More defined benefit news – Page 92
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High Court deems rectification law ‘settled’
The High Court has upheld the precedent that pension scheme documents can be overwritten by the courts if trustees can show that changes to them have been made in error.
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Scottish Widows to divest £440m from ESG failures
On the go: Scottish Widows is to divest £440m from companies that failed to meets its environmental, social and governance standards.
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Data error leads Cornwall Council to overcharge hundreds of employees
Hundreds of workers enrolled in the Cornwall Pension Fund could be due a rebate after an administration error saw Cornwall Council overcharge them for their pension contributions.
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Dominic Chappell jailed for tax evasion
On the go: Dominic Chappell, the former owner of BHS, has been sentenced to six years in jail for tax evasion.
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Most DB schemes do not meet regulator’s fast-track requirements
On the go: Seventy per cent of defined benefit schemes fall short of the Pensions Regulator’s ‘fast-track’ approach as proposed in its new DB funding code, according to analysis from Hymans Robertson.
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M&S completes two buy-ins worth £750m
On the go: Marks and Spencer has completed a £390m buy-in transaction with Aviva and a £360m similar transaction with Phoenix Group for its pension scheme, totalling around £750m in bulk annuity deals.
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BHS exec scheme next to achieve PPF-plus outcome
On the go: The defined benefit scheme for senior management at defunct retailer BHS has bought out its benefits, allowing the plan to exit the Pension Protection Fund’s assessment period.
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Open schemes predict £160bn liability hike with new TPR rules
On the go: Open defined benefit schemes could see their liabilities increase between £120bn and £160bn due to the new funding rules proposed by the Pensions Regulator.
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Proposed RI bill would force trustees to consider members’ ‘best interests’
The leader of the Liberal Democrats supports a proposed responsible investment bill broadening the concept of fiduciary duty to encompass sustainability concerns and aim for a ‘world worth retiring into’.
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LGPS could face legal challenges over new exit payment cap
Local Government Pension Scheme administrators face potential legal challenges, after a new cap on exit payments from public sector schemes contradicting existing regulations came into force on Wednesday.
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Stephen Timms calls for annual guidance checks
On the go: Stephen Timms, chair of the Work and Pensions Committee, has submitted an amendment to the pension schemes bill that would see savers near retirement contacted each year until a guidance appointment has been made.
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Majority of DB schemes’ recovery plans on track before Covid
Data crunch: Only a third of defined benefit schemes extended their recovery plan end date in 2019, but pandemic storms are set to see pension funds entering choppy waters, with insolvency looming for some sponsors and trustees being asked to make tough decisions.
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SNP MPs table amendments to tackle Section 75 conundrum
On the go: Four Scottish National party MPs have tabled an amendment to the pension schemes bill in a bid to solve the problem of Section 75 debt falling due on small, unincorporated employers.
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Nest outlines small steps to close ‘gender pensions gap’
On the go: Opting in to a pension scheme at 18, understanding if the employer matches the worker’s contributions, and adding as little as an extra £2.50 a week to the pension pot are all ways of closing the gender pensions gap, according to a report from Nest.
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Rolls-Royce warns regulators about spike in transfer numbers
On the go: The Financial Conduct Authority has issued a data request to financial advisers involved in defined benefit transfers from the Rolls-Royce pension scheme, after the company warned regulators about high activity in this area.
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Calls for retirement estimates to be dropped from first dashboards
Pension schemes and administrators have requested that the first version of the pensions dashboards run without the inclusion of estimated retirement income data, due to the lack of data and standards for these calculations.
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Covid leaves Northern Ireland Water deficit recovery in rough sea
Northern Ireland Water could have to pay an additional £4.6m a year in deficit repair contributions to its scheme, but uncertainty about how Covid-19 has impacted its investment and ongoing negotiations with trustees makes it hard to gauge its recovery plan.
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Larger DB schemes face £100bn bill due to new regulations
The impact of new regulations in the pension schemes bill and the future defined benefit funding code will mean that sponsors of the UK’s largest schemes will have to fork out £100bn over the next 10 years, according to new analysis from LCP.
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Two-thirds of DB sponsors issue 2020 profit warnings
On the go: Almost two-thirds (61 per cent) of listed companies sponsoring defined benefit schemes have issued profit warnings in 2020, according to analysis by EY.
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Govt pushes back against dashboard scam protections
On the go: The government has moved to reverse an amendment to the pension schemes bill that sought to exclude all financial transactions from the pensions dashboard to protect savers from scams.