All articles by Maria Espadinha – Page 17
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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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PPF creates panel to support trustees with stressed sponsors
On the go: The Pension Protection Fund has established a new panel to support trustees where the scheme’s employer is in stressed or distressed circumstances.
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One in five sponsors considering deficit holidays
On the go: Almost a fifth of UK defined benefit scheme sponsors have requested or are considering a deficit repayment contribution holiday, according to research from Isio.
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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the data it has asked defined benefit schemes to use for the calculation of members’ guaranteed minimum pensions is outdated, which is expected to further delay trustees’ costly efforts to reconcile data with the taxman.
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DB deficits fall £7bn in April as equity markets recover
On the go: The aggregate deficit of the 5,422 defined benefit schemes in the Pension Protection Fund 7800 Index fell by £7.4bn in April.
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Third of fiduciary managers disappoint in 2019
On the go: New research has revealed the stark differences between best-in-class and stragglers in the fiduciary management market.
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BT estimates £500m drop in pension assets value due to Covid-19
On the go: BT has estimated that its defined benefit pension scheme’s unquoted assets portfolio has lost £500m due to the negative impact of the Covid-19 pandemic.
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PodcastsPodcast: McClymont - UK still has far too many master trusts
Podcast: The UK master trust market is still lacking the scale needed to provide the best outcomes for members, argues Gregg McClymont, director of policy at The People’s Pension. He and Pat Sharman, managing director at Caceis, discuss concerns from the Pensions Regulator regarding the investment strategies pursued by some of the UK’s authorised master trusts, among other topics.
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ITV scheme trustees approve deficit repayment holiday
On the go: The trustees of ITV’s defined benefit schemes have agreed to a deficit repayment contribution delay, amid action from the broadcaster to mitigate the impact of Covid-19.
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Deloitte considers pension contribution cut
On the go: Accountancy firm Deloitte is proposing to cut the employer pension contribution for its UK staff in an attempt to cut costs amid the coronavirus pandemic.
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Schemes to issue pension transfer warning to savers
On the go: Pension scheme trustees are to warn members about the risks of transferring out of their defined benefit scheme amid the Covid-19 crisis.
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Mercer calls for six-month DB contribution holiday
The government has been called on to take “urgent action” and implement a six-month contribution holiday for defined benefit pension schemes, in a bid to allow sponsors to keep their businesses afloat.
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Border to Coast seeks China equity manager
On the go: The Border to Coast Pensions Partnership is looking to appoint a specialist China equity manager, in a mandate worth between £200m and £300m.
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Suspended deficit contributions could reach £1bn
On the go: Up to £1bn in deficit contributions could be suspended this year as trustees approve payment holidays in a bid to help sponsors survive the Covid-19 crisis.
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PodcastsPodcast: Trustees cautioned to be vigilant about relaxed rules
Podcast: Trustees should not take advantage of easements introduced by the Pensions Regulator, which has relaxed its enforcement rules and reporting guidelines, warns John Reeve, director at Cosan Consulting. He and Kate Smith, head of pensions at Aegon, discuss the recent changes to the pensions industry brought by the Covid-19 pandemic, alongside other issues.
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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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Master trust members close to retirement lose 8.7% in savings
On the go: The pension savings of master trust members close to retirement are likely to have declined on average by 8.7 per cent during the first quarter of 2020, according to analysis from Isio.
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Counsell: Industry must ‘step up and protect savers’
On the go: Pension providers and trustees “must step up and protect savers using every possible means”, as the vulnerability of individuals to scams has increased due to the coronavirus pandemic, the Pensions Regulator chief executive has warned.
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PPF could postpone 2030 funding goal amid Covid-19 crisis
The Pension Protection Fund could postpone its goal of being fully self-sufficient and 110 per cent funded by 2030 if needed to face the current Coronavirus pandemic, but will avoid “any kind of knee-jerk reaction”.
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Bulk annuity deals now cover 15% of UK defined benefit liabilities
On the go: Pension scheme buy-ins, buyouts and longevity swaps have insured £250bn of longevity risk since the market took off in 2007, which corresponds to 15 per cent of UK defined benefit liabilities, according to analysis from Hymans Robertson.