All Defined benefit articles – Page 109
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News
TPR will not seek to punish trustees over tough pandemic decisions
Regulatory executive David Fairs has reassured defined benefit trustees that they will not be pursued over decisions they make in response to employers struggling in the wake of Covid-19.
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NewsCovid-19: Will Sunak’s latest stimulus aid DB sponsors?
Market moves: Chancellor Rishi Sunak is reportedly considering measures to help the “squeezed middle” of UK corporates, while US president Donald Trump’s tweets set off a spike in oil prices.
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News
Inflation change could shave 20% off pension incomes
On the go: Government plans to change the way the retail price index is calculated could see savers’ lifetime pension income drop by almost 20 per cent as defined benefit schemes are hit.
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Regulators warn over Covid-19 pension scams
On the go: Regulators have issued a warning that rising levels of vulnerability caused by the Covid-19 lockdown could see more savers targeted by scammers, as concerns about finances increase.
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NewsCovid-19: Volatility returns to markets after UK banks scrap dividends
While UK banks suspended dividend payments amid pressure from the regulator, European markets returned to volatile conditions. Meanwhile, FTSE 350 companies’ defined benefit schemes reached an accounting surplus.
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News
USS sticks with March valuation despite battered funding level
Market volatility has seen the Universities Superannuation Scheme’s asset portfolio shed more than 13 per cent of its value and its deficit pass £11bn in recent days, triggering concerns, but as yet no action, from trustees.
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News
WPP shifts further £250m with PIC buy-in
On the go: Advertising giant WPP has entered a £250m buy-in contract with the Pension Insurance Corporation, adding to a £140m transaction already completed with the same insurer in 2018.
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NewsCovid-19: Actuaries to rescue as private markets to be tested
Analysis of private debt markets suggests that with certain sectors of borrowers struggling with cash flows, lenders will have to be flexible and rely on well-written covenants. Meanwhile, actuaries are looking to help fight the global pandemic.
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Govt revokes general levy increase
On the go: The government has revoked the new regulations on the general levy, which would see an increase for pension schemes of 10 per cent, due to the Covid-19 crisis.
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News
Govt to fund Railways scheme deficit contributions
On the go: Emergency measures introduced by the government – nationalising the railways – mean that taxpayers will be called to fund the Railways Pension Scheme deficit.
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News
Arcadia to halt deficit repayment contributions
On the go: Arcadia Group, Philip Green’s retail conglomerate, is planning to defer the deficit recovery contributions agreed with the Pensions Regulator in 2019.
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OpinionDon’t panic over 2020 valuations
Little did I know, when I started as a professional trustee in November 2019, that events elsewhere in the world were unfolding that would lead to unprecedented turmoil in the financial markets and extreme stress for sponsoring employers.
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NewsCovid-19: PASA steps in with admin guidance, while gloom gathers in auto ABS
The Pensions Administration Standards Association has urged providers to prioritise the payment of pensions as it struggles with the challenges of working remotely, while the Covid-19 pandemic could affect the automotive industry and financial instruments backing lease deals. Elsewhere in our round-up of daily market moves and pensions updates, one asset manager says schemes should be wary of inferring a bounceback from calming stock markets.
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News
Ombudsman’s Royal Mail decision opens up Pandora’s box
The Pensions Ombudsman has upheld a complaint against the Royal Mail Statutory Pension Scheme for refusing to pay a deferred pension, providing a salutary lesson for employers who fail to keep adequate records.
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NewsTPR paves way for three-month DB contribution holiday
The Pensions Regulator has launched new guidance aimed at helping employers freeze their defined benefit obligations for three months in response to the economic fallout from coronavirus.
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News
Questions remain about AE contributions in govt scheme
On the go: Government's announcement that it will cover employer auto-enrolment pension contributions for furloughed workers still leaves many questions unanswered, such as how it will operate for defined benefit schemes, an expert warned.
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News
Claim companies chasing discriminated civil servants
Members of the Local Government Pension Scheme who are affected by the McCloud discrimination judgment are “being actively encouraged” to lodge a claim against the government.
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News
PPF’s Hampshire legal challenge to be decided in May
On the go: The legal challenge against the solutions implemented by the Pension Protection Fund in the Hampshire case will be heard by the High Court in May.
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News
Govt relaxes pension rules for returning NHS staff
On the go: The government has relaxed its pension rules in the coronavirus bill for National Health Service staff returning to work so they are not hit by reduced pension payments.
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News
McCloud: Civil servants to choose between old and new schemes
On the go: Members of public sector pension schemes who were victims of discrimination will be allowed to choose whether they accrued service in the old or new schemes, the government announced on Wednesday.