All Defined benefit articles – Page 116
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News
PPF reaches 1,000th scheme transfer milestone
On the go: The Pension Protection Fund has accepted its 1000th scheme with the transfer of Carillion Rail, a section of the Railways Pension Scheme with almost 4,000 members.
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Scottish local funds urged to develop information standards
Inconsistencies and lack of standardisation in information are frustrating efforts to make a ‘like-for-like’ comparison between local authority funds in Scotland, a new government report has found.
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Private school teachers threaten strikes over pensions
On the go: Teachers in private schools are threatening to strike, as a massive increase in contributions is leading to many of these institutions leaving the Teachers’ Pension Scheme.
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Government brings identical bill back to parliament
On the go: The Department for Work and Pensions has reintroduced its pension schemes bill in the House of Lords, after the December general election delayed its debate in Parliament.
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Chancellor announces March Budget
On the go: The government has confirmed that Chancellor of the Exchequer Sajid Javid will deliver his first Budget on March 11, with the announcement expected to bring some changes for the pensions industry.
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Majority of employers planning to review pensions provider in 2020
On the go: Eighty-seven per cent of employers are looking to review their pension provider in the next 12 months, according to new research from investment platform Smarterly.
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Most schemes considering joint GMP rectification and equalisation
Most pension schemes expect to combine their guaranteed minimum pension rectification and equalisation projects, new data suggest, as experts said this can simplify member communications and increase efficiencies for trustees.
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Pensions dashboards unlikely to go live this year
On the go:Despite pensions dashboards having both industry-wide and government backing, it is unlikely that the technology will be delivered “any time soon”, Sir Steve Webb warned.
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Derisking trend to continue apace
On the go: Pensions consultancies say bulk annuity volumes could reach this year’s £40bn mark again in 2020, but put the ‘new normal’ for the industry at closer to £30bn.
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Universities and unions to renew talks over USS
On the go: Employers, trustees and trade unionists will reopen discussions over the Universities Superannuation Scheme following the publication of an independent report into the plan’s valuation processes.
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Admins reveal collapse in retiree savings levels
On the go: UK retirees are leaving the workforce with lower levels of savings than previous generations, as the decline of defined benefit opens a gap in the nation’s retirement preparations.
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Titanic shipyard scheme enters PPF assessment
On the go: Harland and Wolff Pension Scheme, the Belfast shipyard that built the Titanic, has entered an assessment period at the Pension Protection Fund after the company went into administration.
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Trustees receive positive sign from ombudsman on scam checks
Trustees and administrators must maintain the utmost vigilance against scammers, industry experts warn, despite a Pensions Ombudsman determination on a £367,601 loss to fraudsters favouring the ceding pension scheme.
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Opperman promises ‘refined’ Pension Schemes Bill
On the go: The Pension Schemes Bill has been included in the Queen’s Speech delivered on Thursday, with pensions minister Guy Opperman stating it will be a refined version from the previous document.
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PPF only needs to hike benefits if member faces poverty risk
The European Court of Justice ruling on the Bauer case has been described as a “welcome relief” for the Pension Protection Fund, as the lifeboat will only have to up member benefits if the individual is living below the at-risk-of-poverty threshold.
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Large employers to face higher PPF levy in 2021
On the go: The Pension Protection Fund is proposing changes to its levy risk assessment model, which will result in increased charges for larger employers.
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OpinionAll change for pensions in 2020?
Some surprises are less surprising in retrospect, and December’s general election was one of those events.
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News
Thousands of firefighters to return to pre-2015 pensions
On the go: An employment tribunal ruled on Wednesday that more than 6,000 firefighters are entitled to return to pre-2015 public sector schemes, following similar decisions for other affected civil servant groups.
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Opperman reappointed pensions minister
On the go: Guy Opperman remains as minister for pensions and financial inclusion after being reappointed as MP for Hexham.
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DB schemes pursuing riskier investments, TPR warns
On the go: Some defined benefit schemes are are pursuing more risky investment strategies that seek extra returns, which could be damaging in the event of adverse economic shocks, the Pensions Regulator warned.