All articles by Maria Espadinha – Page 26
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News
Ombudsman: DWP failed to explain GMP downgrade to members
The Department for Work and Pensions failed to properly communicate the detrimental impact that ending contracting out had on increases for individuals with a guaranteed minimum pension, the Parliamentary and Health Services Ombudsman has concluded.
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Features
Trustees back partial transfers for big pension pots
Data crunch: The number of schemes offering partial defined benefit transfers is increasing, with the option being targeted at members with large transfer values, new data show.
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News
Woodford debacle wipes out £63m from Kent Council Fund
On the go: The Kent County Council Superannuation Fund has seen the value of its holdings in Woodford Investment Management’s flagship fund fall 24 per cent in six months, wiping out £63m.
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News
Border to Coast launches £5bn global equity fund
On the go: Border to Coast Pensions Partnership has launched a Global Equity Alpha Fund, with assets worth £5bn spread across four asset managers hired in June.
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NewsDalriada working with replaced trustee to recoup £14m
Professional trustees charged with rescuing three pension schemes that flouted investment rules say selling out of prohibited assets may thwart their efforts to recoup more than £14m owed to members.
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News
Govt solution for doctors’ tax bill met with criticism
The government will introduce an emergency measure to pay the tax bills of doctors and consultants in England affected by the tapered annual allowance, but the move has been criticised by experts.
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News
Regulator updates pension transfer guidance for trustees
On the go: Defined benefit trustees will need to contact financial advice firms to check if the adviser listed on members’ transfer documents is employed with them, new guidance from the Pensions Regulator stipulates.
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News
DC trustees eye master trusts for decumulation options
Data crunch: Trustee reluctance to offer in-house drawdown means single-employer defined contribution schemes may look to partner with a master trust to offer decumulation products to members, new analysis shows.
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News
Aegon staff scheme completes £144m buy-in
On the go: The Aegon UK Staff Retirement and Death Benefit Scheme has completed a £144m buy-in with Phoenix Group.
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News
Nest diversifies with global corporate bond mandate
On the go: Master trust Nest has appointed Wells Fargo Asset Management to manage a global corporate bond mandate.
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News
Nursery director admits to avoiding paying pensions to staff
On the go: A pre-school nursery and its main director have pleaded guilty in court to attempting to avoid providing their staff with a workplace pension.
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News
Actuaries call for legislation on DB schemes simplification
On the go: The Association of Consulting Actuaries is calling for the next government to facilitate the wider simplification of defined benefit schemes, as part of its manifesto for the December general election.
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News
SSE further de-risks with £750m buy-in with PIC
On the go: The Scottish Hydro-Electric Pension Scheme – sponsored by Scottish and Southern Energy – has converted a longevity swap into a £750m buy-in contract with the Pension Insurance Corporation.
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News
LGPS pension bill to rise 1% with McCloud case
Fears that a legal case over discriminatory pensions could dent the funding of the Local Government Pension Scheme have been partially allayed, after preparations for the plan’s valuation found that liability increases will be limited.
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News
Master trusts cut prices to reach new authorisation targets
On the go: Master trusts are cutting prices by as much as 20 per cent to build up new business following authorisation from the Pensions Regulator, a consultancy firm has flagged.
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News
Scheme goes to court to avoid £10m rules drafting mistake
An orthotics and prosthetics manufacturer has been forced to go to court to amend a word in pension scheme rules drafted 20 years ago, which if left unchanged would have cost the plan £10m.
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News
New govt urged to find solutions for self-employed
On the go: The Association of Independent Professionals and the Self-Employed has called on the new government to update the long-term savings environment to better provide for entrepreneurs.
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News
Govt agrees to pension guarantees for mineworkers
On the go: The government has agreed to guarantee members of the Mineworkers’ Pension Scheme an annual increase in line with the retail price index, even if there is a deficit in the pension fund.
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News
Master trusts welcome CDC in decumulation
Several master trusts would welcome the ability to offer a collective defined contribution solution for their members in decumulation, after the government hinted at such a possibility.
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Features
Public sector schemes facing £102bn gap in next 10 years
The sustainability of unfunded public sector pension schemes has been called into question by actuaries, with calculations pointing to a shortfall of £102bn in the next 10 years.