All scheme funding articles – Page 9
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NewsPPF 7800 Index falls but surplus remains
On the go: The aggregate surplus of the 5,318 defined benefit pension schemes potentially eligible to join the Pension Protection Fund is estimated to have decreased to £62.4bn at the end of July, from a surplus of £99bn at the end of June, the latest figures from the lifeboat fund show.
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OpinionPPF statistics hint at a different future for DB schemes
As the health of UK defined benefit schemes improves, is the Pension Protection Fund still needed to solve a DB crisis, asks Broadstone’s technical director David Brooks.
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NewsMeggitt scheme trustee agrees funding plan in takeover
On the go: The trustee of the Meggitt defined benefit scheme has agreed a funding plan with Parker Hannifin as part of its deal to acquire the British aerospace and defence markets components company.
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NewsFirstGroup explores change in DB scheme discount rate
Bus and train operator FirstGroup is to engage in “strategic discussions” with its trustees, after the funding valuation for the First UK Bus Pension Scheme was finalised and improvements were made to its technical provisions.
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NewsScot Wid revamps green fund, Fidelity tackles climate and diversity
ESG Spotlight: A roundup of the latest news on environmental, social and governance initiatives, with Scottish Widows investing in green UK business via its new environmental fund, and Fidelity's new policies on climate change and diversity.
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NewsUSS employers pledge greater covenant support
Universities UK, the group representing 340 Universities Superannuation Scheme employers, has pledged additional covenant support to the pension scheme, in a move it said will spare its members the crippling contribution rate rises announced following the scheme’s 2020 valuation.
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NewsDWP’s ‘vision’ for superfunds to be published later this year
On the go: The Department for Work and Pensions intends to set out its “vision” for the future regulation of superfunds in autumn/winter this year, according to its annual report published on Thursday.
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NewsPPF 7800 Index shows surplus and funding improvements
On the go: The PPF 7800 Index for June shows improvements in the surplus and funding positions (on a section 179 basis) for the more than 5,000 schemes potentially eligible for entry to the Pension Protection Fund.
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PodcastsPodcast: Tapping DC for Long-Term Assets Fund requires ‘rigorous’ scrutiny
Podcast: HM Treasury’s proposals to tap defined contribution schemes for its new Long-Term Assets Fund is not a bad idea, but problems with daily dealing remain, and it requires the kind of “rigorous” scrutiny applied to other new asset classes. PensionBee chief executive Romi Savova and Jonathan Parker, head of DC and financial wellbeing at Redington, discuss the LTAF, rumours of a tax raid, and the Pensions and Lifetime Savings Association’s new Responsible Investment Quality Mark.
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NewsIndustry welcomes govt’s new green gilts
The government is to press ahead with “at least two” green gilt issuances later this year totalling around £15bn, and on Wednesday published its Green Financing Framework setting out its climate and environmental agenda in more detail.
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NewsGovt issues response to consultation on strengthening TPR’s powers
The UK government has issued its response to the Pensions Regulator’s contribution notices and information-gathering powers regulations consultation.
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NewsHundreds of DB sponsors to face hike in contributions
On the go: Around 300 sponsors of defined benefit schemes will have to increase their deficit recovery contributions by at least 25 per cent, according to analysis from LCP.
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NewsSmart Pension platform raises £165m in funding
On the go: Smart, the platform provider behind master trust Smart Pension, has raised £165m in a funding round, with the goal to expand its business in different territories.
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NewsGovt to reform discount rate and cost-control mechanism
The government has proposed aligning the discount rate review periods with the valuation cycles of public service pension schemes, and is taking forward reforms to the cost-cap mechanism first proposed by the government actuary.
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NewsFTSE 350 DB schemes back on track after Covid-19 blow
On the go: The majority of defined benefit schemes from FTSE 350 companies are back on track in terms of their funding goals, after being hit in 2020 by the economic crisis caused by Covid-19, according to research from Barnett Waddingham.
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NewsChurch of Scotland schemes appoint XPS as joint adviser
On the go: The £507.5m Church of Scotland pension schemes, comprising the scheme for ministers and overseas missionaries, the scheme for staff and the scheme for ministry development staff, have appointed XPS Pensions Group as their actuarial and investment adviser.
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NewsBespoke funding route could save charities 65% in cash contributions
On the go: Charities could cut their defined benefit cash contributions by between 35 and 65 per cent if they opt for the bespoke option over the fast-track route in the new DB funding code, according to analysis by Hymans Robertson.
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NewsUniversities back alternative proposals to reform USS
Employers representing 95 per cent of the Universities Superannuation Scheme membership have backed measures proposed by Universities UK, including enhanced employer covenant provision, in a bid to end the impasse over the scheme’s 2020 valuation.
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NewsGovernment actuary proposes cost control mechanism reform
Martin Clarke, the government actuary, has proposed changing the cost-control mechanism used in the reformed public service pension schemes in a bid to tackle the “perverse outcome” of the 2016 valuation.
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NewsTreasury slammed for McCloud errors, but members will foot the bill
The Public Accounts Committee has issued a scathing report highlighting HM Treasury’s failure to predict the numerous problems stemming from 2011-15 public sector reforms, warning its mistakes will take “generations” to resolve.