More defined benefit news – Page 104
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News
Train operators' legal battle with government kicks off
On the go: Train operators will argue that the government has unfairly excluded them from rail contracts over its stance on pensions, in a High Court case that begins on Monday.
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New rules for pension transfers to cost industry £1m
On the go: New rules to prevent scams are expected to cost the industry and employers about £1m in their first year and impact more than 160,000 pension transfers.
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British Steel trustees cleared by Pensions Ombudsman
The Pensions Ombudsman has rejected a number of complaints against the trustees of the old British Steel Pension Scheme, after concluding that communications to members were not misleading and did not amount to scaremongering.
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PPF: More than half of defined benefit schemes still in deficit
On the go: Fifty-seven per cent of defined benefit schemes in the UK are in deficit, with an aggregate shortfall of £160bn, according to the latest edition of the Pension Protection Fund’s Purple Book.
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Hundreds of teachers take legal action against government
On the go: More than 300 teachers are issuing claims to the employment tribunal relating to discriminatory changes made to their pensions in 2015.
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Tapered annual allowance solution dismissed by experts
Pensions experts have criticised a rumoured government policy to raise the tapered annual allowance threshold income, calling it a sticking plaster that will not solve the underlying problem.
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Post Office workers set to receive scheme surplus spoils
Members of the Post Office section of the Royal Mail Pension Plan may be in line to receive a windfall, with the trustee considering how to share a £28m surplus as the scheme moves to partial buyout.
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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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Regulator outlines Q1 policy plans
On the go: The Pensions Regulator is to publish recommendations on trustee diversity and governance in February, as the watchdog set out its policy commitments for the early months of 2020.
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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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UK crawls back towards PPF surplus
On the go: UK defined benefit schemes are inching towards being fully funded on the basis used by the Pension Protection Fund, new figures from the lifeboat reveal.
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New pension tax rules could be in place by April
On the go: The outcome of the government’s review on the tapered annual allowance is expected to be published in the upcoming Budget, and reforms could be in place from the start of the next tax year, according to the British Medical Association.
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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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National Grid scheme commits £185m to UK renewables
On the go: The National Grid UK Pension Scheme has awarded a £185m mandate to Octopus Renewables to manage UK solar and onshore wind assets.
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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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Scottish local funds urged to develop information standards
Inconsistencies and lack of standardisation in information are frustrating efforts to make a ‘like-for-like’ comparison between local authority funds in Scotland, a new government report has found.