All News articles – Page 173
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USS sticks with March valuation despite battered funding level
Market volatility has seen the Universities Superannuation Scheme’s asset portfolio shed more than 13 per cent of its value and its deficit pass £11bn in recent days, triggering concerns, but as yet no action, from trustees.
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WPP shifts further £250m with PIC buy-in
On the go: Advertising giant WPP has entered a £250m buy-in contract with the Pension Insurance Corporation, adding to a £140m transaction already completed with the same insurer in 2018.
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NewsCovid-19: Actuaries to rescue as private markets to be tested
Analysis of private debt markets suggests that with certain sectors of borrowers struggling with cash flows, lenders will have to be flexible and rely on well-written covenants. Meanwhile, actuaries are looking to help fight the global pandemic.
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Govt revokes general levy increase
On the go: The government has revoked the new regulations on the general levy, which would see an increase for pension schemes of 10 per cent, due to the Covid-19 crisis.
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Govt to fund Railways scheme deficit contributions
On the go: Emergency measures introduced by the government – nationalising the railways – mean that taxpayers will be called to fund the Railways Pension Scheme deficit.
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Arcadia to halt deficit repayment contributions
On the go: Arcadia Group, Philip Green’s retail conglomerate, is planning to defer the deficit recovery contributions agreed with the Pensions Regulator in 2019.
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NewsCovid-19: PASA steps in with admin guidance, while gloom gathers in auto ABS
The Pensions Administration Standards Association has urged providers to prioritise the payment of pensions as it struggles with the challenges of working remotely, while the Covid-19 pandemic could affect the automotive industry and financial instruments backing lease deals. Elsewhere in our round-up of daily market moves and pensions updates, one asset manager says schemes should be wary of inferring a bounceback from calming stock markets.
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Ombudsman’s Royal Mail decision opens up Pandora’s box
The Pensions Ombudsman has upheld a complaint against the Royal Mail Statutory Pension Scheme for refusing to pay a deferred pension, providing a salutary lesson for employers who fail to keep adequate records.
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Pension Ombudsman awards Police Scotland employee £2,000
Lawyers have cautioned employers to keep their members fully informed of any pension benefit changes, after the Pensions Ombudsman awarded a Police Scotland employee £2,000.
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NewsTPR paves way for three-month DB contribution holiday
The Pensions Regulator has launched new guidance aimed at helping employers freeze their defined benefit obligations for three months in response to the economic fallout from coronavirus.
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Questions remain about AE contributions in govt scheme
On the go: Government's announcement that it will cover employer auto-enrolment pension contributions for furloughed workers still leaves many questions unanswered, such as how it will operate for defined benefit schemes, an expert warned.
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Covid-19: Disruption for DC schemes; social impact woes
While defined contribution trustees are being warned they could be facing more disruption than just investment volatility, institutional investors are calling on companies to mitigate the coronavirus social impact. At the same time, risks of cybersecurity and fraud are on the rise. Read our round-up of pensions and finance news about the coronavirus outbreak.
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TPR relaxes AE enforcement action in response to Covid-19
On the go: The Pensions Regulator is giving employers more time to pay contributions without triggering any enforcement action, in a move to reduce the burden on businesses during the Covid-19 crisis.
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Claim companies chasing discriminated civil servants
Members of the Local Government Pension Scheme who are affected by the McCloud discrimination judgment are “being actively encouraged” to lodge a claim against the government.
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PPF’s Hampshire legal challenge to be decided in May
On the go: The legal challenge against the solutions implemented by the Pension Protection Fund in the Hampshire case will be heard by the High Court in May.
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NewsCovid-19: Rally continues as BoE sounds gloomy note
The Bank of England's prediction of a deep recession, and grim news in the US labour market, looked to have cooled the bounce-back in equity markets before a late surge, while new analysis suggests further pain for credit markets if the pandemic worsens, and actuaries call on the Pensions Regulator to do more. Read our round-up of pensions and finance news about the coronavirus outbreak.
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Govt relaxes pension rules for returning NHS staff
On the go: The government has relaxed its pension rules in the coronavirus bill for National Health Service staff returning to work so they are not hit by reduced pension payments.
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McCloud: Civil servants to choose between old and new schemes
On the go: Members of public sector pension schemes who were victims of discrimination will be allowed to choose whether they accrued service in the old or new schemes, the government announced on Wednesday.
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NewsCovid-19: Markets bounce back; bulk annuity prices drop
While the FTSE 100 registered the biggest one-day gain since 2008, bulk annuities seem to be significantly more affordable than they were before. At the same time, alternative assets have not seen the biggest impact yet. Read our round-up of pensions and finance news about the coronavirus outbreak.
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Northumberland and Tyne and Wear schemes plan merger
The government is planning to merge the Northumberland County Council Pension Fund into the Tyne and Wear scheme, in a move that would generate savings of up to 12 per cent a year.