More defined benefit news – Page 43
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NewsOverpayment woes at Teachers’ Pension Scheme continue
The Pensions Ombudsman has partially upheld two more complaints about overpayments to members of the Teachers’ Pension Scheme, the latest in a series of cases where the scheme and its administrators, Teachers’ Pensions, have faced accusations of maladministration.
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NewsCentrica picks Schroders to invest its £10bn in scheme assets
On the go: Energy provider Centrica has chosen Schroders Solutions as its outsourced chief investment officer for its £10bn in pension scheme assets.
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NewsFirefighters prepare fresh legal action against govt
Firefighter representatives and the Local Government Association have written jointly to the government raising the possibility of legal action if steps are not taken to compensate members affected by the remedy period resulting from the McCloud judgment.
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NewsUSS trustee concerned by ‘misleading’ use of financial reports
On the go: The Universities Superannuation Scheme trustee has issued an update on scheme finances, and expressed its concern that previous use of monitoring statements by parties involved in the ongoing 2020 valuation dispute could be “misleading” members about the true state of the scheme.
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NewsHMRC to address GMP conversion tax issues ‘in the coming weeks’
The government has promised supplementary guidance on guaranteed minimum pensions conversion “in the coming weeks” and confirmed it is working on legislative changes, as the debate on the second reading of the pension schemes (conversion of GMPs) bill concludes in the House of Lords.
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NewsGovt admits errors in almost 20,000 NHS GP pension records
Health minister Edward Argar told parliament in March that there were nearly 20,000 NHS GP pension records in error, prompting the British Medical Association to call for an end to the outsourcing of NHS pensions administration.
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NewsAppeals made as foreign exchange class action proceeds on opt-in basis
The Competition Appeal Tribunal has ruled that a class action suit against banks for participating in a foreign exchange spot trading cartel must proceed on an opt-in basis, leading to fears that thousands of pension funds could miss their opportunity to join the suit.
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NewsFCA plans £71mn redress scheme for former British Steel members
On the go: The Financial Conduct Authority has set out plans to deliver £71.2mn in compensation to former members of the British Steel Pension Scheme who received unsuitable advice to transfer out of their pension.
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NewsPPF to reassess levy structure as part of funding strategy review
The Pension Protection Fund will conduct a full review of its levy methodology calculation over the next three years — with the goal of reducing scheme payments — as part of a revised funding strategy.
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NewsPlatform launches pensions dashboard sandbox
On the go: Pensions Dashboards Programme partner Moneyhub has launched an interactive sandbox to show how the pensions dashboards could potentially work.
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NewsTPR issues penalty over ‘inappropriate’ management buyout
On the go: The Pensions Regulator issued a £2mn compliance notice against a former pension scheme sponsor last year after a management buyout left it unable to support its scheme.
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NewsUCU calls for an end to USS cuts in light of improved finances
On the go: The University and College Union has called on employers to reverse plans for what it called “brutal cuts” to staff pensions, in light of a “drastic improvement” in Universities Superannuation Scheme finances.
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NewsInsurers can influence DB transfer values at buyout up to a quarter
On the go: Defined benefit members’ transfer values can vary by up to 25 per cent depending on the choice of insurer at buyout, research has revealed.
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NewsUnions threaten strikes as TfL scheme review models pension cuts
At least two of the country’s biggest transport unions threatened industrial action after an independent review of the Transport for London Pension Scheme set out a suite of possible pension reforms that would cut benefits.
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NewsPASA covers crossovers, tax and death benefits in GMP guidance
On the go: The Pensions Administration and Standards Association has launched guidance tacking frequently asked questions around guaranteed minimum pension equalisation, including tax implications, death benefits, commutation, and the ‘look-back’ approach for crossover members.
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NewsRegulator's notifiable events regime could be delayed
On the go: Industry commentators are asking whether the Pensions Regulator’s new notifiable events regime might be delayed, as the government has yet to respond to last year’s consultation into the expansion of the regulator’s powers.
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NewsPensions industry in dire need of 'real' fee transparency
On the go: Asset managers charging lower fees for global active equity funds often deliver better value for money, but the fees collected differ greatly from those presented in the public domain, according to a report from ClearGlass Analytics.
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NewsNatWest pumps £427mn into pensions as govt reduces its stake
NatWest Group has paid £427mn into its pension scheme as a result of an off-market purchase of ordinary shares from HM Treasury, which saw the government’s stake in the banking group drop beneath 50 per cent for the first time since the 2008 financial crash.
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NewsOpperman calls for industry input on CDC expansion
On the go: Pensions minister Guy Opperman has called on the industry to work with government on expanding the nascent collective defined contribution market, though experts have previously warned that draft regulations are too strict to allow for real growth in the sector.
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NewsNew British Steel scheme to make £58mn additional payout
Some 50,000 pensioner members of British Steel Pension Scheme II will receive a one-time extra payment, worth collectively £58mn, due to the pension fund’s positive results.