All articles by Benjamin Mercer – Page 24
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NewsLGPS assets drop 5% in 2020 as contribution income rises
Local Government Pension Scheme assets fell by 4.9 per cent in 2020 to £276bn, but funds saw increases in membership and contribution income, according to the most recent annual report from the LGPS Advisory Board.
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NewsACA urges steps to fill guidance ‘black hole’
On the go: The Association of Consulting Actuaries has argued that fixing the “disjointed” and “fragmented” system that is UK pensions provision is vital if the full potential of pension freedoms is to be unlocked.
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NewsDC schemes to send two-page ‘simpler statements’ in 2022
The Department for Work and Pensions is consulting on regulations that would see schemes required to send simpler annual benefit statements to their members from April next year.
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NewsPLSA calls for new legislation to support members at retirement
On the go: The Pensions and Lifetime Savings Association has called on the government to introduce legislation underpinning a new set of product, communication and governance standards to build on pension freedoms and provide greater support for savers at retirement.
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NewsGovt’s new anti-scam measures cause industry concern
Industry reaction to the government’s new consultation on pension scams and transfers have been far from unanimous, with many welcoming the intention but warning of the potential for thousands of legitimate transfers to be needlessly blocked and delayed.
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NewsBT agrees £2bn asset-backed funding arrangement to plug deficit
On the go: BT and the trustee of the BT Pension Scheme have agreed to plug £2bn of the scheme’s £7.9bn deficit through an asset-backed funding arrangement secured against the company’s EE business.
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NewsCost Transparency Initiative sees 23% spike in schemes’ uptake
On the go: The Cost Transparency Initiative has recorded a 23 per cent increase in uptake during the past year, with 79 per cent of pension schemes now making use of its framework.
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PodcastsPodcast: Pension schemes’ under-allocation to China is ‘anachronistic’
Podcast: UK pension schemes are too often under-allocated to China and missing out on the significant opportunities presented by its continued growth and development. There are, however, lingering environmental, social and governance concerns around investing in the “nominally communist” state, says RisCura investment consultant Lars Hagenbuch. He is joined by SEI Investments director Cyprian Njamma in an episode also covering Covid-19 mortality data and the Pensions Regulator’s proposed asset information reform.
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NewsFRC slaps DB scheme auditor with £125,000 fine
A chartered accountancy firm and one of its partners have been slapped with a hefty fine for “pervasive failures” in the manner in which they conducted an audit of Associated British Engineering, which included shortcomings in the audit of the company’s defined benefit pensions scheme liabilities.
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NewsGovt announces public service pension bill to implement McCloud
On the go: The government has announced a new bill intended to push ahead with the implementation of the McCloud remedy.
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NewsProfit warnings down but half of DB sponsors remain on life support
Profit warnings from listed companies with defined benefit schemes have dropped by two-thirds in the past six months, but more than half remain in the insolvency “danger zone”, according to figures from EY.
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NewsRow erupts over FirstGroup pension black hole solution
On the go: A row has erupted between multinational transportation company FirstGroup and Coast Capital, its largest investor, over the former’s use of proceeds from an asset sale to plug a black hole in its pension fund.
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NewsPolice slate ‘deeply unfair’ ramifications of McCloud remedy
Police officers from every federated rank in the UK have written to the chairs of the Police Pension Scheme advisory boards to complain about the “deeply unfair” ramifications of the government’s McCloud remedy.
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NewsBarnet Pension Fund back on track following change in administrators
Barnet Council’s pension fund has largely recovered from an era of errors under Capita, with its new administrators overseeing significant improvements in the handling of member data.
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NewsSarah Smart appointed permanent chair at the Pensions Regulator
On the go: The Department for Work and Pensions has confirmed the appointment of Sarah Smart as permanent chair of the Pensions Regulator.
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NewsFCA to require TCFD reports from providers and asset managers
On the go:The Financial Conduct Authority is to consult on the introduction of Task Force on Climate-related Financial Disclosures requirements for schemes it regulates, bringing its regulations into line with those proposed by the Department for Work and Pensions.
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NewsMPs demand Sunak addresses mineworkers’ scheme issues
On the go: The Business, Energy and Industrial Strategy Committee has called on the government to bring its approach to the Mineworkers’ Pension Scheme into line with its “levelling up” agenda, branding the current arrangement “antithetical” to that policy.
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NewsUK pension schemes under-allocated to Chinese equities
UK pension schemes’ allocation to China as a percentage of global equities is generally inadequate, but there is no consensus as to how big the allocation should be, according to participants at Camradata’s Investing in China roundtable.
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NewsNest recommits to closing ethnicity and gender pay gaps
On the go: Nest has recommitted itself to closing its ethnicity and gender pay gaps, following the publication of data showing more work is needed to achieve parity.
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NewsUUK proposes USS governance reform, 20-year moratorium on exits
Universities UK, the employer group representing 340 Universities Superannuation Scheme members, has raised the prospect of a 20-year moratorium on scheme exits in a bid to show a greater commitment to covenant support.