More defined benefit news – Page 12
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NewsConsumer duty: Stricter regulation needed for members caught up in record insurance buyout activity
The introduction of the Financial Conduct Authority (FCA)’s new consumer duty will be particularly welcome to trustees of defined benefit (DB) pension schemes who are entering into bulk annuity insurance transactions.
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NewsK3, Just and Cartwright complete £7m buy-in with undisclosed food manufacturer
K3 Advisory, an independent bulk annuity and consolidator advisory business, and actuary and consultant Cartwright, have announced the successful completion of a £7m buy-in for the pension scheme of a company in the food manufacturing sector.
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NewsPensions industry: Week in brief
LGPS staff are concerned about resources, according to an PLSA survey: while Broadstone predicts a bumper second half of the year for buyouts: questions over the FCA's consumer duty and a £200m property deal between SLIP and PIC, here's the news you may have missed this week.
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Standard Life completes £1.2bn buy-in with Mitchells & Butlers pension plan
Standard Life has completed a £1.2bn bulk purchase annuity transaction covering the 20,200-member strong Mitchells & Butlers pension plan.
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NewsCanada Life completes first ever deferred member buy-in
An undisclosed pension scheme has insured the remaining benefits of its defined benefit pension scheme with Canada Life in a transaction worth £58m, following a competitive tender process run by Hymans Robertson.
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NewsPensions Management Institute elects new president
The Pensions Management Institute (PMI) has elected Robert Wakefield as president following it 47th Annual General Meeting (AGM).
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NewsUSS: Private market allocation helps it shrug off rising inflation and market volatility
Universities Superannuation Scheme (USS), one of the last defined benefit schemes open to new members, said market volatility, rising inflation and the war in Ukraine had made investment challenging in the year ending 31 March 2023.
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NewsDelays cause consumers to wait 'far too long' for pension transfers
Consumers are waiting on average almost one month (29 days) for companies to transfer their pension funds to a new provider, according to new data released this morning by retirement adviser My Pension Expert.
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NewsCan a specialist service help endgame schemes manage illiquid assets?
The move has been prompted by an improvement in pension scheme funding levels among over the past twelve months, and presenting the option for risk transfer sooner than previously anticipated.
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NewsMaPS forced into about turn on revision of pensions guide
The Money and Pension Service (MaPS) has revised a key pensions guidance document over concerns it could lead to non-UK residents facing an unexpected tax bill.
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NewsPensions specialist gives up to £2,000 ‘cost of living’ support payment to all staff
Cartwright, an independent privately-owned pension actuarial, investment consulting, consultancy and administration firm has given all staff a one-off payment to help with the increasing cost of living.
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NewsACA: HMRC must give greater clarity to avoid "pensions limbo" for DB schemes and members
The pensions industry requires greater clarity from government departments, if defined benefit (DB) schemes and members are not to find themselves in a “tax limbo”, warned the Association of Consulting Actuaries (ACA) this morning.
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NewsPublic sector pension bill exceeds UK GDP for the first time
Figures released by HM Treasury reveal that Britain’s public sector pension bill has exceeded the size of the total economy for the first time.
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NewsBorder to Coast pooling 'on track' to deliver £340m savings by 2030
Five years after its launch, the Border to Coast Pensions Partnership has announced that 83 per cent of the assets owned by its 11 partner funds have been pooled.
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NewsBPA deals at an all time high
Bulk annuity deals are predicted to hit £25bn during the first half of 2023, according to one pensions consultant.
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NewsBuyouts: Is a capacity crunch already here?
This year is set to be a bumper year for buyouts, but has the most bouyant sector of the pensions market reached saturation point?
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NewsUSS launches consultation on proposed funding assumptions
The Universities Superannuation Scheme has launched a consultation with Universities UK (UUK) on the trustee’s proposed funding assumptions and methodology for the scheme’s 2023 actuarial valuation and on the statement of funding principles.
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NewsL&G completes £1.8bn buy-in of United Utilities schemes
Legal & General has completed buy-in with the trustees of two pension schemes sponsored by United Utilities, in a deal that covers around two thirds of their liabilities.
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NewsHammerson completes £90m BPA deal with Just
The £90m bulk purchase annuity transaction between Just and the Hammerson Group Management Limited Pension and Life Assurance Scheme was advised by LCP.
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NewsRolls Royce TDF partners with BlackRock
BlackRock announced it had partnered with the Rolls-Royce target date fund (TDF), with an investment plan designed especially for its 34,000 members.