All scheme funding articles – Page 3
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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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NewsFirst-half bulk annuity volumes surge 50% against 2021
On the go: The pensions risk transfer market is up 50 per cent in the first half of 2022 compared with last year’s H1 figure, with £12bn in buy-ins and buyouts making for the third-largest H1 figure on record, according to analysis from LCP.
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NewsDB members could lose £25,000 to inflation increase caps
On the go: Members could stand to lose out on £1,200 a year due to caps on inflationary increases in defined benefit schemes, amounting to £25,000 of missed income over a lifetime, according to analysis from XPS Pensions Group.
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NewsRising gilt yields push PPF 7800 index aggregate surplus up 23%
On the go: The aggregate surplus of defined benefit pension schemes eligible for entry into the Pension Protection Fund leapt by almost a quarter in August, fuelled by increasing gilt yields and declining liabilities.
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NewsBAE Systems Pension Scheme reaches full funding
On the go: The BAE Systems Pension Scheme is fully funded following its latest actuarial valuation, according to a July update.
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NewsDerbyshire among funds at risk in £138mn solar farm scandal
The Derbyshire Pension Fund is among a number of public sector institutions with members’ money invested in a scandal-hit council investment project that has seen £138mn in public money go missing.
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NewsInsurers publish first bulk annuity ‘best practice’ guide
On the go: UK insurers have collaborated to produce the industry’s first-ever “best practice” guide for schemes preparing for bulk annuity quotations, laying out principles by which trustees, advisers and administrators should abide.
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NewsTPR’s criminal powers ‘pose risks’ to universities
The Pensions Regulator’s new criminal powers could potentially pose risks to university sponsors of defined benefit schemes, especially in light of reforms at the Universities Superannuation Scheme, legal experts have said.
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NewsSchemes urged to revisit buyout plans in rising rate environment
Rising interest rates and the subsequent fall in liability valuations and deficits have now made buyouts more affordable for a larger number of pension funds, with consultants urging schemes to restructure their investment strategy to make it more palatable to an insurance company.
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NewsStrikes ‘likely’ over TfL pension changes as funding deal reached
Changes to the TfL Pension Fund will be required as part of a financial support package agreed between the government, Transport for London and the mayor of London, with a plan to be presented in September. But unions have rejected the deal, and warned that more strikes are “likely”.
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PodcastsPodcast: Trustees struggling to guide members on inflation benefits
Podcast: A report from XPS Pensions suggests that members could reap £10,000 additional benefits by delaying retirement because of the way increases and inflation are calculated, but trustees are struggling to help them because of the “red tape” around advice. LCP partner Laura Amin is joined by Hymans Robertson partner Patrick Bloomfield to discuss benefits’ inflation calculation and advice, concerns about defined benefit funding, and the women’s state pension age investigation.
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NewsNationwide university strike ballots set for September 6
The University and College Union has confirmed that strike ballots over pensions, pay and conditions will be held on September 6, potentially paving the way for “unprecedented” nationwide industrial action.
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NewsUCU threatens ‘unprecedented strikes’ as USS reaches surplus
The University and College Union has strongly criticised the decision to cut staff benefits, as the Universities Superannuation Scheme’s June monitoring report reveals a surplus of £1.8bn and universities prepare to embark on billions of pounds in capital expenditure.
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NewsDelaying retirement by a day could leave members £10,000 better off
Delaying retirement by a day could leave members £10,000 better off in retirement due to the way members’ benefits are calculated based on short-term inflation rates, according to research from XPS Pensions Group.
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NewsTPR: ‘Keep asking questions’ about investment strategies
On the go: The current economic malaise, and especially the impact on liability-driven investments now interest rates are rising, proves it is especially important that trustees continue to ask questions about their investment strategies, even if they seem “silly”, says Fred Berry, the Pensions Regulator’s lead investment consultant.
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NewsTransfer volumes could hit £600bn as insurers post strong results
A host of insurers have revealed their first-half 2022 results that show a booming trade in risk transfers, which, by some projections, could hit £600bn over the next decade — though there are fears about a capacity crunch in the sector.
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NewsPPF urges trustees to plan for sponsor insolvency
On the go: The Pension Protection Fund is encouraging trustees to have a contingency plan in place for sponsor insolvency, as the PPF 7800 index decreased for the first time is six months.
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NewsUnisys schemes appoint Cardano as fiduciary manager
On the go: The Unisys Pension Scheme, the Unisys Payment Services Pension Scheme (Unisys Section) and the Unisys Public Sector Pension Scheme have appointed Cardano as fiduciary manager.
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NewsScams action group gets six-figure budget to tackle fraud
On the go: The Pension Scams Action Group, a renamed and revamped Project Bloom, is to get a six-figure budget to tackle scams across the next year, with the prospect of more to come.
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NewsWaiting times a problem as demand for Pensions Ombudsman rises
The Pensions Ombudsman has been successful in its application for additional funding, part of which will go towards establishing its new pensions dishonesty unit, and tackling customer waiting times as demand is expected to rise by at least 10 per cent over the next year.