All deficit articles – Page 7
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News
PwC and Mercer DB pension scheme deficits at odds
On the go: PwC’s defined benefit scheme deficit tracker drops from £120bn to zero, while Mercer’s metric paints a less rosy picture for schemes of the UK’s largest companies.
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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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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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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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First UK Bus hikes deficit payments to £33m after TPR intervention
On the go: Intervention by the Pensions Regulator has resulted in First UK Bus increasing deficit repair contributions to its defined benefit scheme from £18m to £33m a year.
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NewsOpinion split on Pension Schemes Act implications
A survey carried out as part of a webinar by law firm Sackers has laid bare a deep divide in the industry over powers afforded by the Pension Schemes Act.
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Arcadia schemes could have enough assets to survive outside PPF
On the go: Arcadia pension scheme members could receive a greater portion of their savings after a string of property and infrastructure sales raised enough capital to bring them out of the Pension Protection Fund.
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DB deficits fall £21.4bn in January
On the go: The aggregate deficit of the 5,318 defined benefit schemes in the Pension Protection Fund 7800 Index fell by £21.4bn in January.
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Hundreds of schemes to move to surplus under PPF’s proposals
On the go: Some 261 defined benefit schemes are expected to move from deficit to surplus under new proposals to change actuarial assumptions used by the Pension Protection Fund.
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PodcastsPodcast: Tackling climate change will require a ‘step change’ in governance
Podcast: The government’s “revolutionary” plans to tackle climate change “ain’t half prescriptive” when it comes to pensions investments, and will require a “step change” in governance to achieve. So say Stuart O’Brien, partner at Sackers, and ITS director Tegs Harding, who also discuss the consequences of another row at the Universities Superannuation Scheme and the cartelisation of the advisory market.
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News
Thousands warn of ‘unjustified’ USS discount rate rises
More than 3,000 people have written to the trustees of the Universities Superannuation Scheme to criticise proposed changes to the valuation methodology that, they say, will result in its members and employers being overcharged by the scheme.
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Debenhams’ schemes to remain in PPF despite Boohoo acquisition
On the go: Struggling high street retailer Debenhams has been brought out of administration by online ‘fast fashion’ outlet Boohoo, but the transaction is understood to leave its two pension schemes in the Pension Protection Fund.
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DB deficits ‘relatively stable’ with £7.6bn hike in December
On the go: The aggregate deficit of the 5,318 defined benefit schemes in the Pension Protection Fund 7800 Index grew by £7.6bn in December.
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FTSE 350 pension deficit nearly doubles due to Brexit and Covid
On the go: The accounting deficit of defined benefit schemes for the UK’s 350 largest listed companies finished the year at £70bn, almost double the deficit of £40bn at the end of 2019, according to Mercer’s Pensions Risk Survey.
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Barclays Bank agrees £5bn longevity swap
On the go: The Barclays Bank UK Retirement Fund has completed a £5bn longevity swap with Reinsurance Group of America.
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NewsWeekly roundup: It’s not easy being Green
Welcome to Pensions Expert’s roundup of a week in which we bade farewell to a few of the high street’s better-known names, and the Pension Protection Fund brightened everyone’s mood with its new doomsday scenario.
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Alternative strategies could wipe out UK’s £190bn DB deficit
On the go: Alternative approaches to scheme funding and investments could eliminate the UK’s current £190bn defined benefit pension deficit, according to new analysis by PwC.
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Arcadia trustees in talks with The Pension SuperFund
On the go: Trustees of the embattled Arcadia pension funds are in talks with The Pension SuperFund, which could result in the schemes being absorbed by the consolidator.