More defined benefit news – Page 104
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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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Falling support for TPR’s new funding regime
On the go: Support for the Pensions Regulator’s vaunted new defined benefit funding regime may be falling, according to a report by Aon.
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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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NewsUnion considers AA scheme closure ‘significant attack’ on members
The recent closure of the Automobile Association defined benefit scheme – following a consultation with scheme members and trustees – has been branded a “significant attack on members’ benefits” by trade union GMB.
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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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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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Insurer investment risks could drag on buyout volumes
Variations in the levels of investment risk taken by life companies providing insurance for defined benefit pension promises could distort and disrupt the progress of the pensions derisking market, according to experts.
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Govt extends scheme pays deadline for NHS workers
On the go: The government has extended the National Health Service scheme pays deadline by three months to stop workers being hit by unexpected tax bills as a result of the tapered annual allowance.
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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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TPR signals renewed focus on sponsor affordability
The Pensions Regulator has directed defined benefit trustees to focus on the affordability of payments into their schemes by sponsoring employers, urging collaboration to link business recovery to increased member security.
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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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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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Teachers scheme renews with Capita
On the go: The Department for Education has renewed its contract with outsourcer Capita for the administration of the Teachers’ Pension Scheme.
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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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Govt suspends tax rule for returning NHS workers
On the go: The government has temporarily suspended tax rules that could have seen returning NHS workers hit with a significant tax charge on their pensions income.
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Longevity swap investors warned over collateral calls
A spike in the UK mortality rate due to Covid-19 could raise concerns for defined benefit pension schemes that have implemented longevity hedging, as it could trigger collateral calls on their longevity swaps.
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Another way to give DB employers relief?
Analysis: Trustees of defined benefit schemes are being asked to make tough decisions as to whether to allow employers to change their scheduled contributions, amid the lockdown-driven economic crisis. Could changing the employer assets over which they have security help bosses free up the cash to stay afloat?
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Premier Foods sets up tasty scheme merger
Premier Foods, maker of Mr Kipling cakes, has reached a groundbreaking agreement to merge its RHM, Premier Foods and Premier Grocery Products pension schemes, a move that the company estimates could save it as much as £145m in contributions.
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£37bn a year to flow from DB to bulk annuity providers
On the go: Demand for buy-ins and buyouts is predicted to average £37bn a year for the next decade, according to new analysis.