All News articles – Page 197
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News
Schemes urged to start work on progressing GMP equalisation
On the go: The GMP Equalisation Working Group has urged schemes to start work on progressing guaranteed minimum pensions equalisation and rectification.
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NewsArcadia CVAs challenged by US property group
Arcadia has received applications challenging two of its seven company voluntary arrangements, raising questions over the future of its pension schemes.
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Treasury accepts pension reforms were unlawful
On the go: The Treasury accepted that its 2015 public sector pension reforms were unlawful on Monday, with the court judgment likely to cost the department £4bn a year and restrict the next chancellor’s spending.
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Swansea to divest £500m after declaring climate emergency
On the go: Swansea’s local authority pension fund is to transition its £500m equity allocation to a low carbon index by the end of July, after the fund’s administering authority declared a climate emergency last month.
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Regulator hits back over influence on USS valuation
The Pensions Regulator has defended its record over the Universities Superannuation Scheme, after the Work and Pensions Committee questioned the regulator’s role in USS’s contested 2017 valuation.
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BoE highlights systemic risk of funds’ use of leveraged loans
On the go: Pension fund liability-driven investing techniques are among the systemic risks to the UK’s financial system highlighted by the Bank of England in a new report.
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PIC de-risking reaches £6bn in H1 with £40bn in pipeline
On the go: The Pension Insurance Corporation has completed nine de-risking transactions totalling £6bn in the first half of 2018, a record for the company with a pipeline of new business of more than £40bn.
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APPT delays start of professional trustee accreditation system
On the go: The start of the new process for accrediting professional trustees has been delayed. Originally set to start in the summer of 2019, arrangements are now expected to be finalised later this year.
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Supreme Court denies BT right to appeal in £2bn indexation battle
On the go: The Supreme Court has denied BT the opportunity to appeal against the Court of Appeal’s ruling preventing the company from downgrading the inflation protection given to some of its defined benefit members.
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Co-op trustees opt for green default fund with LGIM
On the go: The trustees of the £11bn Co-op pension scheme, Pace, have chosen Legal & General Investment Management’s Future World Multi-Asset Fund as the default for its defined contribution section.
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World’s largest companies fail to meet Paris climate goals
On the go: Only one in eight of the world’s largest-emitting companies are reducing carbon emissions at the rate required to keep global warming below 2C, a major new report has found.
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£2.2bn Mercer Master Trust gains authorisation
On the go: The £2.2bn Mercer Master Trust has gained authorisation from the Pensions Regulator. The trust has 71,000 savers in the UK and is the 11th trust to gain the watchdog’s approval.
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More than 150,000 seek guidance from Pension Wise, but huge gaps remain
On the go: The total number of people receiving help from Pension Wise soared to 167,726 in 2018-19 from 60,939 in 2015-16.
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DB funding position improves in June
On the go: The overall funding position of UK defined benefit schemes improved in June, figures released by the Pension Protection Fund on Tuesday showed.
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Negligent scheme administrator banned from running a business
On the go: An insurance agent was banned from running a business for seven years for pension scheme negligence on Sunday, after the Insolvency Service said he put more than £13m in member savings at risk.
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Doctors follow firefighters and judges with planned legal action
On the go: The British Medical Association is planning to take legal action against the government on behalf of a group of younger doctors regarding alleged age discrimination as a result of transitional protection arrangements.
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Minister tells schemes to quicken transfer pace with PASA guidelines
Ten weeks should be the maximum time limit for defined benefit transfers, said industry-wide guidelines published on Monday by the Pensions Administration Standards Association.
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Sir Steve: Government still dragging its heels on pensions equality
On the go: The government is still dragging its heels on pensions equality, former pensions minister Sir Steve Webb has argued.
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PPF criticises industry's customer service after weathering tricky year
The Pension Protection Fund has revealed it is investing in technology to improve its customer service, as the lifeboat’s membership swelled in a year of record claims.
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£700m business premiums for Rothesay Life after H1 pension deals
On the go: In a trading update issued on July 5, insurer Rothesay Life said that in the first half of 2019 it assisted four pension schemes to de-risk their liabilities, resulting in new business premiums of £700m.