All deficit articles – Page 3
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NewsCommuters face travel chaos as TfL workers strike over pension cuts
Commuters on the London Underground face two days of travel chaos as Transport for London staff strike over planned pension cuts.
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NewsLawsuit against USS to proceed as High Court overturns dismissal
On the go: A lawsuit against Universities Superannuation Scheme directors over their handling of the scheme’s 2020 valuation is to proceed, after the High Court ruled against attempts to deny the legal action.
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NewsUSS deal pushed through as unions threaten more strikes
Employers have agreed a deal with the trustee of the Universities Superannuation Scheme that will stave off “ruinous” contribution rate hikes resulting from its controversial 2020 valuation, but unions are threatening further industrial action over what they say amounts to a 35 per cent cut to member benefits.
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NewsUniversities reject union’s USS valuation solution
Employers have rejected proposals from the University and College Union to end the impasse over the Universities Superannuation Scheme’s 2020 valuation, while yet more institutions have seen staff walk out on strike.
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NewsLecturers strike again over USS benefit cuts
On the go: Staff at 44 institutions are to walk out once again over planned benefit cuts to the Universities Superannuation Scheme.
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NewsEmployers and union at loggerheads as USS deadline looms
Employer representatives have again criticised the University and College Union as the deadline for avoiding “unaffordable” contribution rate hikes in the Universities Superannuation Scheme approaches.
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NewsMid-sized deals prompt strong growth in bulk annuities market
On the go: Strong demand for bulk annuity transactions is likely to persist until the end of the decade, with annual liability deals totalling around £40bn, according to a new report from Moody’s Investors Service.
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NewsEmployers look to modify USS proposals in light of inflation
On the go: Universities UK, the group representing 340 employers in the Universities Superannuation Scheme, has proposed temporarily removing a cap on inflationary increases proposed as part of its solution to the scheme’s controversial 2020 valuation, following member concerns.
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NewsAccountancy institute publishes DB guidance for auditors
On the go: The Institute of Chartered Accountants in England and Wales has published new guidance aimed at helping auditors understand defined benefit pension scheme figures and establishing best practice when filing requests for information.
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NewsGAD lists recommendations for LGPS 2022 valuation
The Government Actuary’s Department has published its statutory review of the Local Government Pension Scheme, listing a number of recommendations for the imminent 2022 valuations.
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NewsAston Martin faces strike action over DB scheme closure
Workers at carmaker Aston Martin have threatened industrial action following news that it plans to close its defined benefit pension scheme in January 2022.
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NewsDB schemes’ surplus falls by £33bn in November
On the go: The aggregate surplus of the 5,215 defined benefit schemes in the Pension Protection Fund 7800 Index fell by £33.1bn in November.
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NewsDB scheme membership plummets 2.5m in 10 years
On the go: New data from the Pensions Regulator shows that defined benefit schemes continued to decline in 2020-21, a decrease that has gone almost unbroken since 2012.
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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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NewsUniversity of Dundee urged to agree pensions deal with striking staff
On the go: The Scottish government’s higher education minister has urged the University of Dundee to reach an agreement with staff striking over controversial plans to move low-paid workers to a defined contribution scheme.
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NewsUCU members back strike action over USS pension cuts
University and College Union members have backed industrial action over cuts proposed by the Universities Superannuation Scheme trustee and Universities UK, the group representing 340 USS employers.
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NewsSaul to create ‘feeder’ DC scheme for new members
The Superannuation Arrangement of the University of London is set to create a new “feeder” defined contribution pension scheme as it undertakes a review of its investment strategy.
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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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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.