All Consumer Prices Index (CPI) articles – Page 5
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News
Barnardo's scheme loses Supreme Court RPI appeal
On the go: Children's charity Barnardo's may not change the inflation protection it provides to members of its defined benefit scheme, the Supreme Court has ruled.
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NewsSupreme Court: Barnardo's wording does not allow RPI/CPI switch
The Supreme Court’s rejection of an attempt by Barnardo’s to downgrade its pension increases is a reminder that courts are unlikely to bend rules to accommodate the commercial needs of defined benefit sponsors, according to legal experts.
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News
Schemes shift attention from interest rates to inflation hedging
On the go: Inflation hedging has seen a sharp rise with activity up by 22 per cent in the third quarter of 2018, to around £24.2bn. Total interest rate hedging activity was around £29.2bn in the third quarter, a 1 per cent fall according to the BMO Global Asset Management.
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News
BA wins appeal over discretionary increase
The trustees of the Airways Pension Scheme went beyond their remit in granting a 0.2 per cent discretionary increase to members’ pensions in 2013, the Court of Appeal has ruled.
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OpinionWhat to consider before agreeing a switch to CPI
The appropriateness of the retail price index as a measure of inflation has been increasingly challenged in recent years. However, around three quarters of the UK’s 6,000 defined benefit schemes still link their annual pension increases to RPI.
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NewsLeonardo Helicopters extends Pie and switches to CPI
Leonardo Helicopters has decided to keep its scheme open to accrual but plans to extend a pension increase exchange while tweaking the inflation measure for future benefit build-up.
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FeaturesGo-Ahead pension scheme moves from RPI to CPI
Transport operator Go-Ahead has cut its pension liabilities by about £40m by changing the inflation measure used for its bus workers’ final salary scheme.
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NewsUniversity of Oxford learns hard lesson with Care closure
The University of Oxford has introduced a defined contribution scheme for new joiners and is making a number of other changes to reduce costs as universities are waking up to their pension deficits. One expert called the education sector ‘a disaster’ in pension terms.
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NewsThales case shines light on power of scheme rules
A High Court case involving Thales and trustees of its pension scheme has concluded it cannot move from the retail price index to the consumer price index for some benefits, highlighting how the wording in a scheme’s rules dictates the measure of inflation that is used.
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News
BT to appeal High Court ruling
On the go: BT will appeal last month’s High Court ruling against changing the measure by which increases for its Section C scheme are calculated, from the retail price index to the consumer price index.
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NewsBT scheme to keep RPI amid bigger changes
The High Court has ruled in favour of the BT pension scheme trustees and denied BT the right to change the measure by which increases for its Section C scheme are calculated, but BT has said it is considering an appeal.
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News
High Court rules against proposed BT scheme CPI switch
Telecoms giant BT wanted to switch the measure by which pensions increase from the retail price index to the consumer price index, but the High Court has ruled against this change.
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Features
CPI, admin and Mums: Top 5 DB and derisking stories from 2017
Year in review: Funding and liability management took centre stage during 2017, as the debate over defined benefit pension scheme sustainability and member protection ramped up.
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Features
De La Rue cuts pension increases to ease funding pressures
Trustees of the De La Rue defined benefit pension scheme have agreed to cut inflation-proofing on member benefits, wiping an estimated £70m off the security specialist’s accounting deficit.
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NewsHPE pensioners to bring inflation-proofing dispute before MPs
Pensioners of Hewlett Packard Enterprise are lobbying the government to force their former employer to provide inflation protection for pension rights built up before 1997, and have gained cross-party support for legislation.
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NewstPR greenlights British Steel RAA
The Pensions Regulator has granted initial approval for the restructuring of the British Steel Pension Scheme, which will see members offered revised benefits at a level above those provided by the Pension Protection Fund.
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OpinionShould s67 be repealed?
Few, if any, would argue for scrapping the member protections in section 67 of the Pensions Act 1995 – which protects accrued pension rights – altogether. There is, however, a question around whether it prevents changes that could keep schemes open or sponsoring employers solvent.
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NewsWilletts: Narrow green paper fails on intergenerational equality
Conservative peer Lord Willetts has spoken out against the scope of the Government’s green paper consultation on defined benefit pensions, criticising its lack of regard for intergenerational fairness.
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NewsBA judgment shows value of diligent minute-taking
British Airways has lost a legal battle against the Airways Pension Scheme involving the trustees' decision to introduce a 0.2 per cent discretionary increase, as experts have stressed the importance of carefully documenting all decision-making processes.
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OpinionWhat we can learn from recent legal cases
Trustee decision-making has never been under such close scrutiny, and will be even more so once the court publishes the judgment in the long-running case between British Airways and its pension scheme trustees.