All articles by Maria Espadinha – Page 23
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HMRC delays GMP reconciliation final timeline again
On the go: HM Revenue & Customs has again declined to announce a new timeline for the guaranteed minimum pension reconciliation final data cuts, despite having promised that its next update would bring a string of delays to an end.
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TPR presses Church of England for shorter deficit recovery
The Pensions Regulator has dismissed the idea of the Church of England employers reducing their deficit contributions, after a change in the valuation method used in one of its defined benefit schemes resulted in a shortfall decrease from £236m to £50m.
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RPI reform consultation to be published in March
On the go: A consultation on changes to the retail price index will be published alongside the UK Budget on March 11, the chancellor of the exchequer has announced.
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Chappell ordered to pay £9.5m into BHS schemes
On the go: Dominic Chappell has been ordered to pay £9.5m into two pension schemes related to the collapsed high street chain BHS.
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NewsRailways Pension Scheme deficit called into question
New calculations showing an £11bn deficit for the Railways Pension Scheme have been dismissed by the National Union of Rail, Maritime and Transport Workers, which has promised industrial action if new measures to plug the gap are imposed without negotiation.
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GMP rectification facing further delays after HMRC announcement
The government’s delayed timeline for confirming payments due under guaranteed minimum pensions reconciliation will be published soon, HM Revenue & Customs announced on Thursday, as it attempted to put an end to long-running confusion over partial payments.
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Mineworkers and British Coal secure £268m settlement
On the go: The Mineworkers’ Pension Scheme and the British Coal Staff Superannuation Scheme have secured a $350m (£268m) settlement from a class action against a photovoltaic solar panel producer.
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Border to Coast hires Pimco for multi-asset credit fund
On the go: Border to Coast Pensions Partnership has appointed Pimco as the core manager for its multi-asset credit fund, which is expected to launch in early 2021.
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PPF reaches 1,000th scheme transfer milestone
On the go: The Pension Protection Fund has accepted its 1000th scheme with the transfer of Carillion Rail, a section of the Railways Pension Scheme with almost 4,000 members.
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Brunel eyes full transition of scheme assets by end of 2020
On the go: The Brunel Pension Partnership is aiming to complete the transition of assets from its partner funds by the fourth quarter of 2020, by which point it expects to have launched the majority of its portfolios.
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Private school teachers threaten strikes over pensions
On the go: Teachers in private schools are threatening to strike, as a massive increase in contributions is leading to many of these institutions leaving the Teachers’ Pension Scheme.
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NewsLocal schemes urge Barclays to stop financing fossil fuel companies
Several local government pension schemes are asking Barclays to publish a plan to gradually phase out its financing of fossil fuel companies, as the bank has provided more than $85bn (£65bn) to such companies since the Paris Agreement was signed in 2015.
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Majority of employers planning to review pensions provider in 2020
On the go: Eighty-seven per cent of employers are looking to review their pension provider in the next 12 months, according to new research from investment platform Smarterly.
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Nest Invest gets green light from FCA
On the go: Nest Invest, the investment subsidiary created by the master trust alongside its move into private credit, has been authorised by the Financial Conduct Authority.
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Most schemes considering joint GMP rectification and equalisation
Most pension schemes expect to combine their guaranteed minimum pension rectification and equalisation projects, new data suggest, as experts said this can simplify member communications and increase efficiencies for trustees.
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Titanic shipyard scheme enters PPF assessment
On the go: Harland and Wolff Pension Scheme, the Belfast shipyard that built the Titanic, has entered an assessment period at the Pension Protection Fund after the company went into administration.
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Providers divided on mandatory simpler annual statements
Workplace providers such as Smart Pension and PensionBee are supporting the government’s intention to introduce a standardised annual statement, with calls for legislation if take-up from schemes does not increase.
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Opperman promises ‘refined’ Pension Schemes Bill
On the go: The Pension Schemes Bill has been included in the Queen’s Speech delivered on Thursday, with pensions minister Guy Opperman stating it will be a refined version from the previous document.
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PPF only needs to hike benefits if member faces poverty risk
The European Court of Justice ruling on the Bauer case has been described as a “welcome relief” for the Pension Protection Fund, as the lifeboat will only have to up member benefits if the individual is living below the at-risk-of-poverty threshold.
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Large employers to face higher PPF levy in 2021
On the go: The Pension Protection Fund is proposing changes to its levy risk assessment model, which will result in increased charges for larger employers.