More defined benefit news – Page 154
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DB-to-DC transfers forecast to impact on derisking strategies
Investment experts have predicted liability-driven investment programmes could become more tricky since the chancellor gave the green light to transfers from defined benefit to defined contribution, with schemes finding find it more difficult to predict liabilities.
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NewsHow your scheme could benefit from the Arcadia CPI judgment
Employers have been encouraged to assess whether they can switch from the retail prices index to the consumer price index to reduce their liabilities, after a High Court ruling last week.
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Church of England scheme boosts funding level with 20% equity growth
The Church of England Funded Pension Scheme has seen an improvement in its funding level thanks to asset outperformance, in particular from equities, as it looks to increase its illiquid asset holdings.
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Newly defined money purchase plans wake up to actuarial and comms obligations
Trustees and employers offering money purchase benefits may face increased member communication and valuation requirements as a result of the government’s new statutory definition.
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Invensys terminates reservoir trust as surplus grows
Invensys Pension Scheme has exceeded full funding on a technical provisions basis and has taken the unusual step of terminating a reservoir trust that was set up to provide funding security after the employer was purchased.
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ETV exercises to rise as government accepts DB-to-DC transfers
Industry experts have predicted the use of enhanced transfer value exercises could increase as employers look to encourage switches out of defined benefit plans in light of the Budget changes, but trustees have been urged to ensure members receive adequate advice.
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BBC plan sees slight deficit improvement as contributions bed in
The BBC has seen a small improvement in its accounting pension deficit as it embarks upon a 12-year plan of additional contributions to boost its scheme funding.
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Civil service employers face increased contributions after discount rate cut
Participating employers of the Principal Civil Service Pension Scheme will face an increase in their pension costs, due to a reduced discount rate, following government efforts to control public spending.
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Court of Appeal upholds crown guarantee for BT Pension Scheme
The court of appeal has ruled to uphold a crown guarantee given to the BT Pension Scheme, making the government responsible for ongoing liabilities should the employer fail.
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NewsPearson scheme reaches full funding due to increased employer contributions
The defined benefit section of the Pearson Group Pension Plan has reached close to 100 per cent funding less than 18 months after agreeing a reduction in the length of its recovery plan.
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Covenant-lite market expands as small schemes digest DB code
Small and medium-sized employers’ pension schemes are finding greater access to pared-down, lower-cost covenant assessments following the Pensions Regulator’s revised defined benefit code of practice, which has increased focus on employer strength.
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NewsKingfisher nears surplus following sponsor property deal
Kingfisher Pension Scheme has revealed that a funding deal with its sponsor, which sees it draw from income-generating properties, has pushed its funding level close to 100 per cent.
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NewsReturning volatility could threaten illiquid fixed income holdings, experts say
Pension scheme investors holding illiquid fixed income assets should beware the effects should increased volatility in global financial markets return, bond experts have urged.
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Lothian adds benefit extension as it looks to upgrade online services
Lothian Pension Fund has extended its online member services to allow members to calculate the pension they would get under voluntary redundancy, as well as introducing a data transfer system for employers to ensure accuracy.
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Northern Powergrid scheme looks to reduce risk with new investment strategy
Northern Powergrid Group Pension Scheme is exploring alternative means of reducing risk as its investment strategy matures, and is reviewing its property investment after “stagnant” performance.
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One in seven trustees think sponsor relationship needs work
Around one trustee on each board feels their relationship with the scheme sponsor needs to be improved, according to a survey of 100 scheme representatives, conducted as fresh regulation seeks to strengthen this bond.
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Schemes plough £24bn into gilts despite low yields
Pension schemes compelled last year to derisk at historically low yields quadrupled the previous year’s gilt purchases, according to official data that have left investment experts surprised.
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News10,000 retained firefighters could take up benefits extension, union predicts
The UK’s largest firefighters union has said 10,000 ‘retained’ personnel are expected to take up the option of extended pension benefits, which bring them into line with those offered to their full-time peers.
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Daily Mail grabs alternative inflation linkage in place of pricey gilts
The Daily Mail and General Trust pension fund has used alternative assets to provide inflation linkage, after demand and monetary policy drove up the cost of using gilts to mitigate inflation risk.
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Buy-in market predicted to reach new heights
The amount of scheme liabilities underwritten by insurers is expected to reach a record high this year as buy-ins become more affordable and scheme confidence grows, derisking consultants have said.