More defined benefit news – Page 137
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NewsUnions reluctantly back BSPS closure proposal
Unions have backed a proposal to close the British Steel Pension Scheme to future accrual, raising questions about the future of private sector defined benefit schemes in the UK.
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NewsTrustees told to focus less on market volatility
From Brexit to Trump, the political events of 2016 added to market uncertainty throughout the year, but trustees should take care not to be too fixated on volatility.
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Calls for greater trustee powers as advisers fail to consider scam risks
Government and regulators have been urged to strengthen the powers of trustee boards in opposing suspicious transfer requests, as an alert from the Financial Conduct Authority warned that some advisers are not carrying out proper due diligence on receiving scheme investments.
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DGF growth expected to continue despite challenges
Experts predicted the continued growth of the diversified growth fund market this week, even as the asset class comes under increased scrutiny over performance and competition from advisers.
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Pinpointing life expectancy could cut deficits by £25bn
Using more accurate assumptions on longevity could be the key to bringing down defined benefit pension scheme deficits, new research shows.
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Increase caps add to rules lottery amid inflation spike
The consumer price index spiked by almost half a per cent in the year to December 2016, narrowing the ‘rules lottery’ gap between the official inflation measure and the retail price index.
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Industry finds no easy answers in dividends v deficits debate
Most FTSE 100 companies could clear their pension deficits in less than two years by withholding dividends, new research says. Experts have called for more focus on the contrast between dividend payments and deficit repair contributions, though others say there is no one-size-fits-all solution.
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Johnson Service Group adds £1.5m on top of recovery plan
Textile rental provider Johnson Service Group has committed to paying £1.5m to its defined benefit scheme following the £8.25m sale of its dry cleaning business to Timpson Group.
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NewsContribution hike prompts pension protest at Bangor University
Public sector union Unison has protested against Bangor University’s plans to raise pension contributions, but despite the demurral, changes will be going ahead this month.
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TPR bares its teeth with first mastertrust fines
The Pensions Regulator has imposed its first fines against mastertrusts for failing to complete a chair’s statement, as it signals a hard approach to dealing with defined contribution administration lapses.
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Berkshire saves 600 hours with automated data exchange
The Royal County of Berkshire Pension Fund saved an estimated 604.1 hours of administrative work over six months, and ended its struggles with updating member data by introducing an automated data exchange.
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NewsRoyal Mail closure consultation could see strike action
Royal Mail Group has begun consulting with active members on closing its section of the Royal Mail Pension Plan, spurring the threat of industrial action from unions if the sponsor does not react positively to their concerns.
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DB outlook 2017: Investment problems remain as deficits dip
Defined benefit deficits worsened during December to an aggregate IAS 19 deficit of £434bn, as experts added sustained low interest rates and cash flow problems to their concerns for pension funds over the course of 2017.
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Select committee: Scare negligent employers into funding with 'nuclear' fines
The Work and Pensions Select Committee has called for “nuclear deterrent” fines – tripling the amount currently payable – to be levied against employers seen to be shirking pension responsibilities, in its report into defined benefit pensions.
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From BHS to Uber: The events that shaped pensions in 2016
Year in review: Having almost grown used to new regulations and system overhauls, 2016 managed to top (almost) everything, keeping the pensions industry on its toes. We have picked out some of the articles that accompanied this year’s turning points for pensions.
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From RAAs to hedging: Top DB and derisking stories from 2016
Year in review: 2016 was the year the dam finally broke and defined benefit funding issues jumped into the mainstream news, with stories such as Tata Steel and BHS’s funding woes striking a chord.
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NewsBSPS nears compromise deal as Tata announces closure plan
Tata Steel UK is to consult with employees on closing the British Steel Pension Scheme to future accrual, as part of an agreement with trade unions aimed at safeguarding the future of its UK steelworks.
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NewsIBM revises cash commutation factors
The IBM Pension Trust has updated its cash commutation factors, offering transferring members across its schemes higher lump sums when exchanging part of their defined benefit entitlements.
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NewsStagecoach chair stresses need for accurate cash flow data
Accurate data on scheme balance sheets and a willingness to seek out information independently of consultants and advisers is crucial to managing a scheme facing changing cash flows, the chair of the Stagecoach Group Pension Scheme said this week.
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NewsOne year wiser: What trustees have learnt in 2016
Any other business: From Brexit to Trump, 2016 has been a year of the once-inconceivable coming to pass. Faith in institutions, already low, has taken repeated batterings as prediction after prediction has turned out to be wrong.