More defined benefit news – Page 153
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News
Employers face increased pension loss payouts after NHS case
Employers may be liable to pay increased compensation relating to pension loss to employees dismissed unfairly, lawyers have warned, after a tribunal appeal found an earlier decision had miscalculated the sum owed to an NHS scheme member.
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How scrapping 55% 'death tax' could affect your DB scheme
Consultants have again predicted greater interest in transfers out of defined benefit schemes following the proposed removal of inheritance tax on pension pots, while others doubted the changes would have much impact.
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Budget flexibilities fail to spur DB transfer interest
Predictions that the Budget flexibilities would lure members out of defined benefit pension schemes have so far proved unfounded, as data show no uplift in the proportion requesting transfer value quotations.
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What the ONS data tell us about contribution habits
Official data have shown employers with between 1,000 and 4,999 employees on average contribute more to their defined contribution schemes than their larger and smaller counterparts, as industry experts call for increased contributions.
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How devolution could affect your scheme
Scheme professionals have predicted devolved tax and welfare powers to Scotland, England, Wales and Northern Ireland could increase the cost of administering schemes which have members across the UK, though others doubt the impact.
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Three in four DB schemes sizing up post-Budget incentive exercises
Benefit consultants have reported that as many as three-quarters of their defined benefit scheme clients are considering incentive exercises to reduce their risks following the introduction of the Budget freedoms.
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Channel 4 looks to shut off DB accrual to quell deficit increase
Channel 4 plans to close its defined benefit pension scheme after its deficit more than tripled, having paused its consultation to give members a chance to understand the personal impact of the changes.
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Schemes eye forward rates to time hedge moves
Larger schemes are showing greater interest in using forward rather than spot rates to assess whether to increase their interest and inflation hedges, in order to gain a more accurate picture of fair value.
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Smaller schemes combine service provision to reduce legacy burden
Leading benefit consultancies have reported more small to medium-sized schemes are bundling services under a single provider in response to a growth in legacy arrangements and to benefit from economies of scale.
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The Pensions Trust takes names off ballot to reduce bias
The Pensions Trust has anonymised its trustee board elections in a controversial attempt to create a more diverse board, as schemes work to improve representation on male-dominated governance bodies.
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Risk management key trustee challenge as complexity criticised
An industry survey has shown understanding risk is the biggest challenge for defined benefit pension scheme trustees, sparking debate over whether trustees need more sophistication, or whether scheme choices need simplifying.
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Schemes consider money purchase reversion to reduce employer risk
Legal experts have reported that schemes caught by the recent change in the definition of money purchase are trying to amend their benefits structures to remove the additional risk of guarantees.
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Saul: convertibles could spread as schemes look to reduce volatility
Saul's outgoing chief executive has predicted that its use of convertible bonds to dampen pension fund volatility could catch on at other schemes, but some advisers remain sceptical of the benefits offered.
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Yes or No: schemes brace for Scottish independence vote
Pension scheme managers and industry experts are focusing on tax and cross-border funding requirements as challenges that could arise out of next month’s Scottish independence vote, regardless of the outcome.
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NewsRegulator nets £184m from Lehmans as cases treble
The Pensions Regulator’s unprecedented £184m settlement for the members of the Lehman Brothers pension scheme is its biggest trophy in a growing anti-avoidance campaign, with the number of investigations trebling since last year.
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DB steals limelight in 75% of hybrid scheme trustee meetings
Three-quarters of hybrid scheme trustees spend more time on their defined benefit offerings than defined contribution, sparking concerns that they are failing to respond to the shift to DC.
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IASB proposal could hit sponsor-scheme funding strategies
A proposed change to pensions accounting guidance around surpluses could lead to trustees having to renegotiate their financing arrangements with employers and shifting towards non-cash vehicles.
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Interest rate uncertainty a concern for employer covenants
Interest rate rises could have a negative effect on covenant strength as some companies are forced to refinance at higher rates, advisers have said, and trustees should keep a watching brief to mitigate any resultant impact on their sponsors' ability to pay scheme contributions.
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Schemes have scope to delve deeper into illiquids, but confidence lacking
Defined benefit schemes are showing increased interest in illiquid alternatives as they hunt greater yield and diversification, but many lack sufficient resources and the confidence needed to execute such investments.
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How the PPF's contingent asset shift could affect your scheme
The Pension Protection Fund will publish in October the conclusion of its consultation on making the certification of contingent assets more transparent, after around half a sample of type A contingent assets failed a stress test.