More defined benefit news – Page 152
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Invensys blitzes liabilities with cash, PIE and closure plans
Invensys Pension Scheme has launched a three-pronged attack on its liabilities by offering defined benefit members cash for smaller pensions and the option of trading in pension increases on larger pots – while planning to cease all accrual.
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West Midlands plans online growth after web traffic more than doubles
West Midlands Pension Fund plans to develop its online member portal after further growth in traffic and member engagement, as digital communication becomes a mainstay of the sector.
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MNOPF: captive insurance longevity swap saved £10m
The Merchant Navy Officers Pension Fund has said the use of a captive insurance company halved the cost of its £1.5bn longevity swap, and opened the door for smaller scheme derisking.
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Secondhand annuities could offer DB funds income, but pricing tricky
The pensions minister’s proposal to allow retirees to cash in annuities could suit defined benefit schemes eager to access the resultant long-term cash flows, but pricing “secondhand” annuities could be a sticking point.
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Half of DB schemes unsure how to tackle end of contracting out
Half of defined benefit schemes have not yet decided how they will deal with the end of contracting out, a survey of scheme decision-makers has indicated.
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Volunteering charity makes £2.9m deficit payment after property sale
London-based charity Community Service Volunteers has reported using the sale of property assets to reduce the risk posed by its pension deficit, as defined benefit schemes reach their lowest aggregate funding level in 18 months.
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Doncaster takes low-rate £28m loan in novel move to fund scheme
Doncaster council has sought to turn the low interest rate environment to its advantage by taking out £28m in short-term loans to help fund its employer contributions to South Yorkshire Pension Fund.
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GMP reconciliation to be major 2015 challenge for schemes
Pensions professionals have said guaranteed minimum pension equalisation will be their biggest project in 2015, a survey has shown, as the end of contracting out forces schemes to undertake exercises.
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BT reboots flexible retirement with safety mechanism
BT has reactivated its flexible retirement option following a controversial review, adding a requirement for members to seek advice to ensure they understand its impact on their benefits.
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TPAS: Wave of requests to hit schemes and administrators in April
The Pensions Advisory Service has warned that scheme trustees and administrators risk being overwhelmed in April by members eager to access their savings at the earliest opportunity, having waited a year for the pension freedoms to come into play.
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Pennon saves £15m with pensionable pay cap
Utilities company Pennon has become the latest private sector employer to impose a cap on future increases in members’ pensionable pay, saving the company £15m, while installing a voluntary top-up for members.
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Webb defends 'revolutionary' CDC legacy against industry critics
Pensions minister Steve Webb told an industry event this week the “pendulum is going to swing back” from individual defined contribution pension provision, but delegates challenged the viability of risk-sharing schemes.
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Selex grows surplus to £72m but future costs rise
The £530m Selex Pension Scheme has further grown its funding surplus, but its pensions head is unfazed about overfunding as the interest rate environment has pushed up future service costs.
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Consultants report evidence of Osborne boost to DB-DC transfers
Consultants have reported an increase in the number of defined benefit to defined contribution transfer requests from scheme members following George Osborne's announcement of greater retirement flexibility in the March Budget.
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Pensions Trust reflects on trustee election after diversity move
The Pensions Trust did not see a bump in engagement in its latest round of trustee elections despite adding online voting, following a controversial decision to take names off the ballot to avoid “unconscious bias” towards male candidates.
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Union mulls counter proposals to rival USS reforms
The UK's largest trade union for academics is debating whether to submit counter reform proposals for the Universities Superannuation Scheme, as negotiations continue over the future of one of the UK's biggest remaining final salary pension schemes.
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Consultants call for more competition in fiduciary management
Consultants have called for greater competition in the fiduciary management industry as a report indicates few schemes are doing due diligence when appointing a provider.
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Corporate schemes up alts but stem fixed income flows
UK corporate schemes ploughed 20 percentage points more of their assets into alternatives in the past three months than the previous quarter, while cutting inflows into fixed income, investment data have shown.
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WMPF takes next step towards paperless comms
The West Midlands Pension Fund is taking the next step towards paperless member communications by issuing its 2015 benefit statement online only, as more schemes move further towards digital portals to reduce costs.
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Civil service scheme's online relaunch triggers engagement surge
The Civil Service Pension Scheme has seen a huge spike in engagement from its 1.5m members after a website relaunch and major communication campaign multiplied users of its online services.