All Defined benefit articles – Page 46
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NewsWhitbread Group scheme secures £680mn buy-in
On the go: The £3bn Whitbread Group Pension Fund has secured a £680mn buy-in with Standard Life.
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NewsNew British Steel scheme appoints investment manager
On the go: The new £9.9bn British Steel Pension Scheme has agreed in principle to appoint Legal & General Investment Management to handle its scheme assets in full.
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NewsDB schemes reach 120% funding
On the go: The aggregate surplus of the 5,215 defined benefit schemes in the Pension Protection Fund 7800 Index increased by £6.3bn in June, reaching a funding position of 120.1 per cent.
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NewsDWP spends £13mn in arrears to FAS members due to court cases
The Department for Work and Pensions is estimating a total cost of £13mn in arrears paid to Financial Assistance Scheme members due to the implementation of recent court cases, its annual report and accounts have revealed.
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NewsAlmost half of LGPS funds expect to be fully funded by next valuation
On the go: Forty-six per cent of Local Government Pension Scheme funds expect to be more than 100 per cent funded at their next triennial actuarial valuation, according to new research.
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NewsNest vows to improve gender and ethnicity pay gaps
On the go: Nest has outlined a path to closing the gender and ethnicity pay gaps following the release of two years’ worth of equality and inclusion data.
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NewsGuy Opperman reappointed pensions minister
Guy Opperman has agreed to return to his pensions minister post until a new leader of the Conservative party is elected.
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News90% of savers would use digital pensions dashboard
On the go: Nine in 10 savers would use a digital pensions dashboard if it gave them a consolidated view of their pensions, savings and investments, according to research from The Investing and Saving Alliance and EY.
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NewsGovernment resignations throw pensions into ‘turmoil’
Collapsing scenery in and around Downing Street has sparked fear in the pensions industry, as the resignation of pensions minister Guy Opperman brings important reforms to a halt.
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NewsDWP fails to end transfer ‘war’ between PensionBee and providers
Attempts by the Department for Work and Pensions and the Pensions Regulator to clarify the intent behind rules governing pension transfers have failed to settle the matter between PensionBee and providers it accused of wrongdoing, as critics say intent does not trump law.
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NewsCall for British Steel compensation to go through PPF
On the go: Adviser trade body the Personal Investment Management & Financial Advice Association has called for those who were wrongly advised to transfer out of the British Steel Pension Scheme to be transferred into the Pension Protection Fund, so they can once again have a guaranteed income.
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NewsOpperman rebuffs Timms’ FAS criticism
On the go: Prior to his resignation, pensions minister Guy Opperman rejected Work and Pensions Committee chair Sir Stephen Timms’ criticisms over the Financial Assistance Scheme compensation cap.
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NewsBT sets 5-year carbon goal, Islington updates net zero targets
ESG spotlight: A roundup of the latest news on environmental, social and governance initiatives, including new decarbonisation targets from the £57.5bn BT Pension Scheme, an update to the £1.4bn London Borough of Islington Pension Fund’s responsible investment policy, and the Financial Conduct Authority’s delay to plans for sustainable investment labels.
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NewsEmployers call for UCU backing over USS governance review
On the go: Universities UK, the group representing 340 Universities Superannuation Scheme employers, has called for the backing of the University and College Union over the scheme's governance review.
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NewsPASA calls on schemes to get dashboards data ready
On the go: The Pensions Administration Standards Association has issued guidance to help schemes prepare their data for the pensions dashboards, while revealing that many schemes are “not actively managing their data”.
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NewsFirefighters and doctors cleared to challenge govt on McCloud costs
The Fire Brigades Union and the British Medical Association have been granted permission to challenge the government over plans to pass McCloud remedy costs on to their members.
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NewsTPR and DWP respond to pension transfer rule concerns
On the go: The Pensions Regulator and the Department for Work and Pensions have sought to allay concerns over pension transfer rules and their application to overseas investments and “small-scale incentives”.
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NewsDWP’s consultation on DB funding regulations expected in July
On the go: A long-awaited Department for Work and Pensions consultation into regulations underpinning the new defined benefit funding code is expected towards the end of July, putting the code on track to launch in late 2023, according to a spokesperson from the Pensions Regulator.
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NewsUBS scheme extends longevity swap
On the go: The UBS (UK) Pension and Life Assurance Scheme has extended its longevity swap with Zurich Assurance and Canada Life Assurance Company by £0.5bn.
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NewsDelays grip NHSBSA after spring retirement applications jump 35%
On the go: The NHS Business Services Authority has warned that it has experienced delays to handling some retirement applications after a 35 per cent surge in applications during the spring.