All News articles – Page 148
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UK charities paid £686m in management fees in 2020
On the go: UK charities spent £686m on investment management fees and advice during 2020, according to analysis from Tribe Impact Capital.
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Trustees cannot outsource responsibility for cyber risk
On the go: Trustees bear ultimate responsibility for managing cyber risk even when they outsource administration to a third party, and must ensure they carry out due diligence, according to a new report.
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NewsEdinburgh Woollen Mill collapse leaves £17.5m pension black hole
Clothing and homeware manufacturer Edinburgh Woollen Mill’s collapse into administration has sparked fears its defined benefit scheme will not recover the £17.5m owed to it.
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Plumbing business freed of DB scheme liability
On the go: UK-based heating and plumbing distribution business Wolseley is set to be freed of its defined benefit scheme liability following its acquisition by a private investment company.
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Bulk annuities growth dependent on ‘jumbo’ deals and consolidators
On the go: While the UK bulk annuity market is expected to continue to thrive in 2021, its significant growth will depend on ‘jumbo’ deals and on the development of the consolidators’ market, according to Aon.
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FTSE 350 pension deficit nearly doubles due to Brexit and Covid
On the go: The accounting deficit of defined benefit schemes for the UK’s 350 largest listed companies finished the year at £70bn, almost double the deficit of £40bn at the end of 2019, according to Mercer’s Pensions Risk Survey.
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Bulk annuity deals drive insurers to sustainable investments
On the go: UK life insurers could allocate up to £170bn to illiquid investments over the next decade, with a substantial portion focusing on new sustainable assets, according to Fitch Ratings.
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Trustee flagged as scam concern banned over ‘serious’ failings
On the go: The Pensions Regulator has banned the corporate trustee of the Audax Pension Trust from acting as a trustee, following concerns of improper management and links to potential scam activity.
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Now Pensions members’ data leaked by service partner
On the go: Master trust Now Pensions has confirmed that some of its members have had their personal data shared online by a service partner.
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Arcadia schemes to enter PPF assessment ‘shortly’
On the go: The defined benefit pension schemes belonging to the collapsed retail group Arcadia are set to transfer into the Pension Protection Fund’s assessment period, according to a letter to MPs from the Pensions Regulator.
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TCFD reporting requirements leave too little time for compliance
On the go: Almost half of respondents to a poll carried out by Eversheds Sutherland expressed a fear that trustees will not have time to comply with new climate change reporting requirements before they are introduced.
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Small pots report recommends member exchange trials
The pensions industry should begin work to facilitate mass exchanges of sub-scale defined contribution accounts, according to a government-commissioned working group looking to address the problem of small pots.
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Schemes call for extension of regulatory easements
On the go: The majority of pension schemes have said that Covid-19 is not having a detrimental effect on their day-to-day operations, but have called for an extension of regulatory easements, according to new research.
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Ferry company staff ballot for strike action over DB scheme closure
On the go: Unionised staff of the Wightlink ferry operator are to be balloted on possible action, including strikes, over the closure of their defined benefit scheme and new working conditions.
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Threat of TPR action forces changes to merchant navy trustee board
On the go: A four-year bitter dispute over the running of a naval industry pension scheme has finally been brought to a close by the Pensions Regulator, after it identified governance failings that had cost the scheme £1m.
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Aftershocks from 2020 could see wave of DB scheme closures
On the go: The events of 2020, combined with exacerbating longer-term trends, could spark a wave of benefit reviews by UK companies, which in turn could result in a large number of defined benefit schemes closing in 2021, according to a new report by Aon.
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NewsDB schemes to face 120% rise in general levy with new govt proposals
Defined benefit schemes face a 120 per cent general levy increase by 2024 proposed in a new consultation launched on Wednesday, while master trusts will be granted a different rate.
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Govt floats new general levy for master trusts but mulls 100% hikes
On the go: A government consultation has warned that the general levy on schemes used to fund the Pensions Regulator will need to rise steadily to reverse a widening deficit, but floated a fairer methodology for master trusts.
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Maersk scheme completes £1.1bn buy-in with L&G
On the go: The Maersk Retirement Benefit Scheme has agreed to a £1.1bn buy-in with Legal & General, covering the benefits of 1,900 deferred members and 3,000 pensioners.
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NewsSchemes to decide on dashboard data verification levels
Pension schemes and providers will be able to set up their own standards for individual data verification, which could lead to missing information on dashboards if pension funds opt for a risk-averse position.