All articles by Pensions Expert – Page 19
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Select committees blast Carillion directors
MPs chairing the joint inquiry into the collapse of outsourcer Carillion have lambasted the company's former directors as "delusional", highlighting that recovery plans drafted shortly before the insolvency paid little consideration to pensioners.
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Now Pensions fined £70k for admin failings
The Pensions Regulator has fined the trustee and trust manager of Now Pensions in relation to persistent administration failures, and has given the embattled mastertrust until July to fix all of its issues.
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BT to close DB managers’ scheme
BT is to close its defined benefit BT Pension Scheme to managers for future accrual on May 31 2018.
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Edinburgh Airport scheme hires new consultant
The Edinburgh Airport Pension Plan has appointed actuaries and consultants Spence & Partners for defined benefit pension scheme management.
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BT to appeal High Court ruling
On the go: BT will appeal last month’s High Court ruling against changing the measure by which increases for its Section C scheme are calculated, from the retail price index to the consumer price index.
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Prospect: Govt must uphold promise to electricity workers
A group of Carillion electricity workers may become a key test case for pension protections, according to union Prospect.
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ONS wealth survey: Pension inequality reducing but debt a worry
Pension wealth for UK households increased by 20 per cent in the past two years, according to the Office for National Statistics, but an increase in aggregate debt clouded good news for overall financial health.
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Royal Mail and CWU reaffirm commitment to CDC
Royal Mail and the Communication Workers Union have reiterated that they have "reached an agreement in principle" on pensions, pay, a shorter working week, culture and operational changes. The union's executive recommends that CWU members vote in favour of the proposals in an upcoming ballot.
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High Court set to hear objections to Barclays pension plans
The High Court will hear objections to Barclays’ decision to back its pension scheme with its non-ringfenced investment bank, reports the Financial Times.
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Committees question Santander, FSB and Carillion shareholders
Both the Work and Pensions Committee and Business, Energy and Industrial Strategy Committee have written to the Federation of Small Businesses, HM Revenue & Customs and major shareholders in Carillion to try to get a better idea of operations at the construction outsourcing company.
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British Steel scheme consultation closes
The British Steel Pension Scheme has closed its 'Time to Choose' consultation, with the scheme receiving responses from 97,000 of its 122,000 members.
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Nest amendments put before parliament
The government has responded to its consultation on the draft National Employment Savings Trust (Amendment) Order 2018, and laid it before parliament on Monday.
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GMB union hits out over pension funding in water industry
Trade union GMB attacked Prime Minister Theresa May over her statement in the Observer that she would "fine greedy bosses who betray their workers".
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CWU and Royal Mail reach agreement
The Communication Workers’ Union has announced that it has agreed a deal with Royal Mail over pensions and pay.
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Carillion directors called to joint inquiry
The Work and Pensions Committee and the Business, Energy and Industrial Strategy Committee are starting a joint inquiry into the collapse of Carillion, which has left thousands of employees and pension scheme members in limbo.
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UUK will 'consider reintroducing DB' after DC switch
Universities UK has put forward a proposal to change the pension benefits for academics to defined contribution from April 1 2019, but has committed "to consider in three years’ time if defined benefits can be reintroduced should the scheme’s funding conditions improve".
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Border to Coast pool makes senior appointments
The Border to Coast Pensions Partnership has appointed an interim chief investment officer, chief risk officer and head of equities and alternatives.
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Cost of pensions tax relief at record £24bn
The cost of providing tax relief on workplace pension contributions is set to exceed £24bn in 2017-18, according to figures published by HM Revenue & Customs on Tuesday.
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Scammers ordered to pay back £13.7m
In a case against four people, the Pensions Regulator has for the first time obtained an order from the High Court to make the defendants repay the funds taken from their victims.
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Consultants commit to flagging ESG factors
Sixteen investment consultancy firms have said that they will seek to ensure that pension schemes take into account environmental, social and governance factors where they are financially material.