All News articles – Page 175
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News
Trustees on the hook for advice under new FCA guidance
On the go: Trustees have been warned that providing personalised illustrations to demonstrate the outcomes of a defined benefit pension transfer will be viewed as regulated advice under new guidance from the Financial Conduct Authority.
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Master trusts to face cost challenges in years ahead
The fallout from the Covid-19 pandemic is only the latest in a long line of structural challenges the master trust industry must face in coming years, according to a new report from the Pensions Policy Institute.
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DB transfer values rocket to £500k
On the go: The number of defined benefit transfer requests has dropped in the past quarter, but the average value still rocketed to above £500,000.
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Marathon scheme completes £610m buy-in with Rothesay Life
On the go: Oil and gas production company RockRose has completed a full £610m buy-in with Rothesay Life for the Marathon Service Limited Pension and Life Assurance Scheme.
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NewsEscott on the fast track to Railpen
High flyer Caroline Escott joined Railpen on September 1 as senior investment manager for active ownership. At just 36, and a millennial in a senior role, she is a rarity in the six trillion-pound pension industry, not noted for diversity.
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Unison presses LGPS schemes to work harder on green transition
Workers’ union Unison has called for local authority pension schemes to back ‘green’ causes with dedicated funds as part of their increasing commitment to climate-aware investing.
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One in 20 workers missing out on pension contributions
On the go: One in 20 employees are being short-changed by their employer and are not receiving the pension they are due, research has found.
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Nest achieves tobacco-free goal ahead of schedule
On the go: Nest, the government-backed master trust, announced on Thursday that its investment portfolio is free of investments in tobacco companies.
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Industry unmoved by regulator’s DB funding arguments
The introduction of a twin-track approach to regulating defined benefit scheme funding could stifle the creativity needed to navigate the current financial crisis, experts have warned.
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PPF levy expected to increase due to Covid-19 impact
As insolvencies ramp up and more defined benefit schemes are expected to end up at the Pension Protection Fund, the lifeboat might need to increase its levy to face a multibillion-pound hit, amid several other solutions, analysis from LCP shows.
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Govt to force schemes to publish climate risk disclosures
On the go: The largest pension schemes will be legally required to assess and report on climate change risks within their investment portfolios under new government rules.
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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.
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More than £30m lost to scams in three years
On the go: Pension savers should reject “unexpected” pension offers made online or over the phone, regulators have urged in their latest ScamSmart campaign, as figures showed more than £30m has been lost to scammers since 2017.
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Police officers warn of age discrimination in McCloud remedy
The government’s proposed remedy for the McCloud/Sargeant age discrimination cases fails to address the issue in a “fair and non-discriminatory manner”, a group of police officers has warned.
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Calls for government to clarify dashboard data standards
On the go: The government is facing growing calls to “come clean” about what data is required from pension schemes and providers for the pensions dashboard so that the industry can prepare properly, following conflicting reports.
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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.
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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”.
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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.
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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.
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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.