More defined benefit news – Page 45
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NewsBSPS members’ compensation falls short by £18mn, NAO finds
Compensation for members of the British Steel Pension Scheme has fallen short by £18mn, according to a report by the National Audit Office, which warned that the risk of large numbers of savers looking to transfer out of a defined benefit pension still remains.
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NewsOmbudsman orders NHS members payouts after admin errors
The Pensions Ombudsman partly upheld two complaints against NHS scheme administrators in February and March after years of benefit miscalculations and misinformation about additional contributions, ordering payouts for two members.
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NewsPublic sector scheme members get retirement calculator
On the go: The Government Actuary’s Department has released an online tool designed to help public sector scheme members better understand their options for benefits and retirement.
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NewsCSM UK scheme agrees £86mn full buy-in with Just Group
On the go: The CSM UK Pension Scheme has agreed an £86mn full buy-in with Just Group.
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NewsTeachers accept GDST pensions offer but union remains concerned
Further industrial action at the Girls’ Day School Trust has been averted after teachers accepted an updated pensions and pay offer from the trust, though the National Education Union has refused to endorse it.
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NewsAnti-scam rules result in 500 safeguarding interviews to date
On the go: Nearly 500 people have so far completed a pensions safeguarding guidance interview since new anti-scam rules were introduced at the end of November 2021.
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NewsPensions industry fires back at Opperman criticism
Stalwarts of the pensions world have responded to pensions minister Guy Opperman’s suggestion that the industry lacks long-term vision.
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NewsFirefighters reach pensions agreement with government
A memorandum of understanding has been signed between the government and the Fire Brigades Union over pension rules for retained firefighters, potentially allowing thousands to claim pension entitlements dating back earlier in their careers once legislation is passed.
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NewsLGA calls for 2025 dashboards deadline amid capacity crunch fears
The Local Government Association has called for the staging date by which the Firefighters’ Pension Scheme is to join the dashboards to be set back, arguing that it is not feasible to expect the scheme to join before 2025.
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NewsParliamentary fund heeds Sunak’s warning over Russia
On the go: The Parliamentary Contributory Pension Fund has ordered its fund managers to divest from Russian assets where possible, after uncovering a small amount of direct Russian holdings.
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NewsEngagement essential for schemes to turn the tide on plastic waste
The role pension schemes play in overcoming plastic pollution is multifaceted, and communicating it with members only adds another layer of complexity, experts warn.
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NewsUSS discourages use of alternative benefits modellers
On the go: The Universities Superannuation Scheme has discouraged members from using alternative benefits modellers to work out how they will fare following the conclusion of the scheme’s 2020 valuation, warning that they operate on very different assumptions to those agreed by employers and the trustee.
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NewsMencap completes £61mn bulk annuity deal with Canada Life
On the go: The circa £152.1mn defined benefit section of the Mencap Pension Plan has signed a £61mn bulk annuity transaction with Canada Life.
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NewsStaffordshire University staff to walk out over pension reform
On the go: Staff at Staffordshire University are set to walk out over plans to hire new staff through a subsidiary company, meaning they will not be given access to a defined benefit pension.
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NewsNewell Rubbermaid scheme agrees £225mn buy-in with L&G
On the go: The Newell Rubbermaid UK Pension Scheme has agreed a £225mn buy-in for its Combined Newell and Record Section with Legal & General Assurance Society.
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NewsGovt’s dashboard proposals cause widespread industry concerns
The Pensions and Lifetime Savings Association has recommended three thresholds that must be met before pensions dashboards are launched to the public, but there is widespread industry concern around liability for incorrect or misinterpreted information, and significant doubts whether its launch is achievable by the government’s preferred dates.
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NewsGovernment to legislate soon on scheme investment in illiquids
The government will introduce legislation to help pension schemes invest in illiquid assets, the work and pensions secretary has said.
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NewsTPR to issue new guidance on employer covenant
On the go: The Pensions Regulator is working on fresh guidance regarding employer covenant, which may emerge in autumn of this year.
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NewsTPR’s web-based scheme return questions cause industry mayhem
Actuaries, trustees and consultants are disappointed with a new method introduced by the Pensions Regulator for scheme returns, pointing out that a web-based form with additional questions implemented this year has increased the risk of providing wrong information.
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NewsGovt to compensate judges for additional McCloud tax bills
The Ministry of Justice has announced it will compensate judges who incur additional tax liabilities as a result of the immediate choice they will take later this year, while other departments left their proposals largely unchanged following consultations on phase one of the McCloud remedy.