All Defined benefit articles – Page 149
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News
Consolidation could see 4 in 5 schemes disappear
Consolidation will see just 1,000 defined benefit schemes still operating in 25 years’ time, according to a new report, but some experts doubt the appetite from government or the private sector to bring about economies of scale.
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WPP buys in £140m across five schemes
Communications services giant WPP has insured £140m of defined benefit liabilities with the Pension Insurance Corporation.
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Select committees blast Carillion directors
MPs chairing the joint inquiry into the collapse of outsourcer Carillion have lambasted the company's former directors as "delusional", highlighting that recovery plans drafted shortly before the insolvency paid little consideration to pensioners.
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NewsRegulator publishes British Steel section 89 report
The pensions watchdog has outlined its decision-making process in a regulatory report on the British Steel Pension Scheme, published six months after greenlighting the regulated apportionment arrangement to separate the BSPS from Tata Steel UK.
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BT to close DB managers’ scheme
BT is to close its defined benefit BT Pension Scheme to managers for future accrual on May 31 2018.
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Edinburgh Airport scheme hires new consultant
The Edinburgh Airport Pension Plan has appointed actuaries and consultants Spence & Partners for defined benefit pension scheme management.
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NewsNissan defies carmaker trend towards DC
Car manufacturer Nissan is consulting on a proposed switch to a career average scheme to reduce the volatility of its pension liabilities, amid recent and proposed moves to defined contribution in the industry.
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BT to appeal High Court ruling
On the go: BT will appeal last month’s High Court ruling against changing the measure by which increases for its Section C scheme are calculated, from the retail price index to the consumer price index.
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Prospect: Govt must uphold promise to electricity workers
A group of Carillion electricity workers may become a key test case for pension protections, according to union Prospect.
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Royal Mail and CWU reaffirm commitment to CDC
Royal Mail and the Communication Workers Union have reiterated that they have "reached an agreement in principle" on pensions, pay, a shorter working week, culture and operational changes. The union's executive recommends that CWU members vote in favour of the proposals in an upcoming ballot.
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High Court set to hear objections to Barclays pension plans
The High Court will hear objections to Barclays’ decision to back its pension scheme with its non-ringfenced investment bank, reports the Financial Times.
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FeaturesBritish Coal members raise Capita admin concerns
The £9.4bn British Coal Staff Superannuation Scheme has had to calm member concerns at its 2017 annual meeting over its decision to appoint Capita as its administrator last year.
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NewsGovt defeated on 'discriminatory' changes for firefighters and judges
The Employment Appeal Tribunal is returning the firefighters’ discrimination case to the Employment Tribunal and has dismissed the government’s appeal over a similar case in relation to a group of judges.
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News
Committees question Santander, FSB and Carillion shareholders
Both the Work and Pensions Committee and Business, Energy and Industrial Strategy Committee have written to the Federation of Small Businesses, HM Revenue & Customs and major shareholders in Carillion to try to get a better idea of operations at the construction outsourcing company.
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News
Box Clever trustees under scrutiny for scheme setup decisions
The trustees of failed TV rental business Box Clever’s defined benefit pension scheme have come under scrutiny for their decisions involving the fund’s setup, as part of an Upper Tribunal hearing on the company’s collapse.
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Features
Leicestershire fund boosts death benefit security for children
Leicestershire County Council Pension Fund has introduced additional requirements for legal guardians responsible for children’s pensions and death grants, where the guardian’s nomination has been the subject of dispute.
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News
British Steel scheme consultation closes
The British Steel Pension Scheme has closed its 'Time to Choose' consultation, with the scheme receiving responses from 97,000 of its 122,000 members.
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FeaturesRobo-trustees: Would you welcome one on your board?
Any other business: For those feeling uneasy about the idea of sitting next to a Star Wars-style droid at a quarterly meeting, you can rest assured we are not likely to witness the rise of the robo-trustee anytime soon.
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News
ITV case: Regulator argues for retrospective moral hazard powers
The leveraging up of TV rental company Box Clever put members’ pensions at risk while extracting maximum value for its shareholders, a landmark Upper Tribunal case about the Pensions Regulator’s powers has heard.
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NewsMPs accuse Carillion of trying to 'wriggle out' of pension obligations
The Work and Pensions Committee has accused Carillion of trying to “wriggle out” of its pension obligations for the past decade, amid calls for stronger laws to prevent future scandals.