More defined benefit news – Page 37
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NewsUSS plans funding review as deficit drops to £1.6bn
The £88.8bn Universities Superannuation Scheme has teased the possibility of increasing benefits and cutting contributions, after its latest review revealed a markedly improved funding position.
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NewsNew British Steel scheme signs second buy-in
On the go: The British Steel Pension Scheme II has secured a second buy-in with Legal & General, insuring around 25 per cent of its liabilities.
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NewsNumber of NHS workers claiming pension benefits hits record high
On the go: The number of NHS workers claiming their pension benefits reached an all-time high in April 2022, which Quilter has said suggests more people are deciding to retire.
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NewsBedfordshire pools academy liabilities in bid to cut volatility
The £2.76bn Bedfordshire Pension Fund’s committee has agreed to create a pool for its academies’ pension liabilities, in a bid to reduce the volatility caused by members entering and exiting the scheme.
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NewsCHC scheme trustees warn CMA of ‘seriously detrimental’ sale
The trustees of the £181.2mn CHC Scotia Pension Scheme have told the Competition and Markets Authority that its recent intervention risks being “seriously detrimental to the interests of the scheme and its members”.
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News‘Flurry of activity’ expected in the bulk annuity market
On the go: The buy-in and buyout market is expected to have a “flurry of activity” over the next 12 months as defined benefit schemes look to accelerate their derisking plans, according to LCP.
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NewsTimms urges Opperman to reconsider FAS compensation cap
Work and Pensions Committee chair Stephen Timms has asked pensions minister Guy Opperman to reconsider the interest on arrears and the application of the compensation cap for Financial Assistance Scheme members.
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NewsTPR predicts improvements in funding levels
Pension schemes with recent valuation dates are expected to achieve improved funding levels, the Pensions Regulator has predicted, while many schemes in deficit should be able to maintain or reduce deficit repair contributions.
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NewsAegon and LCP criticise ‘damaging’ FRC dashboard proposals
Aegon and LCP have issued stern rebukes of the Financial Reporting Council’s proposals for calculating pensions projections for the dashboards, with Aegon arguing that the FRC’s preferred methodology would “damage the whole intention behind dashboards”.
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NewsTrustees warn single code will be significant resource drain
Uncertainty over the forthcoming changes in the Pensions Regulator’s new single code of practice is causing anxiety among trustees, as they expect it to have a huge impact on their time and resources.
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NewsRecord numbers of FTSE 350 DB schemes are in surplus
More than six in 10 FTSE 350 defined benefit scheme sponsors have reported a pensions accounting surplus as at the end of 2021, while the aggregate surplus has almost doubled in the past months.
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NewsCivil service to hold pensions strike vote
On the go: The civil service and related public sector areas are set to vote on industrial action over pay, pensions and redundancy terms this autumn.
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NewsLecturers’ USS lawsuit frustrated by centuries-old precedent
A lawsuit against Universities Superannuation Scheme directors alleging climate inaction and breaches of duty has failed on a technicality dating back to 1843, though the judge in the case did find that beneficiaries of a pension fund corporation do sometimes have the right to sue directors.
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NewsEAPF invests in sustainable credit, most schemes plan for net zero
ESG spotlight: A roundup of the latest news on environmental, social and governance initiatives, including investment in sustainable private credit by the £4.3bn Environment Agency Pension Fund, nearly three-quarters of schemes set to have net zero plans, and a pair of ESG guides issued for trustees.
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NewsLothian and Falkirk funds explore merger
On the go: The circa £8.6bn Lothian Pension Fund and the circa £3.2bn Falkirk Council Pension Fund are exploring the possibility of a merger.
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NewsNew SPP president targets DC outcomes
The Society of Pension Professionals’ new president, Steve Hitchiner, has demanded greater focus on outcomes for defined contribution scheme members.
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NewsPPF hires adviser firm to review its directors and committees
On the go: The £38bn Pension Protection Fund has appointed adviser company Lintstock to conduct a review of its committees and individual directors
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NewsBT Pension Scheme sells stake in real estate venture
On the go: The £57.5bn BT Pension Scheme, via Federated Hermes, has sold part of its stake in the engineering and technology business park Silverstone Park to the $550.4bn (£342.6bn) Canada Pension Plan Investment Board.
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NewsProcurement bill introduces uncertainty for regulated schemes
Government attempts to introduce flexibility to simplified public procurement processes could have an impact on regulated pension schemes, which will have to deal with increased uncertainty as a result.
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NewsIFS: Retirement spending increases between ages 62 and 80
Individuals aged 62 to 80 and couples typically spend more in retirement, dispelling the assumption that spending decreases in later life, according to research by the Institute for Fiscal Studies.