All News articles – Page 75
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NewsUnion attacks ‘unacceptable’ hike to Railways pension contributions
The National Union of Rail, Maritime and Transport Workers has warned that changes to the Railways Pension Scheme’s investment strategy, following a Pensions Regulator intervention, would result in an “unaffordable and indeed unacceptable” 7.6 per cent hike in members’ contributions.
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NewsRPI reform judgment stands as High Court refuses appeal
On the go: The trustees of the BT, Ford and Marks and Spencer schemes have decided not to seek a review of a September High Court judgment in the Court of Appeal, after the High Court struck down their judicial review against the government’s plans to axe the retail price index and refused a permission to appeal.
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NewsUK bond yields continue to surge after chancellor’s ‘mini-Budget’
On the go: The value of UK Treasuries has fallen sharply after the fiscal statement on September 23, which announced a raft of unfunded tax cuts for businesses and high earners as well as homebuyers.
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NewsDC charge cap performance fees scrapped to spur investment
Chancellor of the exchequer Kwasi Kwarteng has announced that performance fees will be removed from the charge cap applied to defined contribution schemes, in a bid to spur pension scheme investment in science and technology.
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NewsGovt to fix NHS inflation link and mandate pensions recycling
The government will be correcting pension rules regarding inflation and will mandate NHS trusts to offer pensions recycling by 2023, as part of its bid to prevent punitive pension rules from encouraging workers to leave the NHS.
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NewsTPR approached a ‘number of times’ by capital-backed consolidators
The Pensions Regulator has been approached a “number of times” by companies working on capital-backed consolidation models, according to Charles Counsell, who has called for superfund legislation.
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NewsInflation presents ‘considerable risk’ to DC pension pots
Skyrocketing inflation figures pose unique challenges for defined contribution pension schemes as memberships surge to record highs, according to the Pensions Policy Institute’s DC Future Book.
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NewsMajority of low earners cannot afford auto-enrolment contributions
Nearly seven in 10 (69 per cent) of low earners are unable to afford pension contributions due to the cost of living crisis, according to new research from Legal & General Investment Management.
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NewsOnly one in 5 fund managers have ‘concrete carbon-reduction plans’
On the go: Despite a flurry of commitments by fund managers towards achieving net zero emissions by 2050, only 22 per cent have a solid plan for reducing their carbon output, according to new research.
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NewsEmployer DC contributions to exceed DB ‘in 5 years’
On the go: The expected decline of sponsor contributions towards defined benefit pension schemes should see businesses’ defined contribution payments outstrip these within five years, according to new research.
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NewsYell Pension Plan agrees £370mn full buy-in
On the go: The Yell Pension Plan has agreed a £370mn buy-in with Pension Insurance Corporation, covering the remaining liabilities of the defined benefit scheme.
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NewsGuy Opperman removed as pensions minister
The UK’s longest-serving pensions minister, Guy Opperman, has been removed from his post by new prime minister Liz Truss, after five years in the role.
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NewsAPPT pushes for diversity and inclusion in trustee boards
On the go: The Association of Professional Pension Trustees has launched a “hints and tips” briefing focused on diversity and inclusion, in a bid to influence how trustees go about shaping their boards.
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NewsEnvironment Agency fund races ahead of emissions targets
On the go: The £4.3bn Environment Agency Pension Fund is ahead of its target to cut emissions exposure to coal, oil and gas, according to its new stewardship report.
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NewsACA: Early pensions access could encourage people to save
On the go: Younger generations could be encouraged to save more for the long term if they were allowed to dip into their retirement savings early in order to cover urgent, essential expenditure.
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NewsCovid-hit fiduciary management market gains 70% in 5 years
Although the UK fiduciary management market has risen by 11 per cent a year over the past five years, its growth is still below the previous period’s figures, with Covid-19 having an impact on selection processes in 2021, according to a survey by IC Select.
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NewsOmbudsman orders law firm to pay thousands in missing contributions
The Pensions Ombudsman has handed a £1,000 fine to a law firm and ordered it to repay thousands more in missing contributions, after it failed to engage either with the affected member or the ombudsman’s office.
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NewsOmbudsman hits Teachers’ Pensions with maladministration fine
The Pensions Ombudsman has fined Teachers’ Pensions £500 for maladministration after it failed to adequately inform a member about the rules around breaks in pensionable service, but dismissed the member’s argument that the fine should be increased to the minimum required in cases of employment discrimination.
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NewsFBU urges employment tribunal to protect member benefits
The Fire Brigades Union has said it will encourage and assist its members in taking claims before an employment tribunal to protect their pension benefits, while it continues to negotiate with the Home Office for a permanent solution.
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NewsUnion urges government to revisit NDA pension reforms
The Prospect union has called on the government to reconsider reforms to Nuclear Decommissioning Authority pensions that will move members from their final salary scheme into a career average revalued earnings equivalent.