All Defined benefit articles – Page 43
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NewsBMA issues stinging rebuke of ‘misleading’ NHS pensions claims
The British Medical Association has rebuked NHS England and NHS Improvement for what it calls “misleading” information about “punitive pensions taxation” and its impact on staff retention.
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NewsCrisis-driven mortality increase to reduce scheme liabilities
On the go: An increase in mortality rates brought about by the coronavirus pandemic, pressures on the healthcare system, and the cost of living crisis could see schemes’ liabilities reduced by around 2 per cent in the coming years, according to analysis from LCP.
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PodcastsPodcast: Uncertainty around inflation leads to ‘casino pensions’
Podcast: High levels of volatility around inflation will force trustees to “take a bet” on the future, as it is very difficult — absent a crystal ball — to predict inflationary pressure and its impact on scheme liabilities, says Pension Playpen chief executive Steve Goddard. He is joined by Cardano managing director Emily Goodridge to discuss inflation, technology in pensions, and the future of environmental, social and governance disclosure.
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NewsElectricity pensioners launch campaign amid inflation fears
The Association of Electricity Supply Pensioners has launched a campaign to protect the benefits of more than 100,000 members of the Electricity Supply Pension Scheme, amid fears that pension increases that do not match inflation could amount to significant losses.
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NewsUCU agrees marking boycott in latest USS escalation
On the go: Staff at 26 universities will take part in a marking boycott and strike action following the latest escalation of the ongoing Universities Superannuation Scheme pensions dispute.
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NewsTPR in-person visits return after lifting of Covid-19 rules
On the go: The Pensions Regulator has said it is carrying out in-person spot checks on employers in a compliance push that has been enabled by the relaxation of coronavirus restrictions earlier this year.
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NewsSchemes could bag £100bn in savings after bank base rate hike
The Bank of England's anticipated move to raise rates could fuel huge savings for defined benefit schemes, although the inflationary outlook has deteriorated as the cost of living crisis continues to bite.
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NewsTPR aims for transparency in consolidated enforcement powers
The Pensions Regulator has launched a consultation into a new draft enforcement policy document that aims to consolidate existing enforcement policies governing defined benefit, hybrid, public sector and defined contribution pension schemes.
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NewsUniversal Office Supplies scheme agrees £47mn buy-in
On the go: The Universal Office Supplies Pension Scheme has agreed a buy-in with Legal & General.
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NewsFTSE 350 DB deficit reaches two-year low amid bond yield rise
The accounting deficit of the defined benefit schemes of the UK’s 350 biggest public companies fell to £45bn at the end of last month — a level last seen in April 2020.
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NewsClara ‘in talks’ to raise £100mn of new funding
On the go: Clara-Pensions, the first defined benefit “superfund” to be approved by the Pensions Regulator, is in talks to raise £100mn of new funding.
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NewsHSBC pensions ‘clawback’ resolution defeated at AGM
On the go: A resolution against so-called pensions “clawback” at HSBC was defeated at the bank’s annual meeting, with 94 per cent of votes cast against abolishing the practice.
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NewsOne in three employees want paid-for adviser pensions consultations
On the go: Nearly a third of employees believe they are being kept in the dark over their pensions by their employers, while a similar amount (28 per cent) want their employers to pay for meetings with advisers to discuss their concerns about their retirement savings.
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NewsStandard Life’s sustainable switch and a new LGPS active fund
ESG spotlight: A roundup of the latest news on environmental, social and governance initiatives, including a new sustainable multi-asset profile from Standard Life, a £1bn sustainable global equities fund from LGPS Central, and an anti-scams pledge from the Universities Superannuation Scheme.
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NewsSchemes to weigh up £8bn cost of discretionary increases
Defined benefit schemes in the UK will have to weigh up the significant costs of granting discretionary increases later this year, which could add up to £8bn in liabilities across private sector DB schemes, according to Aon.
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NewsNationwide completes £172mn buy-in with Canada Life
On the go: The circa £7bn Nationwide Pension Fund has completed a £172mn bulk annuity transaction with Canada Life for its circa £338.2mn Cheshire and Derbyshire Section.
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NewsTPR: Smaller scheme trustees can do more
Some trustees at smaller pension schemes need to raise their game in areas like governance, David Fairs, the Pensions Regulator’s executive director of regulatory policy, has said.
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NewsSome DB schemes will be subject to ‘stronger nudge’ requirements
On the go: Some defined benefit schemes will have to comply with the Department for Work and Pensions’ new “stronger nudge” requirements, due to come into force on June 1, dispelling suggestions that only defined contribution schemes would be affected.
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OpinionNew DB funding code should focus on transparency
The Pensions Regulator recently delayed its new code of practice on defined benefit scheme funding. It initially consulted with the industry in 2020 on the principles that should underpin the new code — a second consultation on the draft code is expected in late summer.
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NewsEmployer contributions may lag NI LGPS growth, GAD finds
On the go: Tax-backed employers may struggle to maintain their contributions in line with the Northern Ireland Local Government Pension Scheme’s growth, the Government Actuary’s Department has found.