All Defined benefit articles – Page 44
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NewsGMP conversion bill receives royal assent
On the go: A private members’ bill aimed at clarifying and streamlining the process of guaranteed minimum pensions conversion has received royal assent.
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NewsCapital build-up sees Lloyds make extra £500mn deficit contribution
On the go: Lloyds Banking Group has made £1.3bn in deficit contributions to its three main defined benefit pension schemes.
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NewsTPR funding statement flags uncertainty impact for valuations
High levels of uncertainty surrounding inflation, interest rates, mortality, energy prices and economic growth will put additional pressure on trustees completing their tranche 17 valuations this year, according to the Pensions Regulator’s annual funding statement.
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NewsUnite campaigners plan pensions clawback protest at HSBC AGM
Members of the Unite trade union will protest outside HSBC’s annual meeting, in the latest chapter of a long-running saga over employees’ pensions.
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NewsThird of schemes using GMP to improve member options
On the go: One-third of pension schemes are using the guaranteed minimum pensions equalisation process as an opportunity to improve member options, according to new research.
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NewsCampaigners oppose govt’s planned boycott ban
On the go: A coalition of 46 campaigning organisations has spoken out against anti-boycott legislation due in the next Queen’s Speech, which includes a ban on pension funds from pursuing politically motivating boycotts and divestments.
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NewsAlmost half of schemes lacking cyber security testing
On the go: Almost half of pension schemes (43 per cent) have not tested the strength of their plan’s IT systems, processes and procedures for cyber crime protection, according to new research.
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NewsContribution notice of £3.6mn hints at ‘new era’ of TPR powers
Legal commentators have hailed what could be the start of a “new era” in the Pensions Regulator’s enforcement powers after its determinations panel handed down a contribution notice for more than £3mn to two individuals connected with the Meghraj Group Pensions Scheme.
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NewsInstitute and Faculty of Actuaries issues climate risk alert
On the go: The Institute and Faculty of Actuaries has published a new alert warning of the risk that actuaries may not be appropriately considering or communicating the impact of climate change, and has committed to releasing new guidance in this area.
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NewsMPs press water scheme over surplus transfer to sponsor
Stephen Timms, chair of the Work and Pensions Committee, has asked the £710mn Water Companies Pension Scheme to explain the transfer of the Bristol Water section’s surplus over to its sponsor.
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NewsAltus and ITM move first on next stage of dashboards journey
On the go: Financial services software company Altus and platform technology specialist ITM have been confirmed as the first participants in the Pensions Dashboards Programme’s “Alpha” stage to move forwards to the next development stage.
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NewsFCA relaunches pension transfer advice checker tool
On the go: The Financial Conduct Authority has relaunched its pension transfer advice checker tool, which has been designed so that consumers can see whether they have received unsuitable advice.
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NewsPodcast: ‘Pot follows member’ legislation needed to solve small pots problem
Podcast: Industry consensus is needed to support a ‘pot follows member’ solution to the small pots problem, with previous attempts to solve it having failed, says Henry Tapper, executive chair of AgeWage. He is joined by Tom McPhail, director of public affairs at the Lang Cat, to discuss small pots, commercial consolidators, and more McCloud woe for the Local Government Pension Scheme.
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NewsTransport workers consider new strike over TfL pension review
On the go: Ballot papers have been sent out to Transport for London and London Underground staff in the Unite union over strike action, in response to a government review of the TfL pension scheme that threatens to cut benefits.
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NewsRailpen tells investors to prioritise companies for engagement
On the go: Railpen, which manages around £35bn in assets for the Railways Pension Scheme, has devised a new “systematic framework” on net zero stewardship in partnership with the Institutional Investors Group on Climate Change.
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NewsGLIL banks record £1.2bn fundraising for infra investment
On the go: Local Government Pension Scheme funds have stumped up £1.2bn towards GLIL Infrastructure for investment in UK infrastructure.
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NewsScam warnings on DB transfers near record high
On the go: The number of scam warnings on defined benefit transfers is near a record high, despite a downward trend in transfer activity, XPS Pensions Group has said.
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NewsPLSA issues further clarification on HMRC’s GMP guidance
On the go: The Pensions and Lifetime Savings Association has posted a memo clarifying certain aspects of HM Revenue & Customs’ guidance on the tax treatment of guaranteed minimum pensions equalisation, looking specifically at the treatment of the interest element.
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NewsPolice Scotland warned of staff exodus after pension changes
Police Scotland is reportedly facing a staff exodus after changes to pension lump sum rules led 1,800 staff to query the size of the figure they will receive under the new system, with 400 having already decided to leave the service.
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NewsPPF seeks admin and actuarial services company
On the go: The Pension Protection Fund has launched a tender to appoint a new company to join its specialist administration and actuarial services panel, which provides assistance to the lifeboat fund and schemes when they enter the PPF assessment period.