More defined benefit news – Page 151
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Webb calls for pensions dashboard within two years
Pensions minister Steve Webb last week called on the next government to implement a combined state and private pension statement within the next two years that also incorporates aspects of pot-follows-member.
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Rentokil sets up escrow as funding level tips into surplus
The Rentokil Initial Pension Scheme has set up an escrow account to prevent employer contributions becoming trapped in the scheme, after its funding level reached surplus.
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DB mastertrusts grow but funding risks drag on demand
Competition is growing in the defined benefit mastertrust market as providers promise the benefits of scale, but experts have urged employers to be mindful about the risks of these structures.
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Coal ditches surplus-sharing to stabilise pension increases
The British Coal Staff Superannuation Scheme has announced pension increases for its members, as it ends the surplus-sharing arrangement established after the privatisation of the scheme's employer in 1994.
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Merseyside uses FX rate benchmark to cut fees
Merseyside Pension Fund has used foreign exchange rate benchmarking to hold its banks to account and secure cost reductions, as local authority schemes put increasing fee pressure on their investment counterparties.
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Lloyds scheme turns to alt credit as it shrinks equity risk
Lloyds Bank’s larger defined benefit pension fund has ditched a proportion of its equity holdings in favour of credit and hedge fund strategies, as pension funds widen their search for diversified sources of return.
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Regulator reassures on DB-DC transfers but capacity crunch predicted
The industry has welcomed the pensions watchdog’s clarification on trustees’ duties around the new flexibilities, but some are concerned scheme administrators will face capacity issues around rising transfer value requests.
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BA allows AVC transfer to meet flexibility demand as schemes seek middle way
British Airways’ pension schemes have introduced a new additional voluntary contribution transfer option allowing members to take advantage of the greater retirement flexibility available after April.
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Energy group sells ships to buoy funding
UK energy major BG Group is using the $460m (£299m) sale of two liquid natural gas carrier ships to quell a rising deficit, the latest development in a 15-year funding deal.
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PPF index highlights DB funding trough, expected to normalise
The Pension Protection Fund’s latest 7800 Index figures showed further deteriorating funding deficits among defined benefit schemes, but industry commentators expressed caution against knee-jerk reactions to the slide.
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Fund management body sets out charges disclosure plan
Industry experts have welcomed proposals on charges and transaction costs from the Investment Association, but warned trustees should not make fees their only focus.
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How BT structured deal to recover £7bn deficit
The BT Pension Scheme has agreed a revised plan to conquer its £7bn deficit, a deal that experts say will give the scheme particular reliance on the company.
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Civil Service scheme looks to widen comms after payment delays
The Civil Service Pension Scheme plans to turn to Instagram and mobile technology to communicate with members as it recovers from the fallout of its administration transfer in September.
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NHS scheme sees positive response for overhauled comms
The NHS Pension Scheme has sought to turn around criticism from employers on its communications approach, with the launch of online statements for employees detailing their various entitlements.
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What the regulator's £8.5m Carrington Wire deal means for your scheme
The Pensions Regulator has settled with two linked Russian companies for £8.5m over their UK pension fund obligations, prompting calls for trustees to re-examine covenant agreements.
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LPFA: £500m GMPF tie-up not limited to infra
The chief of the London Pensions Fund Authority has said the £500m tie-up with the Greater Manchester Pension Fund, announced las week, will consider “infrastructure in a broad definition”.
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Webb backs mastertrusts to lead CDC vanguard
Pensions minister Steve Webb has signalled support for mastertrusts delivering a collective defined contribution option for members, at a Trades Union Congress conference on Wednesday – but at least one of the large mastertrusts has rejected the idea.
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Schemes plan partial DB-DC transfers to trim liabilities
Legal experts have reported an increase in pension schemes planning to reduce their liabilities by changing their rules to allow partial transfer of members' pure defined benefit assets into defined contribution arrangements.
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Kent sees 75% reduction in overpayment write-offs
Kent Pension Fund has driven down its overpayment write-offs by 75 per cent after the implementation of monthly mortality screening – as administration experts raise concerns about schemes’ data holes.
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Inflation hedging on the rise with smaller scheme LDI
Inflation hedging activity saw a jump towards the end of last year as medium-sized schemes took advantage of favourable pricing, ahead of further inflation falls.