All Defined benefit articles – Page 126
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News
PIC hails record reinsurance availability
On the go: Bulk annuity provider Pension Insurance Corporation has secured a record-breaking £7bn of reinsurance to date in 2019.
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NewsTrinity fellows go ahead with plans to leave USS despite UCU censure
A special meeting of fellows at the University of Cambridge’s Trinity College has supported the decision to leave the Universities Superannuation Scheme, despite the threat of censure from a trade union.
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News
Pension scheme membership rises to record 45.6m
On the go: Total membership of occupational pension schemes in the UK reached 45.6m in 2018, up from 41.1m in 2017, according to new Office for National Statistics data.
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News
FCA plans to ramp up supervision of transfer advice market
On the go: The Financial Conduct Authority intends to ramp up its supervision of the most active firms in the transfer advice market, after finding that 69 per cent of people seeking advice had been recommended to transfer between 2015 and 2018.
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News
75% of DB funds paying out more money than they receive, finds Buck
On the go: Three-quarters of defined benefit schemes are now cash flow negative with contributions no longer sufficient to meet regular benefit payments, according to Buck.
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News
Unions allege govt sidestepped advice on NHS pensions
On the go: The Department for Health and Social Care is under fire for reportedly deciding to pursue its ‘50:50’ reform for NHS Pensions before it had received a report commissioned from its advisory board.
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News
More schemes offering member concessions on DB closure
The number of defined benefit funds undertaking benefit reviews has soared since 2014, recent research has revealed, prompting yet more scheme closures amid a growing tendency to offer member concessions.
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OpinionSmall schemes, big changes: How to tackle the UK governance problem
The United Kingdom has a small schemes problem. With the Pensions Regulator zeroing in on any sign of weak governance at sub-scale funds, it is time for trustees to take action.
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FeaturesLloyds Banking Group completes second trustee board merger
Lloyds Banking Group now has a single trustee board for its four largest pension schemes, after completing its second pension trustee board merger in three years.
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News
Fate of Arcadia on a knife edge
On the go: A crucial vote takes place today on a rescue package for Sir Philip Green’s beleaguered Arcadia Group.
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News
Arcadia CVA proposals approved
On the go: All seven of Arcadia’s company voluntary arrangements have been approved by the required majority of the retailer’s creditors.
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News
DB deficit grows during May
On the go: UK defined benefit funding levels dropped by four percentage points on aggregate at the end of May, according to the latest update from the Pension Protection Fund.
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News
PSIG calls on trustees to review procedures amid rise in scammers
The Pension Scams Industry Group exhorted trustees to review their scam prevention procedures on Tuesday, as pension fraud attempts continue to rise despite tightening government regulations.
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News
Arcadia future hangs in balance as crucial vote delayed
On the go: Sir Philip Green’s Arcadia Group postponed a creditors’ meeting until June 12, after the floundering company failed to secure sufficient initial support from landlords.
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News
Rolls-Royce and L&G complete record £4.6bn deal
On the go: Rolls-Royce has completed a partial buy-in on the way to buyout in excess of £4.6bn, securing the benefits of around 33,000 members of the Rolls-Royce UK Pension Fund.
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News
Green seals vital deal with TPR to bolster pension fund
On the go: In a last-minute attempt to save his Arcadia empire on Tuesday night, Sir Philip Green sealed a deal with the Pensions Regulator that has the backing of the Pension Protection Fund for a crucial restructuring of the business.
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News
ECJ ruling could force PPF to provide buyout uplift
On the go: An opinion given to the European Court of Justice by its Advocate General could mean that defined benefit lifeboats like the Pension Protection Fund have to cover the entire value of members’ benefits when their sponsor becomes insolvent.
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NewsPPF could soon face court challenge on CVA stance, says barrister
The Pension Protection Fund could soon face a challenge to the way it acts in company voluntary arrangements, according to one legal expert, as it is seen as a ‘super creditor’ with preferential treatment in these restructuring processes.
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News
UCU chief urges Trinity College to backtrack on USS exit
On the go: The University and College Union has written a last ditch open letter urging the fellows of Trinity College at the University of Cambridge to reconsider their withdrawal from the Universities Superannuation Scheme.
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NewsResign over pensions dispute, RMT urges Grayling
The UK’s railway union called for the resignation of transport secretary Chris Grayling on Thursday, threatening strike action over the escalating railway procurement row.