative to traditional bond allocations when looking to derisk their portfolios, according to a new report from Aon.
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£4m lost to new forms of large-scale fraud
On the go: Fraudsters are targeting investors with new, innovative and large-scale scams, according to a report by the Investment Association published today.
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TPR’s fast-track proposal 'risks levelling down by employers'
Actuaries have expressed concern that the Pensions Regulator’s proposal of a ‘fast-track’ route for compliance, with its expectations on defined benefit funding, could spur market-leading employers to level down their approach.
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PPF offers levy payment assistance for struggling sponsors
On the go: The Pension Protection Fund is waiving the interest charge on its levy payment plan to help schemes or sponsoring employers struggling due to the economic impact of coronavirus.
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Covid-19 could lead to 75% hike in deficit repair contributions
Deficit repair contributions may need to increase by 75 per cent if defined benefit schemes are to meet their recovery plan end dates, according to analysis published by the Pensions Regulator.
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Nissan workers protest against DB scheme closure
On the go: Workers at Nissan’s Sunderland plant will stage a socially distanced protest on Saturday against the carmaker’s proposal to close its defined benefit scheme.
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Pensions Ombudsman unhappy with FOS overlap
Pensions Ombudsman Anthony Arter believes the current overlap with the Financial Ombudsman Service should be addressed as the current stance is “confusing and not satisfactory”.
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Chancellor spares pensions tax relief and triple lock for now
On the go: Pensions tax relief and the triple lock have once again been spared by the chancellor of the exchequer, although changes to these costly policies are expected down the line.
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Third of schemes improve outcomes for transferring members
On the go: Almost a third of pension schemes — 30 per cent — have taken action to improve outcomes for their members when transferring out of their defined benefit plan, according to research from XPS Pensions.
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Volunteer schemes and providers to test pensions dashboards
On the go: The Pensions Dashboards Programme is planning to start extensive testing with individuals, dashboard providers, and volunteer pension providers and schemes, after it publishes a first version of the pensions dashboards data standards this autumn.
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UBS pension scheme enters into £1.4bn longevity hedge
On the go: The UBS (UK) Pension and Life Assurance Scheme has entered into a £1.4bn longevity hedge with Zurich Assurance, designed to protect the scheme against the risk of the 2,700 members covered living longer than expected.
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NewsPodcast: Pension schemes bill could have ‘unintended consequences’
Podcast: The pension schemes bill defines criminal offences so broadly that it could have “unintended consequences” for the running of pension schemes, potentially stifling legitimate corporate activity. Tiffany Tsang, Local Government Pension Scheme and defined benefit policy lead at the Pensions and Lifetime Savings Association, and Eversheds Sutherland partner Jeremy Goodwin both agree that more clarity is needed, in an episode also covering fallout from the passage of the insolvency bill, the launch of the Make My Money Matter campaign, and a 16th century pension scheme bailout.
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LGPS funds join forces to fund 'co-living' ventures
On the go: The Merseyside Pension Fund has allocated to a fund investing in co-living spaces, joining institutional investors including the Strathclyde Pension Fund.
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Formal superfunds authorisation could take 5 years
The Pensions Regulator anticipates that it could take five years for the government to put in place a statutory authorisation framework to oversee defined benefit superfunds, as it looks ahead to publishing specific guidance for trustees considering a transfer to the new vehicles.