All scheme funding articles – Page 7
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NewsScottish pensions agency proposes raft of LGPS amendments
The Scottish Public Pensions Agency has launched a consultation into a host of changes to the Local Government Pension Scheme in Scotland, covering early payment of pensions, survivor benefits and the cost cap.
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NewsPPF Purple Book shows improved DB funding but risks remain
Data crunch: Scheme deficits have recovered by £100bn since the low point of the Covid-19 pandemic, while the Pension Protection Fund liabilities with schemes in assessment are down by more than £4bn, according to the PPF’s Purple Book 2021.
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NewsPPF updates guidance in light of Bauer, Hampshire judgements
On the go: The Pension Protection Fund has issued updated guidance accounting for the judgements in the Hampshire and Bauer cases and the disapplication of the PPF compensation cap, confirming that no further allowance needs to be made for their impacts.
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NewsEmployers’ wish list for TPR’s DB funding code
On the go: Employers have expressed support for some elements they would like to see outlined in the second consultation on a new defined benefit funding code, which is expected in the next few months.
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NewsArjo UK Pension Scheme hires new fiduciary manager
On the go: The Arjo UK Pension Scheme has hired Kempen Capital Management UK as its fiduciary manager.
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NewsPPF 7800 surplus remains ‘solid’ in October
On the go: The aggregate surplus of the 5,318 schemes in the PPF 7800 Index remained “solid” in October, narrowing to £103.2bn from £108.8bn at the end of September, while the funding ratio decreased to 105.9 per cent from 106.4 per cent during the same period.
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NewsMaps told to reform Pension Wise in govt-backed report
On the go: The Money and Pensions Service has been urged to look into how commercial companies could be used to deliver Pension Wise guidance as part of a government-backed report looking at how the organisation can be improved.
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NewsPublic sector pensions cost £57bn more than declared, report finds
The government is misleading parliament and the public over the cost to the taxpayer of public sector pensions, a report from the Institute of Economic Affairs has claimed, while raising further questions around the visibility of these pension schemes.
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NewsAlmost a quarter of trustees unsure of endgame strategy
On the go: There are still doubts among trustees about their defined benefit schemes’ long-term strategy, as almost a quarter of these professionals (23.9 per cent) are unsure of their endgame strategy, a survey has revealed.
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NewsInflation and Covid uncertainty temper PPF performance
Inflation is one of a number of concerns for the Pension Protection Fund, with post-Covid uncertainty tempering reaction to an otherwise positive set of results released in its annual report published on Monday.
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NewsPPF pays out £1bn but fraud compensation claims raise concerns
The Pension Protection Fund paid out £1bn in member compensation in 2020-21, but there are concerns as potential claims with a value in excess of £358m against its Fraud Compensation Fund vastly exceed the money available to pay them, according to the PPF’s annual report.
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NewsStrikes to continue at Dundee Uni due to DB scheme closure
Strike action at the University of Dundee is set to continue in October over proposals to move workers from a defined benefit to a defined contribution plan that unions say will leave members 40 per cent worse off in retirement.
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NewsUSS employers call for union co-operation ahead of strike ballot
Universities UK, the group representing 340 Universities Superannuation Scheme employers, has called on trade unions to co-operate with it as it bids to reform the embattled pension scheme.
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NewsPPF 7800 surplus jumps £25bn in September
On the go: The latest update of the PPF 7800 Index shows the aggregate surplus of the 5,318 defined benefit schemes measured jumped by more than £25bn to £108.8bn at the end of September, up from £83.2bn at the end of August.
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NewsPublic sector schemes told to conclude 2016 valuations
The Government Actuary’s Department has agreed with HM Treasury that its amendments to the cost-control framework used in public sector schemes meet the government’s policy objectives, drawing a line under the troubled 2016 valuation process and allowing public sector schemes to complete these.
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NewsUSS sponsor claims members will be ‘priced out’ without reform
On the go: Universities UK, the group representing 340 Universities Superannuation Scheme employers, has warned that USS members will be priced out of the scheme if the union’s threats of strike action derail reform proposals.
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NewsSTV Group reaches agreement on DB schemes’ valuations and funding
On the go: Glasgow-based media company STV Group has reached an agreement with the trustees of its two defined benefit schemes over its December 2020 funding valuations and recovery plans.
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NewsDWS Group acquires minority stake in Smart
On the go: Asset manager DWS Group has acquired a minority stake in Smart, the platform provider behind master trust Smart Pension.
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NewsGovt presses ahead on public sector schemes cost-control reform
The government has announced its intention to push ahead with reform of the cost-control mechanism used in public sector pensions, despite criticism from some in the industry.
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NewsFTSE 100 DB surplus not immune to funding code and inflation shocks
On the go: FTSE 100 defined benefit schemes' positions grew again in Q3, with the post-pandemic recovery leaving their combined IAS19 surplus at £50bn. But LCP has warned that inflation, coupled with stricter rules under the new defined benefit funding code, could still do damage.