More defined benefit news – Page 111
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DB transfer values hit all-time high
On the go: Defined benefit pension transfer values soared to an all-time high on August 21, according to the latest analysis from consultancy XPS Pensions.
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Arcadia CVAs approved
On the go: Arcadia Group, the struggling fashion empire controlled by Sir Philip Green, can move forward with its restructuring plans after a challenge from US landlords was withdrawn.
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USS recovery plan talks begin after employers fail to head off strike threat
On the go: The trustee of the Universities Superannuation Scheme has issued a series of consultation documents in a bid to commence agreements with employers on a suitable recovery plan and contribution rates for the scheme.
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GMP equalisation soars up list of trustees concerns
On the go: GMP equalisation has soared up the list priorities for pension schemes following the Lloyd’s Banking Group case earlier this year, Equiniti research has found.
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ONS: One in four people will be over 65 by 2050
On the go: The UK population is growing older, Office for National Statistics figures have shown, with potentially big repercussions retirement patterns.
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Slowdown in death rate in 2019 may increase DB liabilities
On the go: The relatively low number of deaths reported so far this year appears to buck the trend of stalling life expectancy improvements since 2011, an LCP report has highlighted.
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Nest signs up to ‘Star’ initiative as Opperman urges others to join
On the go: Master trust Nest – one of the UK’s biggest pension schemes, with 8m members – has joined the pensions industry ‘Star’ initiative.
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NewsSchemes still lagging on cyber security
A leading cyber-security expert says pension schemes are still behind the rest of the financial services sector in protecting members, despite increasing awareness and realism about the threat of online criminals.
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NewsBritvic seeks court approval for RPI/CPI switch
Soft drinks manufacturer Britvic is the latest business to attempt to switch the basis for its defined benefit pension increases from the retail price index to the consumer price index, with other companies reputedly queuing up to take legal advice on this very point.
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ONS miscalculates RPI for March and June
On the go: The Office for National Statistics has made an error in the retail prices index, leaving the figures for March and June this year 0.1 percentage points adrift. The possible impact of the mistake on the stock market led to the ONS publishing a statement outside of trading hours late on Thursday.
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Cadbury completes £520m buy-in with Rothesay Life
On the go: The Cadbury Mondelēz Pension Fund has completed a £520m buy-in with Rothesay Life covering payments for 1,900 pensioners.
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Fewer deaths in 2019 could increase DB liabilities
On the go: The mild UK winter could lead to an increase in pension scheme liabilities as 2019 to date has seen relatively few deaths, according to a firm of longevity specialists.
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Fall in gilt yields drives transfer values to near record
On the go: The continuing fall in gilt yields is driving transfer values towards near record levels, according to XPS Pension Group.
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LCP: Buyout deals more than double in 12 months to £34bn
On the go: The momentum in pension buy-ins and buyouts continues unabated, with a record £34bn of deals completed over the year to June 30 2019.
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NewsWiden taper consultation to fix pensions tax system, experts say
A chorus of pension experts is urging the government to extend the ambit of its consultation on the workings of the tapered annual allowance to include the private sector along with other anomalies and injustices.
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HSBC scheme agrees £7bn longevity swap package
On the go: Trustees of the HSBC Bank UK Pension Scheme have agreed the second-largest longevity swap in UK history, insuring £7bn of the scheme's liabilities against living too long.
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FTSE 350 deficit up to £51bn as political and financial turmoil ahead
On the go: FTSE 350 companies saw their pension deficit grow in July, from £48bn at the end of June to £51bn by the end of July, a £3bn increase. Funding levels were unchanged over the month at 94 per cent, according to Mercer.
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British American Tobacco strikes £3.4bn buy-in deal
On the go: British American Tobacco's UK pension scheme has agreed a buy-in covering both pensioners and deferred members, the third largest struck to date.
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Record 336,000 retirees access their pensions
On the go: More retirees than ever are withdrawing money from their pension pots as the popularity of freedom and choice continues unabated.
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Select committee presses govt on superfund commitment
On the go: The Work and Pensions Committee has voiced its concerns about the government allowing the creation of defined benefit superfunds in the absence of a dedicated regulatory regime.