More defined benefit news – Page 107
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News
HMRC request for schemes to report breaches branded ‘unsatisfactory’
HM Revenue & Customs' request for pension administrators to remind their members about potential tax breaches has been branded ‘very unsatisfactory’ by a former pensions minister, who said the tax authority was offloading its own responsibilities onto schemes.
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DB schemes still fit for purpose
When Michelle Ostermann came to the UK to work for RPMI Railpen, in the beginning of 2019, she was surprised by the number of closed corporate defined benefit schemes in the UK.
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Unilever proposes DB scheme closure to new members
On the go: Unilever is poised to close its defined benefit scheme to new members, in an attempt to reduce increasing costs and allow greater flexibility for employees.
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Royal London issues guidance for trustees when appointing IFAs
On the go: There is no right answer to whether trustees should be appointing financial advisers to help members make retirement decisions. However, doing nothing is not a risk-free option, a new policy paper from Royal London and Eversheds Sutherland has stated.
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Schemes hit back at DWP’s levy ‘knee-jerk solutions’
Several pensions experts have criticised the government’s consultation on the general levy on pension schemes, arguing that the Department for Work and Pensions has proposed ‘knee-jerk solutions’ that are not fit for purpose.
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ONS: Life expectancy increases continue to stall
On the go: New data from the Office for National Statistics shows that life expectancy improvements continue to stall, which is expected to improve pension schemes liabilities.
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McCloud claimants to be treated as pre-2015 members
On the go: Younger members of public sector schemes who have been discriminated against by the government’s 2015 pension reforms will be treated as participants of the original pension funds.
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NewsAlmost 200 schools leaving Teachers’ Pension Scheme
More than one in 10 private schools participating in the Teachers’ Pension Scheme are leaving the pension fund, with the majority opting for a defined contribution arrangement to avoid a massive increase in contributions.
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Calls for NHS pension solution to be extended to armed forces
On the go: The Forces Pension Society has called on the government to extend its temporary fix for pension tax issues for senior clinicians to the armed forces.
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National Grid completes £1.6bn buy-in with Legal & General
On the go: The National Grid UK Pension Scheme has completed a £1.6bn buy-in with Legal & General.
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Trustees vindicated in RPI/CPI switch complaint
The Pensions Ombudsman sided with pension scheme trustees in two separate cases over the decision to switch their inflation measure away from the retail price index.
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Micro-buyout specialist announces first deal for textile merchant
On the go: A textiles company from Bradford has successfully achieved a buy-in for £9.3m of its defined benefit liabilities with Canada Life after an auction with three bulk annuity insurers.
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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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University employers write to staff ahead of strikes
Representatives of the UK’s universities have written an open letter to staff asking them to reconsider strikes over issues including pensions, planned to begin next week.
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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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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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Academics union questions regulator’s oversight of USS
Academics have expressed disquiet over the role of the Pensions Regulator in the governance in one of the largest occupational pension schemes in the UK.
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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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High Court tells ombudsman to reconsider pension case
A dispute over whether a university employee was entitled to her full pension has been sent back to the Pensions Ombudsman after the High Court disagreed with the initial decision.
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NewsPlumbers call for trustee chair to resign over pensions debacle
An action group is calling for the resignation of Alan Pickering CBE as chairman of the Plumbing and Mechanical Services Industry Pension Scheme.