More defined benefit news – Page 152
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News
Just over half of LGPS have procedures for legal breaches
A little over half of public sector pension schemes have procedures set up to handle breaches of law, but experts have said scheme governance is improving markedly among local government pension schemes.
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NewsSecondary annuities: Govt starts putting down advice parameters
Many pensioners hoping to sell their annuities on the open market will be required to seek financial advice before doing so, the government has announced, as the industry awaits further detail on the structure of the secondary annuity market.
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GMP reconciliation: Digging up the bodies
With the arrival of the new state pension and the end of contracting out, schemes have until 2018 to clean up their act on guaranteed minimum pensions data, but they need to get in the queue by April.
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NewsScapa saves £600k through flexible retirement exercise
Adhesive tape manufacturer Scapa Group has saved around £600,000 by offering flexible retirement options to some deferred members of its defined benefit scheme, clearing more than £10m of liabilities.
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Regulator aims to 'eradicate surprises' with risk management guide
The Pensions Regulator has issued a practical guide on integrated risk management to help trustees assess and respond to covenant, investment and funding risks, but experts have said schemes will need additional help.
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Fid man assets surpass £100bn but cynicism persists
Pension assets under fiduciary management hit £114bn during 2015, but independent trustees remain sceptical of the alignment of interests underpinning such arrangements.
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DB funding pressure rises but scheme closures plateau
Data Analysis: The aggregate funding level of UK defined benefit schemes has deteriorated again despite asset allocation trends moving towards lower-risk investments, but the number of schemes open to new members has stayed level.
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NewsBrewer's 'salami' derisking tactic is no small beer for liabilities
Midlands-based brewer Marston’s has bought in more than a third of its pension scheme liabilities since 2013 through a series of deals aimed at reducing volatility across its long-dated obligations and providing added security for members.
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NewsShire funds ‘keeping options open’ for asset pooling
A group of seven Local Government Pension Scheme funds has appointed a manager to run a joint £6.5bn passive mandate, but funds involved in the arrangement say longer-term plans for pooling are still under discussion.
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The Pensions Trust tackles state pension confusion
The Pensions Trust has updated member communications to prepare for the end of contracting out, as research has shown low levels of understanding about the state pension changes.
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Tough timescales for asset pooling put LGPS on the spot
The government’s much-anticipated criteria for the reform of Local Government Pension Scheme investment contains few surprises, but industry experts have raised concerns over the tight timescales for funds to prepare and implement complex proposals.
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Shared pain, shared gain: Will risk-sharing get its day in the sun?
News Analysis: Collective defined contribution schemes have been put on ice by the pensions minister though the idea could come back on the agenda in the future. But are UK employers ready for risk-sharing?
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News
SPV helps Johnson Matthey reduce deficit by £145m
Johnson Matthey Pension Scheme has reduced its deficit by around £145m after taking a raft of measures to address its funding shortfall, including the creation of an asset-backed contribution vehicle comprised of third-party bonds.
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News
LGPS pooling puts in-house investment in the spotlight
News Analysis: Local authority pension fund pooling activity is gathering pace ahead of an upcoming government consultation on criteria for cutting costs, bringing with it a push towards greater in-house investment capability.
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NewsSmiths uses escrow to help slash £250m from scheme deficit
Technology and engineering conglomerate Smiths Group has signed over its £153m escrow account to its scheme in a deal that demonstrates the positive outcomes that can be achieved through strong trustee and employer collaboration.
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Methodist Church seeks £25m saving by converting to CPI
The Methodist Church Council is consulting with all scheme members, including existing pensioners, on a proposal to link future pension increases to the consumer price index in an bid to temper the rising cost of defined benefit provision.
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NewsPremier Foods eats away at deficit by more than £570m
Food manufacturing company Premier Foods decimated its IAS 19 deficit to £32.8m from £603.3m since December 2013 thanks to its hedging strategy and a change in discount rates.
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NewsSainsbury's and ITV get creative to tackle deficit challenge
Broadcaster ITV and retailer Sainsbury’s are just two household-name employers to announce “chunky” new deficit funding to weather the harsh conditions buffeting defined benefit pension schemes.
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Rebus reviews funding strategy in self-sufficiency drive
Rebus Pension Scheme is shooting for funding self-sufficiency with a review of its investment strategy aimed at boosting returns and diversification, but some commentators have raised questions over its loose definition.
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QE placing pension systems in jeopardy
Data Analysis: Quantitative easing has exacerbated the movement of pension risk from employers to individuals, placing the future of the entire system at risk, according to a report published last week.