More defined benefit news – Page 140
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News
Progress towards long-term objectives tops list of DB concerns
Concerns over long-term objectives, managing funding constraints and keeping up with change rank at the top of concerns held at defined benefit schemes, followed by the task of balancing stakeholder interests, new research has found.
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Covenant risk is dominating the DB agenda
Defined benefit trustees are becoming increasingly concerned about the strength of their employer covenants, a new survey has revealed, as Brexit uncertainty feeds into broader concerns about the future of sponsors.
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NewsField: Members should have first claim on assets
Work and Pensions Committee chair Frank Field wants pension scheme members to have first claim on any assets from bankrupt sponsors, a debate on scrapping limited liability, and hopes to start an independent action group to support trustees.
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NewsLords want default guidance for pension savers
The House of Lords added more pressure to the government on Tuesday as a Liberal Democrat-led amendment to the Financial Guidance and Claims bill was passed by 283 to 201 votes.
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NewsFujitsu could see more strikes in jobs and pensions dispute
Union Unite is preparing to reballot employees at ICT company Fujitsu on strike action, in a long-running dispute that – among other things – involves a change to the ICL defined benefit section’s late retirement factor.
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Employer-hired IFAs could solve member DB transfer advice struggle
Sixty-one per cent of employers say members are having difficulty in finding advisers for pension transfers, a new survey has found, as experts highlighted the need for companies to engage independent financial advisers on behalf of scheme members.
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Large scheme admin transitions show need for careful planning
Administration system transitions can be risky, but this has not stopped one of the industry’s largest taking place next month, while other schemes are outsourcing their services in an increasingly competitive environment for in-house teams.
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PPF consultation on contingent assets will create 'winners and losers'
The Pension Protection Fund has responded to concerns about ambiguity in the wording of its contingent asset agreements, with the launch of a consultation to examine the role of such assets in calculating the PPF levy.
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NewsOpperman discloses timetable until spring
PLSA Annual Conference 2017: Pensions minister Guy Opperman provided some clarity on timescales for the dashboard and progress on the creation of a single financial guidance body in a speech at the Pensions and Lifetime Savings Association’s annual conference.
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One in five FTSE 100 DB schemes could fail in a recession
Twenty per cent of FTSE 100 defined benefit schemes would be at risk of failure in the event of an economic downturn, according to new research by Cardano and Lincoln Pensions.
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NewsHPE pensioners to bring inflation-proofing dispute before MPs
Pensioners of Hewlett Packard Enterprise are lobbying the government to force their former employer to provide inflation protection for pension rights built up before 1997, and have gained cross-party support for legislation.
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News
Timetable risks breaking dashboard consensus
The Association of British Insurers has called on government to legislate for schemes to provide their data to the pensions dashboard amid criticism a hasty delivery could leave the project failing consumers.
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NewsHMRC abandons VAT policy on insurer exemption
HM Revenue & Customs has adapted its policy on the VAT treatment of pension fund management conducted by insurers, removing an exemption for all services, other than those supplied to "special investment funds".
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FCA sounds alarm over unsuitable DB transfer advice
Fewer than half of defined benefit transfer advice processes are “suitable”, according to analysis by the Financial Conduct Authority, raising concerns over the lack of communication between introducing companies and transfer specialists.
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PLSA proposals welcomed but superfunds still ‘a step too far’
The Pensions and Lifetime Savings Association's DB Taskforce has published its final report, providing further details on the creation of superfunds, while highlighting how benefit simplification and a new chair’s statement for defined benefit scheme trustees could increase efficiency.
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News
Jersey teachers’ fund puts faith in active management
The States of Jersey Teachers’ Superannuation Fund has bucked the current trend away from active management and increased its exposure to active equities, reducing index shares.
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TPR campaign outlines governance basics
The Pensions Regulator has launched a new campaign directed at trustees and their advisers, as part of a wider push to raise governance standards, but experts say its success relies on collaboration and engagement from all stakeholders.
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NewsOxfordshire referred to TPR for a second time
The Oxfordshire County Council Pension Fund has received a second referral to the Pensions Regulator after it failed to submit its annual benefit statements on time.
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PLSA urges schemes to focus on ‘inputs’
A new report on pension scheme governance calls for greater focus on improving the quality of structures and personnel, or ‘inputs’, and argues that processes have received excessive attention.
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NewsBAA switches manager as LDI competition grows
The BAA Pension Scheme is implementing a full interest rate hedge, and has in a first step replaced its liability-driven investment manager to improve “efficiency”.