More defined benefit news – Page 146
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NewsDiageo’s Care scheme proposal highlights struggle over DB provision
Two unions are balloting members over industrial action in a pensions dispute with Diageo, as the UK-based multinational proposes replacing its final salary scheme with a career average arrangement.
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NewsAlstom energised by employer guarantee and extra contributions
The Alstom Pension Scheme has agreed an increase in recovery plan contributions following a drop in its funding level, but the decision has been buoyed by a strengthened sponsor guarantee.
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'Rules lottery' continues after Court of Appeal's RPI/CPI judgment
Trustees of the Barnardo Staff Pension Scheme will not be allowed to provide indexation of benefits in line with the consumer price index, according to a Court of Appeal decision earlier this week.
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Schemes urged to look past 'Super Thursday' market movements
The FTSE 100 fell last week on the back of a High Court ruling that parliament must have a vote on the UK’s triggering of Article 50, while the Bank of England revised its inflation expectations upwards.
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Is it time to stop worrying about deficits?
Rising yields mean UK pension deficits are finally shrinking again, according to several industry monitoring systems, but is the defined benefit sector spending too much time concentrating on shortfalls?
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James Hutton Institute mulls DB closure
The James Hutton Institute is gearing up to begin negotiations with unions, as it proposes closing its career average scheme in favour of a defined contribution arrangement.
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Company disclosures lack detail, report concludes
Companies need to provide more information on their defined benefit pension obligations, experts have said, after a study by Lincoln Pensions revealed a lack of clarity on many key issues.
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TPR uses powers to stamp out non-compliance and avoidance issues
The Pensions Regulator has continued to demonstrate its tougher approach by fining trustees for non-compliance.
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Share prices hit by DB deficits could spur fresh derisking drive
Defined benefit pension deficits are dragging down the market capitalisations of FTSE 100 companies, according to a recent study, as investors recognise the difference between disclosed deficits and the cost of securing benefits upon insolvency.
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DB schemes should look at upping investment risk, taskforce says
PLSA Annual Conference 2016: Defined benefit pension schemes should look at whether they can stomach additional investment risk to minimise employer solvency risks, the chair of the DB Taskforce said on Thursday.
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Treasury scraps plans for secondary annuity market amid consumer protection concerns
Proposed reforms to create a secondary annuity market have been abandoned due to concerns about consumer protection and value for money.
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Rising gilt yields: Inflationary worry or time to buy?
Recent weeks have seen 10-year gilt yields reach 1.16 per cent, their highest level in four months, in a sign inflation is creeping up in the UK economy.
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NewsPensions minister outlines plans, warns of AE challenges
Pensions minister Richard Harrington laid out his intentions for the pensions industry today, speaking at the Pensions and Lifetime Savings Association’s annual conference in Liverpool.
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NewsNortel scheme could avoid PPF after creditor agreement
The trustees of the Nortel UK pension scheme edged closer to repairing its deficit last week as they reached a consensus with other stakeholders and creditors on how to divide their insolvent sponsor’s residual assets.
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TPR and PPF call for muscular regulation
Both the Pensions Regulator and the Pension Protection Fund have called for more wide-ranging, interventionist regulation of defined benefit schemes, evidence published by the Work and Pensions Committee has this week shown.
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TPR uses lesser-known power to move scheme into the PPF
The Pensions Regulator has used its voidable modification powers to move a scheme attached to an insolvent employer into the Pension Protection Fund, it reported this week.
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Select committee inquiry: What should change to safeguard DB?
As the deadline for submitting views on defined benefit to the Work and Pensions Committee has passed, experts say there is a need for greater flexibility, potential benefit reductions and increased powers for the Pensions Regulator.
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NewsQuestions surround Bernard Matthews sale as PPF prepares to step in
Turkey producer Bernard Matthews has gone into administration, with the pension scheme expected to enter the Pension Protection Fund assessment period, but questions remain as to why the scheme was allowed to fail.
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NewsBritish Steel pensions rule change proposals shelved
The government has reportedly put aside plans to change pensions legislation that would allow Tata Steel UK’s pension scheme to stay out of the Pension Protection Fund, according to insiders briefed on the issue.
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HMRC buys more time on EU VAT issue
HM Revenue & Customs has delayed its guidance on alternative solutions for employers seeking to recover value added tax on defined benefit pension administration costs, prompting speculation that a decision will not be made until Brexit negotiations advance further.