More defined benefit news – Page 143
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News
Pie generates £23m for Centrica
Utilities provider Centrica has saved £23m on future pension liabilities after a pension increase exchange was taken up by a quarter of retired participants across three of its defined benefit sections.
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Regulation and markets force schemes to step up on governance
Efforts to cope with a combination of market volatility and demographic shift towards an older population are causing pension schemes to re-examine and improve their governance structures, research from State Street this week showed.
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LGPS meets first pooling landmark
The Local Government Pension Scheme submitted initial proposals for asset pooling last week, but talks between funds are ongoing as the scheme works to meet government benchmarks.
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NewsNHS cash for pensions offer could open loophole
An NHS trust has come under scrutiny for offering nurses cash to opt out of the pension scheme, which experts have said could lead to other employers copying the move.
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NewsIndustry concern over government's 'dangerous' ESG proposals
A proposal that would empower the government to intervene in local government pension investment decisions where they contradict British foreign policy has raised concern in the pensions industry.
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NewsM&S scheme in ample surplus as hedge pays off
The Marks and Spencer Pension Scheme has swung into surplus, thanks to a combination of outperformance of return-seeking assets and full hedging of interest rate risk, the company said last week.
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Transfers to be streamlined as more ask for quotes
The Pensions Regulator will introduce new guidance to ensure transfers between defined contribution schemes are completed promptly, the government said last week. This comes as defined benefit transfer values recovered in January after hitting a low in December.
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NewsOmbudsman ill-health decision underscores complexity for members
Schemes have been urged to maintain open channels of communication with employers and members around ill-health benefits after an ombudsman determination ruled against a member’s attempt to "rewrite history".
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NewsRM deficit reduction highlights need to be proactive
Online teaching tools supplier RM has shortened its recovery plan and reduced its deficit by more than £10m using a combination of contributions, updated member information and a buy-in.
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NewsCap on golden handshakes could affect average earners at Magnox
Workers across the public sector will see a £95,000 cap on exit payments under a new clause added to the 2015-16 enterprise bill which could hit average earners at nuclear decommissioning company Magnox.
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New code firms up boundaries on incentive exercises
A revised code of practice on incentive exercises will provide trustees and employers with practical tips on problem areas, as schemes begin to target more holistic derisking strategies.
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NewsRenishaw recognises true liability as IFRIC 14 bites
Gloucestershire-based engineering company Renishaw’s defined benefit liabilities jumped £15.6m above the IAS 19 accounting deficit at the end of last year, as experts highlighted the impact the accounting measure IFRIC 14 has on scheme valuations.
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Cross-border plans could be greater lure for employers under IORP
Analysis: The burden on cross-border pension schemes to be fully funded at all times could be lifted as the Institutions for Occupational Retirement Provision II directive moves nearer its final version.
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Tougher nudge needed to make freedoms a success
Consumers will not have enough money to benefit from the opportunities the pension freedoms present, a report has warned, and any success will hinge on auto-enrolment becoming more prescriptive.
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Project POOL maps the route for LGPS
Pooling assets across the Local Government Pension Scheme could ultimately deliver annual savings of £190m-£300m, according to new analysis that goes some way to giving LGPS funds much-needed clarity.
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PASA guidance urges schemes to prioritise GMP
The Pensions Administration Standards Association has issued guidance on guaranteed minimum pension reconciliation to help schemes through the process, as experts predict huge volumes rushing to complete in the coming months.
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NewsHomebase M&A deal puts scheme security in the spotlight
Home Retail Group’s defined benefit scheme will receive a £50m cash injection as part of the proposed sale of its Homebase business, underscoring the need for trustees to consider the impact of disposals on covenant strength.
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April changes offer 'excuse' for DB schemes to shut up shop
Analysis: The death knell for defined benefit is edging closer, consultants say, as the end of contracting-out, low yields and impending government revisions to pension tax could see all FTSE 250 companies completely close their DB schemes by the end of this year.
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Retirement expectations at odds with reality
Analysis: People retiring in 2016 expect a retirement income of £17,700 a year, new research has shown, but industry experts have questioned how this figure will be maintained as the decline of defined benefit provision accelerates.
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PiP seedling poised to flower following FCA authorisation
The Pensions Infrastructure Platform has been authorised as an investment manager by the Financial Conduct Authority and is tipped by industry experts to be a top contender in fulfilling the role of “national infrastructure platform” for local authority schemes.