All Defined benefit articles – Page 34
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NewsJaguar and Mercer rapped by ombudsman for ‘woeful’ service
The trustee of the Jaguar Pension Plan, and its administrator Mercer, have been ordered to compensate a member who retired on the basis of incorrect information about his pension.
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NewsPandemic damage mitigated as quarter of schemes are in surplus
More than a quarter (27 per cent) of defined benefit and hybrid schemes with tranche 15 valuations were in surplus on a technical provisions basis, despite the market shock of the Covid-19 pandemic, according to the Pensions Regulator’s latest scheme funding analysis.
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NewsSchemes free to consider McCloud ‘immediate detriment’ payments
On the go: Pension schemes may weigh up whether it is appropriate to offer a remedy to members suffering “immediate detriment” from the McCloud ruling, the Pensions Ombudsman has said.
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NewsBW’s Sara Cook elected president of the Pensions Management Institute
On the go: The Pensions Management Institute has appointed Barnett Waddingham principal Sara Cook as its president.
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NewsTechnology is biggest challenge most DB sole trustees face
On the go: Nearly two-thirds of defined benefit scheme sole trustees have earmarked technology as their biggest challenge for the next few years, according to new research.
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NewsPodcast: Ball in TPR’s court as DB funding code consultation launches
Podcast: The consultation into the defined benefit funding code by the Department for Work and Pensions hints at a prescriptive regime to come, but the Pensions Regulator must improve on its “rubbish” code of practice draft, according to Zedra client director Richard Butcher. He and Hymans Robertson partner Laura McLaren discuss the next steps, stronger nudge concerns, and assess the health of pensions post-Maxwell.
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NewsPPF to cover costs of scheme Fraud Compensation Fund claims
The Department for Work and Pensions is consulting on regulatory amendments that would allow the Pension Protection Fund to make interim payments to cover scheme fees and costs during Fraud Compensation Fund claims, and remove a loophole regarding child dependants.
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NewsTfL workers plan strike in August over pensions
On the go: Tube workers will strike once more on August 19 over pay and pensions, this time in response to an alleged refusal by Transport for London to share details of a government funding proposal for London transport.
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NewsUniversities Superannuation Scheme acquires Butlin’s assets
On the go: The £90.8bn Universities Superannuation Scheme has acquired three real estate assets handled by holiday resort operator Butlin’s.
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News80% of DB schemes to hit long-term funding goals within 9 years
On the go: Eighty per cent of defined benefit pension schemes expect to meet their long-term targets within the next nine years, according to new research.
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NewsNew proposals set DB schemes on path to ‘low dependency’
Defined benefit pension schemes will need to be funded in such a way that they are in a state of “low dependency” on their sponsoring employer by the time they are significantly mature, under new government proposals.
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NewsUSS annual report shows significant improvement but angers unions
The significant improvement in the Universities Superannuation Scheme’s funding position and resilience has angered the University and College Union, which argued that benefit cuts implemented in April were “totally unnecessary” in light of the scheme’s strength.
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NewsMineworkers’ scheme to align pension increases with RPI
On the go: The Mineworkers’ Pension Scheme has announced pension increases aligned with the retail price index for 2022 and 2023, currently running at 11.8 per cent.
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NewsDB sponsor profit warnings jump 70% in first half of 2022
On the go: The number of profit warnings issued by UK companies with a defined benefit scheme has increased to 34 in the first half of the year, representing a 70 per cent rise over the same period in 2021.
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NewsClearGlass: Passive ESG funds provide value for money
On the go: Passive environmental, social and governance funds are cheaper and outperform their non-ESG equivalents, representing value for money, according to a study by ClearGlass Research.
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NewsMPs call NHS pensions ‘national scandal’ as doctors forced to leave
On the go: The Health and Social Care Committee has called NHS pension arrangements “a national scandal” as senior doctors are being forced to reduce their hours or stop work entirely.
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NewsPension savers prioritise returns over ‘investment big bang’
On the go: Less than a fifth of pension savers think that investing their pensions in companies or assets that would benefit their local area should be prioritised, new research has revealed.
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NewsTwo-fifths of fiduciary managers do not actively influence voting
On the go: Forty-two per cent of fiduciary managers do not actively influence the voting activities of underlying assets or managers when looking at environmental, social and governance issues, new research has revealed.
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NewsMedway Packaging scheme completes full £52mn buy-in
On the go: The Medway Packaging Pension Scheme has completed a full buy-in with Pension Insurance Corporation covering £52mn of liabilities.