More defined benefit news – Page 131
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NewsCarillion collapse sparks calls for better DB rules
The collapse of Carillion and impending transfer of some of its defined benefit members into the Pension Protection Fund has raised questions about the suitability of existing pensions laws.
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Chappell found guilty for failing to provide information to regulator
Former BHS owner Dominic Chappell has been convicted of failing to provide information that the Pensions Regulator had asked him to supply as part of its investigation into the sale and subsequent collapse of the retailer.
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Select committee set to publish responses on British Steel transfers
The Work and Pensions Committee is to release responses it has received from the FCA, advisory business Active Wealth and 'introducer' company Celtic Wealth.
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Third wave of strike action called at Fujitsu
IT giant Fujitsu is set to dismiss a union representative who has previously spoken out against changes made to the company's pension provision, sparking a third wave of strike action by employees.
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Pension transfer values rise once more
Year-on-year pension transfer values have grown for the third year in a row, according to research by not-for-profit fintech company Origo.
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Two North East councils to establish LGPS shared admin service
South Tyneside Council and Northumberland County Council have been working together to establish a shared administration service for the Local Government Pension Scheme, resulting in savings for both.
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NewsBBC expands trustee board
The BBC pension scheme has changed the structure of its board, appointing two independent members. The scheme is now recruiting a third independent trustee. The changes take the total number of trustees to 11 from previously nine.
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DB deficits rise by £16bn in December
The latest Pension Protection Fund 7800 Index indicates a jump in the aggregate defined benefit deficit to £103.8bn at the end of December 2017, from a deficit of £87.6bn at the end of November 2017.
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NewsProspect members agree to BT pension deal
BT managers represented by union Prospect have voted in favour of a new pensions deal that will boost pay and aim to incentivise members of its defined benefit BT Pension Scheme to join the defined contribution BT Retirement Saving Scheme.
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Welsh pension pool appoints investment adviser and operator
The Wales Pension Partnership has appointed Russell Investments for investment management and investment advisory services and Link Asset Services as an operator to establish and run a collective investment vehicle.
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Prospect members vote in favour of new BT pension deal
BT staff represented by union Prospect have agreed to a new pensions deal that will boost pay and aim to incentivise members of its defined benefit BT Pension Scheme to join the defined contribution BT Retirement Saving Scheme.
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Companies reduce scheme deficits by £8bn
The combined pension deficit of FTSE 350 companies improved by £8bn over 2017, while assets went up more than £44bn to £781bn, a pensions consultancy said.
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PASA selects members for Transfers Working Group
The Pensions Administration Standards Association has today announced the 23 members of its new Transfers Working Group, which aims to look closely at defined benefit transfer delays.
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Bulk annuity transfers to pass £15bn in 2018
2018 will be the first year in which buyouts and buy-ins for UK defined benefit schemes exceed £15bn, consultancy LCP has predicted, with improved funding levels and keen insurer pricing helping to establish a “new normal” in the bulk annuity market.
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NewsFunding levels up as FTSE 100 companies cut back DB
The UK’s blue chip companies have cut back their defined benefit servicing costs by around 15 per cent over 2017, analysis by JLT Employee Benefits has found, while funding levels continue their painstaking recovery.
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Lifeboat fund confirms 2018-19 levy
The Pension Protection Fund published its final levy rules for the 2018-19 levy year on Tuesday.
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Toys R Us wins PPF backing for CVA
The Pension Protection Fund said on Thursday it would vote in favour of proposals for a company voluntary arrangement made by struggling retailer Toys R Us. The creditor vote has since taken place.
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NewsPPF praised for tough line on Toys R Us insolvency talks
The pensions industry has welcomed the tough stance taken by the Pension Protection Fund in its negotiations with struggling retailer Toys R Us, saying it will encourage companies not to take their pension responsibilities lightly.
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Govt 'minded' to introduce mandatory trustee ESG statements
The government is to consult on whether trustees should be required to state their policies on sustainability, member concerns and stewardship, and will clarify current legislation as part of a wider push to increase pension investment in social and illiquid assets.
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BT scheme cuts TPA contract short to pull admin in-house
The BT Pension Scheme is moving the administration for its 300,000-member scheme in-house next year, not long into a contract extension with a third-party provider.