All LCP articles – Page 12
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NewsDWP steps in at Lloyds’ GMP past transfers hearing
Government lawyers have dealt a blow to trustees hoping not to have to apply guaranteed minimum pension equalisation to past transfers, branding the argument from Lloyds Banking Group in a high-profile court case “misconceived”.
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Unfunded public pensions to take £150bn hit from Covid-19
Overinflated estimates of UK economic performance could strain the affordability of unfunded public sector pensions, according to new estimates, with the government forced to weigh the continued security of public sector workers’ retirement against a £150bn tax burden on future generations.
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Local government pension schemes invest in bank guilty of tax evasion
A number of local government pension schemes have come under fire over their investments in a troubled Israeli bank, according to research seen by Pensions Expert.
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HMRC admits errors in GMP final data cuts
HM Revenue & Customs has admitted that the data it has asked defined benefit schemes to use for the calculation of members’ guaranteed minimum pensions is outdated, which is expected to further delay trustees’ costly efforts to reconcile data with the taxman.
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LGPS cash flow problems mount as Covid-19 crisis continues
A number of local government pension schemes face cash flow problems as a result of the coronavirus crisis, according to a recent survey.
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Return of the zombies: Can trustees ‘game’ PPF?
Defined benefit trustees linked to struggling employers face tough decisions about whether to tip their sponsors into insolvency or increase their burden on the Pension Protection Fund amid the onset of a global recession, in what experts have called a regulatory grey area.
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RPI inflation court ruling could cost defence company millions
On the go: The High Court ruled against an attempt by a UK defence company to change the way it calculates final salary pension increases last week, the latest decision in a string of debates that have put millions of pounds in payments to retirees at stake.
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Multibillion pension sponsors among vulnerable to demand shock
Sponsors of some of the UK’s largest defined benefit pension schemes are among those exposed to a potentially unsustainable level of debt if their cash flows dry up, new analysis has suggested.
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Bulk annuity deals to hit £25bn in 2020
On the go: Defined benefit schemes are expected to complete buy-in and buyout deals in 2020 to the tune of £25bn, according to research from Lane Clark & Peacock.
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FeaturesCounting the cost of coronavirus
Counting the costof coronavirus Coronavirus and the market volatility that has greeted it has dealt a triple blow to defined benefit schemes - damaging asset values, causing wild swings in liabilities, and weakening sponsor covenant. Pensions Expert looks at which sectors will be worst hit, and what trustees can do ...
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NewsNews UK partners with Scottish Widows on pension app testing
Newspaper publisher News UK is collaborating with Scottish Widows on the testing of a new member app, as the pensions industry counts the cost of its failed attempts to boost engagement.
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TPR allows employers to cut contributions without consultation
On the go: The Pensions Regulator has warned employers against encouraging savers to opt out of auto-enrolment, as it relaxed its rules to allow them to cut some contributions without consultation.
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DB schemes to face major data exercise for dashboards
New requirements to translate defined benefit pensions into an annual income in today’s terms could mean trustees and administrators face a major data exercise to comply with the pensions dashboards, according to experts.
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TPR will not seek to punish trustees over tough pandemic decisions
Regulatory executive David Fairs has reassured defined benefit trustees that they will not be pursued over decisions they make in response to employers struggling in the wake of Covid-19.
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The People’s Pension introduces ‘criticised’ annual charge
The second-largest master trust in the UK is changing its charging structure and introducing an annual fixed fee, a model that other providers operate but which has been heavily criticised by experts.
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NewsTPR paves way for three-month DB contribution holiday
The Pensions Regulator has launched new guidance aimed at helping employers freeze their defined benefit obligations for three months in response to the economic fallout from coronavirus.
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McCloud: Civil servants to choose between old and new schemes
On the go: Members of public sector pension schemes who were victims of discrimination will be allowed to choose whether they accrued service in the old or new schemes, the government announced on Wednesday.
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Northumberland and Tyne and Wear schemes plan merger
The government is planning to merge the Northumberland County Council Pension Fund into the Tyne and Wear scheme, in a move that would generate savings of up to 12 per cent a year.
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HSBC ahead of curve with TCFD compliance
As the government seeks powers to mandate pension schemes to disclose their climate change risks, the HSBC Bank (UK) Pension Scheme is already on its second report under the Task Force on Climate-related Financial Disclosures.
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BoE’s return to QE adds to DB woes
On the go: The Bank of England has cut its base rate to a historic low of 0.1 per cent, while announcing plans to increase its balance sheet of bonds by £200bn.