More defined benefit news – Page 105
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Scottish govt bows to pressure over NHS death benefits
On the go: The Scottish government has agreed that all National Health Service staff providing frontline treatment to Covid-19 patients will receive full death benefits under the NHS pension scheme, including those returning on a temporary basis.
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NewsBA trustees disembark as destination comes into view
A British Airways defined benefit scheme is shrinking its trustee board size, due to decreased workload after a buy-in and successfully weathering the Covid-19 funding storm.
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Agri business and research institute switch to fiduciary management
On the go: Defined benefit schemes belonging to a malt production business and a social research institute have both switched to fiduciary management with Netherlands-owned Kempen Capital Management.
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Multibillion pension sponsors among vulnerable to demand shock
Sponsors of some of the UK’s largest defined benefit pension schemes are among those exposed to a potentially unsustainable level of debt if their cash flows dry up, new analysis has suggested.
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Govt extends RPI consultation to summer
On the go: Chancellor of the exchequer Rishi Sunak has extended until August the consultation on how the retail price index should be reformed, to give businesses more time to respond.
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ESG-focused investments show durability through market meltdown
The Covid-19 pandemic has shown how important environmental, social and governance factors are when making investment decisions, according to analysts.
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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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NewsCovid-19: Gold not foolproof as DB sponsors hold up
Market moves: Research suggests investors seeking the hedging of gold must be prepared to accept volatility, while a professional trustee company reassures over the state of defined benefit sponsors.
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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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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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Co-op buys in £400m on back of widened spreads
On the go: The Co-operative Pension Scheme has agreed a £400m buy-in with the Pension insurance Corporation, covering the pensions of around 2,000 members.
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Covid-19 leads to transfer values chaos
On the go: Market volatility resulting from the Covid-19 pandemic has led to wild swings in the value of defined benefit pensions, causing headaches for members considering a transfer.
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Inflation change to cost BT pension scheme up to £1.7bn
On the go: The government's plans to change the way the retail price index is calculated will mean BT Pension Scheme costs will increase up to £1.7bn.
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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.
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Border to Coast adds fixed income capability
On the go: The Border to Coast Pensions Partnership has added fixed income capability to its offering, seeding a sterling investment grade fund with £2.5bn of capital from partner funds.
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TPR eases reporting and enforcement rules
On the go: The Pensions Regulator has relaxed its enforcement rules and reporting guidelines for trustees amid the coronavirus crisis.
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DB schemes to face major data exercise for dashboards
New requirements to translate defined benefit pensions into an annual income in today’s terms could mean trustees and administrators face a major data exercise to comply with the pensions dashboards, according to experts.
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Jonathan Reynolds named shadow pensions secretary
On the go: Former shadow economic secretary Jonathan Reynolds has been named as the shadow secretary for work and pensions by new Labour leader Keir Starmer.
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Protheroe: From employee 37 to PPF board member
Fifteen years after joining the Pension Protection Fund as employee number 37, Sara Protheroe has now been appointed to the lifeboat’s board.
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Debenhams’ trustees working with TPR as retailer eyes administration
On the go: The trustees of the Debenhams pension schemes are working with the Pensions Regulator and the Pension Protection Fund, as the company filed a notice of intention to appoint an administrator on Monday.