More defined benefit news – Page 22
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NewsFiduciary managers rip up schemes’ investment guidelines
On the go: Some fiduciary managers have altered investment guidelines for all of their clients in light of October’s market turmoil, which saw schemes scramble for liquidity in response to collateral calls from liability-driven investment managers.
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NewsBrexit date hands victory to DWP in PPF assessment appeal
The Employment Appeals Tribunal has handed a near-complete victory to the Department for Work and Pensions over a ruling that threatened limits paid to members of the Pension Protection Fund, having concluded that the majority of respondents no longer had rights against age discrimination that had been grounded in European law.
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NewsSainsbury’s sets up £500mn loan to DB scheme for LDI crisis
Sainsbury’s has set up a £500mn loan facility to ensure its defined benefit scheme has enough liquidity to face collateral calls on its liability-driven investments.
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NewsBank of England raises interest rate to 3%
On the go: The Bank of England has raised interest rates to 3 per cent, its highest rise since 1989.
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NewsLondon Pensions Fund Authority sets net zero targets
On the go: The £7.6bn London Pensions Fund Authority has launched a plan to target net zero, starting with its listed equities portfolio, aiming to reach the goal by 2040.
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NewsAgfa UK Group Pension Plan signs £200mn buy-in
On the go: The Agfa UK Group Pension Plan has completed a second annuity buy-in with Standard Life, covering the vast majority of the fund’s remaining liabilities.
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NewsProfit warnings from DB sponsors jump 38%
On the go: Profit warnings issued by UK-listed companies with defined benefit pension schemes increased by 38 per cent year on year in the third quarter of 2022.
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NewsNest and Sainsbury’s members shrug off LDI crisis
October’s market turmoil and the slump in UK government bonds did not trigger a spike in Nest members checking their defined contribution pots, the research arm of the government master trust has said.
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NewsUK gender wealth equity lags Europe at retirement
On the go: The UK has one of the largest gender wealth gaps in Europe, sitting below the global average and only just above the Netherlands, which is in last place for the continent.
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NewsUSS pension benefits ‘could be retroactively paid back’
On the go: The University and College Union has claimed that approximately £0.5bn in pension benefits cut by Universities UK could be paid back to around 200,000 staff in the Universities Superannuation Scheme.
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NewsLGPS funds target illiquid assets and emerging market equities
Illiquid alternatives have been the most sought-after investments among local authority pension funds this year, while schemes are also set to take advantage of selected investment opportunities in emerging markets.
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NewsAerospace scheme secures buy-in, baking co-op derisks with L&G
Risk watch: A round up of the latest derisking transactions, including the Cobham Pension Plan £530mn bulk annuity deal with Standard Life, and the Flour Milling and Baking Research Association Pension and Assurance Scheme £10mn assured payment policy.
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NewsTPR: Improved funding steering DB sector towards buyout
Around nine in 10 defined benefit trustees and employers now have a long-term objective in place, with positioning for a buyout more common than reaching a position of low dependency.
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NewsPension dashboards near live testing stage
On the go: The Pensions Dashboards Programme has moved into the testing of digital architecture phase, with more than 20 organisations taking part as early participants, programme principal Chris Curry has said.
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NewsPost-pandemic retirement surge increases LGPS expenditure
A rise in the number of people retiring following the pandemic contributed towards a 6.6 per cent increase in Local Government Pension Scheme expenditure, new data from the Department for Levelling Up, Housing and Communities has revealed.
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NewsInsurance market faces ‘unprecedented’ scheme demand
The market for UK defined benefit pension schemes to transfer their liabilities to insurers is set to climb sharply, analysis by consultancy LCP has found.
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NewsLecturers’ USS lawsuit to proceed to the Court of Appeal
On the go: A lawsuit against Universities Superannuation Scheme directors alleging climate inaction and breaches of duty will be heard by the Court of Appeal.
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NewsTPR publishes consolidated enforcement powers
The Pensions Regulator has published its new enforcement policy, which contains new powers awarded in the Pension Schemes Act 2021, and replaces and consolidates compliance and enforcement policies governing defined benefit, defined contribution and public sector pension schemes.
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NewsIFoA withholds ‘risk alert’ over LDI
On the go: The Institute and Faculty of Actuaries has opted not to issue a “risk alert” over liability-driven investments, in response to the liquidity crisis faced by many defined benefit schemes that unfolded after the September “mini” Budget.