All Defined benefit articles – Page 119
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Govt solution for doctors’ tax bill met with criticism
The government will introduce an emergency measure to pay the tax bills of doctors and consultants in England affected by the tapered annual allowance, but the move has been criticised by experts.
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Micro-buyout specialist announces first deal for textile merchant
On the go: A textiles company from Bradford has successfully achieved a buy-in for £9.3m of its defined benefit liabilities with Canada Life after an auction with three bulk annuity insurers.
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University employers write to staff ahead of strikes
Representatives of the UK’s universities have written an open letter to staff asking them to reconsider strikes over issues including pensions, planned to begin next week.
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Regulator updates pension transfer guidance for trustees
On the go: Defined benefit trustees will need to contact financial advice firms to check if the adviser listed on members’ transfer documents is employed with them, new guidance from the Pensions Regulator stipulates.
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Aegon staff scheme completes £144m buy-in
On the go: The Aegon UK Staff Retirement and Death Benefit Scheme has completed a £144m buy-in with Phoenix Group.
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Academics union questions regulator’s oversight of USS
Academics have expressed disquiet over the role of the Pensions Regulator in the governance in one of the largest occupational pension schemes in the UK.
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High Court tells ombudsman to reconsider pension case
A dispute over whether a university employee was entitled to her full pension has been sent back to the Pensions Ombudsman after the High Court disagreed with the initial decision.
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NewsPlumbers call for trustee chair to resign over pensions debacle
An action group is calling for the resignation of Alan Pickering CBE as chairman of the Plumbing and Mechanical Services Industry Pension Scheme.
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Actuaries call for legislation on DB schemes simplification
On the go: The Association of Consulting Actuaries is calling for the next government to facilitate the wider simplification of defined benefit schemes, as part of its manifesto for the December general election.
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Court approves BA trustees' pension increase settlement
On the go: Trustees of British Airways’ defined benefit schemes have had a settlement allowing them to pay discretionary increases approved by the High Court.
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SSE further de-risks with £750m buy-in with PIC
On the go: The Scottish Hydro-Electric Pension Scheme – sponsored by Scottish and Southern Energy – has converted a longevity swap into a £750m buy-in contract with the Pension Insurance Corporation.
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LGPS pension bill to rise 1% with McCloud case
Fears that a legal case over discriminatory pensions could dent the funding of the Local Government Pension Scheme have been partially allayed, after preparations for the plan’s valuation found that liability increases will be limited.
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DB deficit shrinks over October
On the go: UK defined benefit schemes are edging closer to the funding needed to buy out the Pension Protection Fund-level benefits, according to an update from the lifeboat fund.
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Scheme goes to court to avoid £10m rules drafting mistake
An orthotics and prosthetics manufacturer has been forced to go to court to amend a word in pension scheme rules drafted 20 years ago, which if left unchanged would have cost the plan £10m.
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Govt agrees to pension guarantees for mineworkers
On the go: The government has agreed to guarantee members of the Mineworkers’ Pension Scheme an annual increase in line with the retail price index, even if there is a deficit in the pension fund.
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Scottish plumber’s plight highlights ongoing Section 75 issue
The boss of a small Scottish plumbing company is the latest to receive a bill of more than £1m to cover a shortfall in a multi-employer defined benefit scheme.
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Will Generation X be the most vulnerable at retirement?
On the go: Thirteen million people born between 1966 and 1980, the so-called Generation X, will face acute problems as they come up to retirement in the next 12 to 28 years unless decisive action is taken, according to the Pensions Policy Institute.
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FCA scam warning: 22 years of pension savings gone in 24 hours
On the go: Victims of pension scams lost an average of £82,000 to fraudsters last year, equivalent to 22 years’ worth of savings evaporating within 24 hours, according to the Pensions Regulator and the Financial Conduct Authority.
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News62 private schools exit teachers’ scheme as costs rise by 43%
A total of 62 independent schools have told the government they plan to leave the Teachers’ Pension Scheme, with more set to follow.
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Superfund delays are ‘egregious waste’ of investors’ capital
The chief executive of The Pension SuperFund has hit out at the government, over its failure to agree a regulatory framework for defined benefit consolidation despite ministers having encouraged the creation of the sector in the first place.