More defined benefit news – Page 109
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Asda enters mammoth buy-in ahead of possible float
On the go: UK supermarket chain Asda has offloaded £3.8bn of its defined benefit liabilities in a buy-in with Rothesay Life.
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Opperman urges schemes to ‘act now to equalise GMP’
On the go: Guy Opperman has called on pension schemes to take immediate action to equalise guaranteed minimum pension payments.
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PASA president warns over data costs
On the go: The president of the Pensions Administration Standards Association has warned that the poor quality of pension scheme data could frustrate the efforts of pensions dashboards.
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Consultation on DB funding code expected early 2020
On the go: A consultation on a revised defined benefit funding code will be launched at the start of next year, according to Charles Counsell, chief executive of the Pensions Regulator.
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Trustees unconvinced on lifetime mortgage backing
Data crunch: Lifetime mortgage providers are hoping to tap into pension fund capital to fuel market expansion, but a combination of limited expertise, social risks and maturing defined benefit liabilities are holding trustees back.
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Consolidators unfazed after being dropped from pensions bill
The two existing defined benefit commercial consolidators have said they are not surprised by the lack of superfund provisions in the pensions bill.
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NewsESG divestment set to take place on global scale
Climate change activism and trustee awareness of environmental, social and corporate governance has led schemes to divest from fossil fuels, figures released today show.
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Pension schemes bill overshadowed by Brexit
A pension schemes bill has been included in the Queen’s Speech as expected, but critics say the government’s Brexit headaches and lack of majority mean it is little more than a manifesto pledge.
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LGPS Central Pool launches sustainable fund
On the go: The Local Government Pension Scheme Central Pool has launched a new equity fund incorporating key climate change considerations in a bid to deliver long-term growth.
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One in three schemes consider appointing IFA
On the go: Some 35 per cent of pension schemes have either appointed or are considering appointing an independent financial adviser to support members, research reveals.
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DB funding levels improve over September
On the go: The overall funding position of UK defined benefit schemes improved in September, according to figures released by the Pension Protection Fund on Tuesday.
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NewsField sounds alarm over unregulated DB superfunds
The chair of the Work and Pensions Committee has warned that the government may be putting retirements at risk if it does not bring forward legislation to regulate defined benefit superfunds.
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Brexit property slump means DB pension will be worth more than average home
On the go: Brexit uncertainty rattling the UK housing market could lead to pensions wealth overtaking the value of private housing in the UK, according to analysis by Hymans Robertson.
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Ombudsman upholds complaint against LGPS despite predator warning
On the go: The Pensions Ombudsman has upheld a complaint against Hampshire County Council and the Hampshire Pension Fund involving a transferring member who fell victim to a scam.
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Guidance on GMP equalisation methodology published
On the go: Guidance outlining the methods that schemes should use to equalise for the inequalities of guaranteed minimum pensions has been published by the GMP Equalisation Working Group.
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Gilt yield rally improves DB funding over September
On the go: The combined deficit of defined benefit pension schemes fell by £50bn at the end of September 2019, PwC data shows.
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Allied Domecq scheme in monster buy-in
On the go: The Allied Domecq Pension Fund has entered into a buy-in arrangement worth £3.8bn with Rothesay Life, the second multibillion pound bulk annuity transaction in a week.
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PPF increases levy estimate by 8%
On the go: The Pension Protection Fund has raised the levy it charges employers sponsoring defined benefit schemes, as worsening underfunding and declining gilt yields take their toll on the sector.
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Electricals scheme agrees UK’s largest ever buyout deal
On the go: Rothesay Life has agreed the largest buyout ever undertaken in the UK, with £4.7bn of assets and liabilities transferring to it from the GEC 1972 Plan.
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Field questions Thomas Cook trustee attempts to secure funding
On the go: Following the collapse of Thomas Cook, the chair of the Work and Pensions Committee Frank Field MP has probed the chair of the airline’s pension scheme trustee board on several issues.