More defined benefit news – Page 135
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Industry divided over retrospective changes to pensions
Nearly half of pensions professionals and scheme representatives believe that retrospective changes to pensions promises should be allowed, according to a recent survey, suggesting growing concern over the level of defined benefit liabilities.
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NewsNortel inches closer to PPF-plus as £5bn lockbox opened
The Nortel Networks UK Pension Plan is set to receive more than £1bn in assets from its insolvent sponsor Nortel in the coming months, after US and Canadian courts agreed to open a $7bn (£5.4bn) escrow ‘lockbox’.
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DWP hopes contracted-out transfers will smooth BHS deal
The Department for Work and Pensions has published “urgent” regulations for struggling contracted-out schemes, in a bid to protect pensioners during deals such as the regulated apportionment arrangement of BHS.
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Nolan: Inflexible actuaries and trustees harm DB employers
Trustees and their actuaries must consider the impact of deficits and funding negotiations on struggling defined benefit sponsors, the president of the Society of Pension Professionals has warned.
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Government's s75 proposals are a 'missed opportunity'
Experts have welcomed the government’s recent consultation proposing a new deferred debt arrangement for employers in multi-employer pension schemes, but concerns over complexity of employer debt regulation remain.
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NewsTata could inject £520m into BSPS in RAA bid
Tata Steel has reportedly offered to contribute £520m to the British Steel Pension Scheme as part of a bid to reach a regulated apportionment arrangement with UK pension authorities.
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NewsBromley tilts towards income as outflows bite
Faced with a projected cash outflow of nearly £5m in 2016-17, the London Borough of Bromley pension fund is trying to keep income up with a new investment strategy.
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NewsNo changes to Johnston Press equalisation despite missing documents
A legal dispute involving trustees of the Johnston Press Pension Plan about the equalisation of retirement ages has been put to bed by the Scottish Court of Session, using a quirk of law known as the “presumption of regularity”.
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FAMR makes headway but experts say further progress is needed
The Financial Conduct Authority has published a progress report on its Financial Advice Market Review, alongside a consultation that sets out proposed guidance, but reactions in the pensions industry show there is still a long way to go.
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NewsArcadia agrees shorter recovery plans as Green feels pressure
Arcadia Group has agreed to increase its scheduled contributions to its two pension schemes, a sign that public pressure and 'naming and shaming' may be having some impact.
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Lawyer survey highlights lack of clearance sought from regulator
Just 21 per cent of pensions and restructuring lawyers normally suggest that clients go through the Pensions Regulator’s clearing process, reflecting a similar decrease in clearance applications submitted.
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TPR guidance: Welcome set of principles or waste of time?
While some have welcomed the Pensions Regulator’s recently published and extensive collection of investment guidance for those running defined benefit pension schemes, there are some concerns over the effectiveness of the information for time-stretched or less diligent trustees.
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Dashboard prototype launch prompts next steps
Plans to deliver a pensions dashboard prototype by March 2017 have been completed, despite the complex nature of technology infrastructure involved. But while experts think the progress is encouraging, they say more needs to be done to maintain this momentum.
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IA consults on cost disclosure code amid data overload concerns
The Investment Association is calling for views on a proposed industry code on disclosure of charges and transaction costs, as some have stressed the importance of making such data easy to interpret.
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Face-to-face comms can sweeten 'unpalatable' news
With the world of pensions constantly changing, employers and trustees are investing more time, effort and resources into liaising with members, but face-to-face communication has been deemed particularly effective when it comes to bad news.
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Better trusteeship key to any future DB plans
Efforts to improve the level of experience and competence of trustee boards must not come at the expense of diversity, politicians have warned, as dealing with groupthink remains a key concern in defined benefit pensions.
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Lack of savings highlights importance of state pension
The number of women retiring without a pension has dropped, new research shows, but nearly 14 per cent of people have not made provisions for their retirement, highlighting the significance of the state pension for savers.
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Delays in transfer value process threaten member outcomes
The Pensions Regulator has been asked to look at streamlining the process for providing cash equivalent transfer values, after complaints from advisers that delays in schemes providing necessary information meant members were missing out.
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Pensions fail to convince savers but attitudes are expected to change
Fewer than half of people view workplace pensions as the most secure form of retirement savings, but experts have said attitudes towards saving for the future could change, driven by the current housing shortage, auto-enrolment developments and the demise of defined benefit pension funds.
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Keep it simple when exploring new strategies
PLSA Investment Conference 2017: While smart beta has been labelled a cost-effective option for schemes looking for higher returns than a market cap index, trustees turning to these types of strategy have been advised to keep things simple while focusing on governance and costs.