More defined benefit news – Page 110
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ONS: Life expectancy edges up
On the go: Life expectancy in the UK has resumed its gradual increase after appearing to flatline last year, according to the Office for National Statistics.
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NewsLGPS 2019 valuation to see new pressures on affordability
Addressing a room of stakeholders in the Local Government Pension Scheme, Jeff Houston has some good news and some bad news on the scheme’s 2019 valuation.
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Thomas Cook scheme set for PPF assessment after airline collapse
On the go: The overnight insolvency of airline Thomas Cook means members of its defined benefit pension scheme are set to transfer into the Pension Protection Fund’s assessment period.
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Tate & Lyle completes £930m buy-in with L&G
On the go: The Tate & Lyle Pension Scheme has completed a £930m buy-in with Legal & General Assurance Society.
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GMP compensation could cost members thousands in extra tax
On the go: Inadvertent action by an employer or pension scheme to compensate scheme members for inequalities in guaranteed minimum pensions could invalidate longstanding protection from onerous tax burdens, landing wealthy pensioners with tax bills of hundreds of thousands of pounds.
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Skeleton staff levels pose hidden dangers for pension funds
On the go: Smaller pension schemes may be underestimating the risks posed to their funds by trustee governance gaps and over-reliance on key individuals.
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NewsNew consultation fails to address NHS clinician concerns
Doctors believe a new consultation offering greater pension flexibilities is not enough to stop them refusing extra shifts in the hard-pressed National Health Service, as experts demand an overhaul of the entire pensions tax system.
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LGPS urged to drop active managers for cheaper passive alternatives
On the go: Local authority funds are coming under increasing pressure from the government to switch their active holdings to passive investments.
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Union fights government plans to scrap RPI
On the go: Unite, Britain’s biggest trade union, has refused to use the consumer price index as a measure of inflation in workforce negotiations, in response to the government’s mooted plans to scrap the retail price index in its current incarnation by 2030.
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Capital adequacy dispute threatens superfunds
Disagreement between the government and regulators has cast a question mark over the future of the UK’s defined benefit commercial consolidators.
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DB funding levels fall in August
On the go: The overall funding position of UK defined benefit schemes fell in August, according to figures released by the Pension Protection Fund on Tuesday.
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Plans to downgrade RPI could cost members £30,000
Data crunch:Pensioners could miss out on an additional 6.7 per cent in retirement income if the government goes ahead with plans to downgrade the retail price index, an analysis has revealed.
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NewsBritvic reaches interim agreement on CPI/RPI linking
Soft drinks manufacturer Britvic has reached an interim agreement with the trustees of its defined benefit pension scheme over controversial plans to switch pension increases based on the retail prices index to the lower consumer prices index.
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Is regulation needed to avoid pre-pack abuse?
The government is considering legislation to prevent companies from abusing pre-pack administration to dump pension liabilities into the Pension Protection Fund, but some experts say further regulation is unnecessary.
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Government signals an end to flawed RPI
On the go: The end may be nigh for the flawed retail price index of inflation, after the chancellor announced plans to consult on whether to align it with a version of the consumer price index between 2025 and 2030.
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Just Group sets its sights on derisking DB giants
On the go: Insurer Just Group is attempting to increase its presence in the bulk annuity market by partnering with external providers of capital backing.
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DB deficit spikes as hedging continues to be vindicated
On the go: The defined benefit liabilities of the UK's largest companies shot up by £30bn at the end of August, according to Mercer, as a slump in corporate bond yields refocuses trustee minds on immunising risk.
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NewsConcerns over IFA shortages after LEBC leaves DB transfer market
Independent financial advice firm LEBC’s decision to leave the defined benefit transfer market has reignited concerns over shortages of quality advice, with experts warning that tighter regulation could lead to further exits.
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UCU 'confident' universities will strike over pensions
The majority of university staff will vote for strike action on pensions unless their employers concede to lowering contributions to the Universities Superannuation Scheme closer to 8 per cent, the University and College Union has said.
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Law firm targets ‘short-changed’ doctors, teachers and police officers
On the go: The government could face legal challenges from hundreds of thousands of teachers and doctors following changes to their pension schemes, according to Leigh Day.