All Defined benefit articles – Page 72
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NewsCalls for a ‘rethink’ as dashboards call for input closes
The Pensions Dashboards Programme’s latest call for input closed on Friday. Industry figures, though encouraged by progress made on timescales, said problems stemming from inadequate disclosure regulations and estimated retirement income remain, leading LCP to call for an implementation “rethink”.
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NewsCommonwealth Bank of Australia scheme secures full buy-in
On the go: The Commonwealth Bank of Australia (UK) Staff Benefits Scheme has agreed a circa £420m full buy-in with Legal & General Assurance Society.
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PodcastsPodcast: Tapping DC for Long-Term Assets Fund requires ‘rigorous’ scrutiny
Podcast: HM Treasury’s proposals to tap defined contribution schemes for its new Long-Term Assets Fund is not a bad idea, but problems with daily dealing remain, and it requires the kind of “rigorous” scrutiny applied to other new asset classes. PensionBee chief executive Romi Savova and Jonathan Parker, head of DC and financial wellbeing at Redington, discuss the LTAF, rumours of a tax raid, and the Pensions and Lifetime Savings Association’s new Responsible Investment Quality Mark.
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NewsCovid-19 pressures accelerate rate of DB scheme closures
On the go: Analysis by the Pensions Policy Institute, sponsored by the Trades Union Congress, has shown that the pressures of the coronavirus pandemic have accelerated the rate of defined benefit scheme closures, but member outcomes are far less reliable in defined contribution schemes.
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NewsPoor choices under pension freedoms cost savers £2bn
Savers taking advantage of pension freedoms to cash out before retirement have suffered £2bn in lost returns, spurring calls for better financial education, according to analysis by LCP.
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OpinionPolicing police pensions
For advisers with clients in the police community, it might be tempting to simply dismiss the complaints raised recently by the Pension Challenge group – an independent group representing police officers arguing that the introduction of transitional arrangements to police pensions are discriminatory on the grounds of age — as the unwelcome opinions of a public sector minority.
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NewsReach Pension Plan joins new climate action group
On the go: The Reach Pension Plan has joined new action group Climate Impact Initiative, which aims to encourage pension providers to make climate-friendly impact investment options available for all savers regardless of plan size.
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NewsCovid-19 spurs wave of interest in sustainable investing
Almost two-thirds of European asset and investment managers believe that the pandemic has made sustainable investing more important, according to Schroders’ Institutional Investor Study 2021.
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NewsNearly a third of Gen Xers have inadequate pension savings
Almost one in three Generation Xers — individuals aged between 41 and 56 — have inadequate pension savings and face a minimum-at-best standard of living in retirement, according to research by the International Longevity Centre and Standard Life.
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NewsWest Sussex fund hires Northern Trust as transition manager
On the go: The circa £4.2bn West Sussex Pension Fund has appointed a transition manager to support the scheme as it transitions assets to the Access pool, which handles assets for 11 Local Government Pension Schemes.
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NewsGovt rejects calls for £1.2bn pension boost for mineworkers
On the go: The government has rejected calls to reform the Mineworkers’ Pension Scheme that could have seen its members share an additional £1.2bn, a decision critics have branded “intransigent” and a “slap in the face”.
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NewsNorfolk Council scheme extends investment consultancy framework
On the go: Norfolk County Council, acting on behalf of its own circa £3.6bn pension fund and a number of other UK Local Government Pension Schemes, has announced an extension to the duration of the National LGPS investment consultancy framework as a result of the Covid-19 pandemic.
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NewsDB funding levels improve amid favourable markets
On the go: The accounting deficit for the defined benefit pension schemes of the UK’s 350 largest listed companies fell in June, new data from consultancy Mercer show.
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NewsIndustry welcomes govt’s new green gilts
The government is to press ahead with “at least two” green gilt issuances later this year totalling around £15bn, and on Wednesday published its Green Financing Framework setting out its climate and environmental agenda in more detail.
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NewsPASA unveils counter-fraud guidance
On the go: The Pensions Administration Standards Association has unveiled its latest counter-fraud guidance, taking aim at scammers and looking to provide pension schemes with the tools used to counter an increase in criminal acts following the introduction of pension freedoms.
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NewsPLSA launches new RI standards at first ever ESG conference
The Pensions and Lifetime Savings Association is consulting on a new set of standards designed to help pension savers identify whether their schemes are meeting the highest standards for incorporating environmental, social and governance factors.
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NewsLCP calls for simplified pensions tax relief limit
On the go: LCP partner and pensions tax specialist Karen Goldschmidt has called for a simplification of the pensions tax relief limits as data released by the government show the number of people affected by annual and lifetime limits has increased.
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NewsGovt issues response to consultation on strengthening TPR’s powers
The UK government has issued its response to the Pensions Regulator’s contribution notices and information-gathering powers regulations consultation.
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NewsHymans warns over statement timescales as DWP consultation closes
On the go: As the Department for Work and Pensions closes its consultation on simpler annual benefit statements on Tuesday, investment consultancy Hymans Robertson has called for more time to implement the changes.
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NewsFour in 10 fail to check state pension forecast before retirement
On the go: Almost four in 10 people failed to check their state pension forecast before retirement, according to new research from retirement specialist Just Group.