All News articles – Page 159
-
News
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.
-
News
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”.
-
News
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.
-
News
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.
-
News
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.
-
News
Call for govt to abolish flat fees in workplace pensions
On the go: LCP is calling for an end to flat monthly fees being charged on defined contribution pots, arguing they can be “detrimental” to low-paid and part-time workers, although the government has previously stated it is not considering a ban.
-
News
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.
-
News
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.
-
News
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.
-
News
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.
-
News
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.
-
News
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.
-
News
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.
-
News
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.
-
News
Widows switches into ESG fund as integration becomes standard
Scottish Widows has aligned a chunk of its pension portfolios with the transition to a low-carbon economy, as the integration of environmental, social and governance factors emerges as a competitive driver in the commercial defined contribution sector.
-
News
TPR conducts internal review after Norton case
On the go: The Pensions Regulator is conducting an internal review to identify if there are lessons to be learnt after the Norton Motorcycles debacle, a case that left members looking to recoup losses in excess of £14m.
-
News
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.
-
News
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.
-
News
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.
-
News
Investors urge companies to tackle modern-day slavery in Gulf
On the go: Brunel Pension Partnership is among a group of investors calling on companies to protect migrant workers in the Gulf, over concerns that job cancellations caused by Covid-19 are forcing them into debt bondage.