All scheme funding articles – Page 5
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NewsPPF fulfils strategic priorities and may lower the levy
On the go: The Pension Protection Fund has handed out £1.1bn in member payments in the past year, having successfully met its five strategic priorities — and it may now be in a position to consider bringing down the PPF levy as part of a focus shift towards financial resilience.
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NewsGovt writes off £483,000 as Aon completes Maxwell scheme wind-up
Aon has overseen the wind-up of the AGB Pension Scheme, the last of the so-called “Maxwell pension schemes” supported by Aon Trustees Limited, with the aid of a £483,294 write-off by the government.
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NewsBulk annuity deal volumes on track to hit £35bn in 2022
On the go: Total buy-in and buyout volumes are on track to reach £35bn by the close of the year, up more than 25 per cent from £27.7bn registered in 2021.
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NewsDB schemes reach 120% funding
On the go: The aggregate surplus of the 5,215 defined benefit schemes in the Pension Protection Fund 7800 Index increased by £6.3bn in June, reaching a funding position of 120.1 per cent.
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NewsDWP spends £13mn in arrears to FAS members due to court cases
The Department for Work and Pensions is estimating a total cost of £13mn in arrears paid to Financial Assistance Scheme members due to the implementation of recent court cases, its annual report and accounts have revealed.
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NewsAlmost half of LGPS funds expect to be fully funded by next valuation
On the go: Forty-six per cent of Local Government Pension Scheme funds expect to be more than 100 per cent funded at their next triennial actuarial valuation, according to new research.
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NewsEmployers call for UCU backing over USS governance review
On the go: Universities UK, the group representing 340 Universities Superannuation Scheme employers, has called for the backing of the University and College Union over the scheme's governance review.
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NewsDWP’s consultation on DB funding regulations expected in July
On the go: A long-awaited Department for Work and Pensions consultation into regulations underpinning the new defined benefit funding code is expected towards the end of July, putting the code on track to launch in late 2023, according to a spokesperson from the Pensions Regulator.
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NewsFTSE 100 schemes hit new record surplus
On the go: FTSE 100 schemes have entered “uncharted territory” after reaching a record combined surplus of £130bn, according to LCP.
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NewsCost of discretionary increases to combat inflation could hit £18bn
The cost of awarding discretionary increases to members could now add £18bn to defined benefit schemes' liabilities, experts have warned, as inflation continues to rise.
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NewsBank of England raises interest rates to 1.25%
On the go: The Bank of England has raised interest rates for the fifth time in a row to 1.25 per cent.
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NewsTPR’s new DB funding code expected in September 2023
The Pensions Regulator expects its much-anticipated new defined benefit funding code to be in place and operational by September 2023, according to its latest corporate plan.
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NewsUSS plans funding review as deficit drops to £1.6bn
The £88.8bn Universities Superannuation Scheme has teased the possibility of increasing benefits and cutting contributions, after its latest review revealed a markedly improved funding position.
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NewsNew British Steel scheme signs second buy-in
On the go: The British Steel Pension Scheme II has secured a second buy-in with Legal & General, insuring around 25 per cent of its liabilities.
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NewsTPR predicts improvements in funding levels
Pension schemes with recent valuation dates are expected to achieve improved funding levels, the Pensions Regulator has predicted, while many schemes in deficit should be able to maintain or reduce deficit repair contributions.
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OpinionThe annual funding statement: Creating certainty from uncertainty
Carl Hitchman, chief investment officer for UK investment consulting at Buck, explores key four topics from the Pensions Regulator’s latest annual funding statement.
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NewsITV hit with £133mn warning notice by TPR
The Pensions Regulator has slapped a £133mn warning notice on broadcaster ITV after it failed to provide adequate support to the Box Clever pension scheme by the regulator’s deadline.
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NewsProfit warnings from companies with DB scheme surge 46%
Profit warnings from UK public companies with a defined benefit pension scheme increased 46 per cent between the starts of 2021 and 2022, as consumer and industrial sectors bear the pain of rising costs and supply chain disruption.
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NewsNo AE reform, but Queen’s Speech measures spark protests
There was no mention of automatic enrolment reform in the Queen’s Speech, but bills around local boycotts, online safety and a revamped audit and reporting framework will all impact the industry, experts have said.
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NewsLoughborough Uni and UCU warn USS against reducing contributions
On the go: Positive changes resulting from the next valuation of the Universities Superannuation Scheme should be used to improve member benefits, Loughborough University and the University and College Union have argued.