More defined benefit news – Page 44
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NewsAsset manager scheme secures £175mn full buy-in
On the go: The Findel Group Pension Fund has agreed a £175mn full scheme buy-in deal with Standard Life.
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NewsRegulator’s CDC plans risk strangling the sector at its birth
The Pensions Regulator’s draft code of practice for collective defined contribution schemes is unnecessarily strict and risks severely hampering growth in the sector, industry bodies have warned.
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NewsUCU calls for staff welfare inquiry as two-thirds consider quitting
On the go: Two-thirds of university staff could quit the higher education sector altogether over mounting dissatisfaction with pay, pensions and working conditions, the University and College Union has warned, as it calls for the Education Select Committee to set up an inquiry into staff welfare.
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NewsInflation hits 30-year high of 6.2%
On the go: Inflation hit another record in February, piling the pressure on the chancellor to address the soaring cost of living in his Spring Statement on March 23.
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NewsPensions allowance tax charges hit record highs
On the go: The number of savers breaching annual and lifetime allowance limits reached new records in 2019-20, according to figures from HM Revenue & Customs.
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NewsUK to raise £10bn from green gilt sales
On the go: The Debt Management Office will sell £10bn in green gilts as part of £124.7bn in overall gilt sales in the 2022-23 period.
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NewsGovt to consult on McCloud tax legislation this summer
On the go: The government has committed to provide tax-free compensation to members who choose reformed scheme as opposed to legacy scheme benefits under the McCloud remedy, and will consult on the necessary legislation in the summer.
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NewsGovt allocates £425mn for teachers’ remedy back payments
On the go: The government has allocated £425mn for back payments to members of the Teachers’ Pension Scheme, and others within scope of the Goodwin ruling from 2020.
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NewsAir Canada completes £380mn buy-in, Keysight signs £58mn deal
Risk watch: A roundup up of the latest derisking transactions, including the Air Canada (UK) Pension Trust Fund’s £380mn buy-in with Pension Insurance Corporation, and the Keysight Technologies UK Limited Retirement Benefits Plan’s £58mn deal with Just Group.
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NewsDisinvesting on ESG grounds ‘often’ discussed at trustee meetings
Trustees regularly discuss divesting on ESG grounds at meetings as part of wider debates on environmental, social and governance factors. However, complexity means discussion does not always lead to action.
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NewsMNRPF chair admits uncertainty over P&O Ferries’ obligations
On the go: The Merchant Navy Ratings Pension Fund chair of trustees John Oldland has left open the possibility that P&O Ferries may not meet its pension obligations after a controversial dismissal process.
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NewsPlumbing Pensions to use member funds to fight section 75 claims
The Court of Session in Edinburgh has granted Plumbing Pensions permission to use member funds to defend against legal claims from employers over its pursuit of section 75 liabilities.
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NewsMPs to quiz FCA chief over BSPS scandal
On the go: The chief executive of the Financial Conduct Authority will be questioned by MPs as part of an inquiry into the British Steel Pension Scheme saga.
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NewsHealth research charity closes DB schemes to future accrual
On the go: The Wellcome Trust decided to close its two defined benefit pension schemes to future contributions.
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NewsRailpen: Member engagement is vital for schemes’ ESG strategies
Engaging a member with their environmental, social and governance-invested savings can be difficult when they do not know what ESG is.
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News‘Build back better’ hits wall as trustees report trouble aligning
On the go: Trustees and investment managers are struggling to bring their investment strategies into line with the government’s ‘build back better’ initiative, citing a lack of opportunities and long-term planning.
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NewsPension schemes to tackle deforestation in climate push
Pension schemes in the UK will be expected to do more to tackle deforestation as part of the government’s climate policies, pensions minister Guy Opperman has warned.
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NewsAnother wave of strikes begins as USS valuation row escalates
On the go: Staff at 40 universities have begun the next round of industrial action over the controversial conclusion of the Universities Superannuation Scheme’s 2020 consultation.
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News‘Quirk’ sees public sector pay freeze hit teachers’ pensions annual hikes
A ‘quirk’ in the way teachers’ pensions are calculated could mean some teachers stand to suffer an extra loss as a result of the public sector pay freeze, as pension calculations normally triggered by a change in earnings have not occurred.
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News‘Core’ bulk annuity deals hit record level in 2021
On the go: Bulk annuity deals of £1bn or under reached a new high in 2021, in a year that saw volumes driven by momentum in the second half, according to Mercer research.