All News articles – Page 212
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NewsBritish Coal scheme taps into UK infrastructure
The British Coal Staff Superannuation Scheme has introduced a new allocation to UK infrastructure and increased its exposure to private debt, as part of its focus on assets that provide diversification, good return prospects and high cash yields.
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600 Group completes buy-in ahead of scheme wind-up
UK engineering company 600 Group has derisked its 2,800-member defined benefit pension scheme with a $270m (£210m) buy-in policy from the Pension Insurance Corporation before moving to full buyout next year.
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Field and PPF express concerns over Johnston Press deal
On the go: Chair of the Work and Pensions Committee Frank Field has written to the Pensions Regulator about its engagement with Johnston Press on its pension scheme, which has now entered a Pension Protection Fund assessment period. The PPF has also raised concerns over the deal.
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ACA and Royal London call for radical simplification of DB rights
Consumers and employers could reap substantial benefits if the complex patchwork of defined benefit pension rights could be radically simplified, according to a recent policy paper.
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GMP ruling could see £50bn of buy-ins restructured
On the go: Insurers are set to be deluged with a flood of requests to restructure buy-in contracts as a result of the High Court decision in the Lloyds Banking case, which held that guaranteed minimum pensions must be equal for men and women.
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Esther McVey resigns over Brexit deal
On the go: Esther McVey has resigned as Secretary of State for Work and Pensions, declaring that she was unable to support Prime Minister Theresa May's draft EU withdrawal agreement.
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NewsNo-deal Brexit a possibility as McVey and others quit
Esther McVey has resigned as secretary of state for work and pensions amid a raft of cabinet resignations, raising speculation about the impact of a no-deal Brexit on the pensions sector.
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DB health improves but covenant strength ignored
Defined benefit pension schemes are not paying enough attention to the likelihood of their employer going bust when setting investment strategy, according to a new study assessing funding levels in the context of sponsor health.
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AE savings rate undershoots by 5 per cent a year, says Fidelity
On the go: Workers in the UK need to save a total of 13 per cent of their annual household income from the age of 25 and aim to have seven times their annual household income saved by age 68, according to Fidelity International.
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Timpson first to take plunge on Nest sidecar trial
Shoe repair and key-cutting retailer Timpson is the first named participant in Nest’s two-year trial of sidecar accounts, with the master trust saying it expects to announce other companies joining soon.
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UK employees set to work until they drop
On the go: The number of “early retirees” is at a 23-year low, according to latest employment figures from the Office for National Statistics, signalling that despite vestiges of ageism the older worker is in the ascendant.
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Poor scheme data threatens to undermine GMP equalisation
More than 60 per cent of pension schemes are not expected to have sufficient data to carry out equalisation of guaranteed minimum pensions, recent research has shown.
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Half of today’s over-40s are retirement savvy
On the go: Encouragingly, half of the over-40s in the UK have sufficient basic knowledge of the factors that may influence their later-life income to avoid the worst retirement pitfalls. However, one in 14 people are at high risk of making poor financial choices.
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UK pension scheme deficit triples over October to £107.7bn
On the go: The aggregate deficit of the UK’s 5,588 pension schemes in the PPF 7800 Index has nearly tripled over October to £107.7bn at the month’s end, from a deficit of £38.7bn at the end of September 2018.
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AE reaches nearly 10m workers, but gaps in coverage remain
On the go: A record 9,937,000 workers have been auto-enrolled into a pension scheme since 2012 according to data from the Pensions Regulator’s monthly auto-enrolment compliance statistics released on November 13.
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Minister lays down gauntlet for industry on sidecars
On the go: Guy Opperman has urged financial services companies to trial sidecar savings products with their employees, warning that they will lose their credibility if they are not seen to be offering their own staff the flexibility they advocate for others.
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Gig economy workers to get more rights
On the go: More than 1m gig economy workers in such companies as Uber and Deliveroo may soon have more employment rights.
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Treasury Committee scrutinises treatment of vulnerable customers
On the go: The Treasury Select Committee has today launched a new inquiry into vulnerable consumers’ access to financial services.
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TPR: Only one master trust authorisation in the pipeline so far
On the go: Master trusts have been slow off the mark to obtain authorisation from the Pensions Regulator. They have a six-month window from 1 October to gain approval. Since then only one master trust has applied.
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More unions eye CDC as possible negotiation outcome
What is good enough for postal workers is, it would appear, not good enough for academics.