All articles by Benjamin Mercer – Page 28
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News
LGPS authorities expected to justify new pension powers
On the go: Local Government Pension Scheme administering authorities will be expected to justify the use of their new powers around reviewing employer contributions, spreading exit payments, and setting up deferred debt arrangements.
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NewsPodcast: Budget 2021 - ‘Reckless conservatism’ in DB landscape
Podcast: Wednesday’s budget did not go far enough to counter the “reckless conservatism” in the defined benefit landscape when it comes to risk and growth assets, hampering the government’s drive to unleash pensions on the post-pandemic recovery, according to Conservative party peer baroness Ros Altmann. She is joined by Isio partner Mike Smedley, in a discussion that also includes the lifetime allowance freeze and what was missing from the chancellor’s statement.
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McCloud £17.5bn cost could be an underestimate
On the go: The Office for Budget Responsibility has said its current estimate of the cost of the McCloud remedy could be an understatement, since different remedies for the discrimination case could increase the projected spending.
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NewsUSS deficit increase requires ‘unaffordable’ contribution hikes
The Universities Superannuation Scheme’s deficit has quadrupled to more than £14bn, requiring contribution rate hikes from employers amounting to an “unaffordable” 56.2 per cent of payroll, according to figures announced on Wednesday.
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NewsImmediate choice a ‘no-brainer’ for judges’ McCloud remedy
The unique position of judges and their non-standard Judicial Pension Scheme means that opting for the “immediate choice” solution to McCloud is a “no-brainer”, experts have said, despite the rest of the public sector taking a different course.
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Dashboards preparation should begin immediately
On the go: New guidance from the Pensions Administration and Standards Association encourages all schemes to begin preparing for the introduction of the dashboards straight away, after the passage of the Pension Schemes Act set a series of events in motion.
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Net-zero targets present £350bn investment opportunity
On the go: Hitting the government’s net-zero climate change targets will present a £350bn investment opportunity over the next 30 years, according to an estimate by LCP.
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TPR puts £25m anti-avoidance case to bed
On the go: The Pensions Regulator has agreed a £25m settlement in its anti-avoidance case against the owners of bed manufacturer Silentnight, a sum not big enough to prevent its defined benefit scheme plunging into the Pension Protection Fund.
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One-year contribution holidays could spur economic recovery
On the go: Conservative peer Baroness Ros Altmann has recommended that the chancellor, Rishi Sunak, announces a year-long contribution freeze for defined benefit scheme sponsors to boost business recovery.
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Risk settlement market breaks new record in 2020
On the go: New figures from Aon showed that 2020 was a record-breaking year for the risk settlement market, with 2021 likely to provide stiff competition.
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NewsDramatic governance shift in store for Plumbing Pensions
Dramatic governance shift in store for Plumbing PensionsPlumbing scheme chairman admits scheme failures and pledges structural overhaulEnterkeywords.sh_embed {position: relative;height: auto;width:100%;z-index: 0;overflow: hidden;background-color: #222;color: white;font-family: 'Lato', 'Helvetica Neue', Helvetica, Arial, sans-serif;}.sh_embed * {-webkit-box-sizing: border-box;-moz-box-sizing: border-box;box-sizing: border-box;}.sh_embed .sh-embed-bg {position: absolute;width: 110%;height: 110%;top: -5%;left: -5%;z-index: -1;background-color: rgba(0,0,0,.8);}.sh_embed #embed_article {display: none;}.sh_embed .sh-embed-img {display: block;zoom: ...
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Chancellor ponders lifetime allowance 'stealth tax'
On the go: Chancellor Rishi Sunak was reportedly planning to freeze the lifetime allowance for the rest of the current parliament, according to a report in the Times — a move that could see public sector workers hit hard.
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Judges to face immediate choice in McCloud solution
On the go: Members of the Judicial Pension Scheme will be subject to an immediate choice in 2022 in response to McCloud, in contrast to the rest of the public sector’s deferred choice underpin.
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NewsBT, Ford and M&S schemes consider legal challenge on RPI reform
The trustees of the BT, Ford and Marks and Spencer pension schemes have been granted an extension to the period in which they can consider filing for judicial review of the proposed alignment of the retail price index with the consumer price index including housing costs.
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NewsCan UK councils rent their own streets to fund pensions?
Several US public schemes have embraced unusual means of securing funding, including renting property to themselves. Although these tactics cannot be used across the Atlantic, the post-Covid landscape could see a variety of new strategies being deployed in the UK.
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Post-Brexit Solvency II reform an opportunity to free up capital
On the go: Brexit affords the UK an opportunity to revisit and reform Solvency II legislation, freeing up capital that can then be used to further the post-Covid economic recovery.
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BA agrees deal with trustees to defer £450m deficit contributions
On the go: British Airways has announced an agreement with its New Airways Pension Scheme to defer £450m of pension deficit contributions.
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Calls for DWP to change chair’s statement rules
On the go: The Department for Work and Pensions is to publish a review of the effectiveness of defined contribution chair’s statements in April, which has prompted some specialists to call for a major rethink.
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PodcastsPodcast: Timms calls for pension transfer rules change
Podcast: The current law governing transfers is not fit for purpose and there are too many bodies involved in handling pension scams, according to Work and Pensions Committee chair Stephen Timms.
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Most savers unaware of schemes’ climate change endeavours
On the go: Three-fifths of workplace pension members do not know if their scheme is taking any action to combat climate change, according to a survey by the Pensions and Lifetime Savings Association.