More defined benefit news – Page 57
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NewsTPR’s chair to lead investment benchmark tool for schemes
On the go: Asset management consultancy MJ Hudson has announced the creation of an investment decision-making tool for pension schemes, which will be headed by the Pensions Regulator chair Sarah Smart.
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NewsCharity scheme to leave PPF assessment in £30m buy-in
On the go: The John Townsend Trust Pension and Assurance Scheme has agreed a £30m full scheme buy-in with Legal & General, moving out of the assessment period at the Pension Protection Fund.
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NewsDaily Mail owner nears £400m pension deal amid takeover
On the go: A potential takeover deal of the Daily Mail and General Trust by the Rothermeres would see a sum of approximately £400m being injected into the publisher’s pension schemes, DMGT has announced.
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NewsDWP proposes fraud compensation levy increase for all pension schemes
The Department for Work and Pensions is consulting on changes to the fraud compensation levy, which will see pension schemes pay more than double the current fee as pension scam claims rise.
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NewsUSS directors sued over climate inaction and breaches of duty
Two university lecturers, backed by a number of branches of the University and College Union, have filed a wide-ranging legal action against the directors of the Universities Superannuation Scheme, accusing them of multiple failings with respect to the controversial 2020 valuation, and of inaction around climate change commitments.
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NewsSaul to create ‘feeder’ DC scheme for new members
The Superannuation Arrangement of the University of London is set to create a new “feeder” defined contribution pension scheme as it undertakes a review of its investment strategy.
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NewsBudget: Govt not expecting tax relief take-up and millions for McCloud
Pensions Expert’s roundup of the key figures from the Autumn Budget: the government assumes most people will not claim their net pay tax relief top-up, £10m has been set aside to help administer increasingly complex McCloud tax arrangements, and the Goodwin remedy could end up costing £3bn. However, savings have been made from the double lock and state pension overpayment revisions.
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NewsTPR to tighten supervision to steer schemes’ climate response
The Pensions Regulator is aiming to set “clear expectations” of what it wants to see from pension schemes, while increasing supervision ahead of the new requirements to comply with environmental, social and governance legislation under the Pension Schemes Act 2021.
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NewsThird of BT Pension Scheme members sign up to online portal
On the go: One in three BT Pension Scheme members are now managing their pension through the scheme’s new online portal.
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NewsDB master trust self-certification regime launched
On the go: A self-certification regime for defined benefit master trusts was launched on Wednesday that will provide “useful information” for trustees considering a move to such schemes.
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NewsBudget 2021: Public sector members to get McCloud tax exemption
On the go: HM Revenue & Customs announced on Wednesday a series of measures to ensure public sector scheme members will not have to pay extra tax if they receive an uplift in their benefits due to the McCloud remedy.
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NewsBudget 2021: Missed opportunity to tackle pensions ‘ticking time-bomb’
Following a Budget speech light on pensions policy announcements, the industry has been weighing in on what has been revealed, including a consultation on the charge cap and a new tax relief for low earners in net pay schemes, while others say that the chancellor has not done enough to address industry concerns.
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NewsUK must take lessons from abroad to successfully integrate CDC
On the go: The UK must look to the international experience of collectivised pension schemes and prioritise effective member communications, the Work and Pensions Committee has heard.
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NewsPublic sector pensions cost £57bn more than declared, report finds
The government is misleading parliament and the public over the cost to the taxpayer of public sector pensions, a report from the Institute of Economic Affairs has claimed, while raising further questions around the visibility of these pension schemes.
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NewsAlmost a quarter of trustees unsure of endgame strategy
On the go: There are still doubts among trustees about their defined benefit schemes’ long-term strategy, as almost a quarter of these professionals (23.9 per cent) are unsure of their endgame strategy, a survey has revealed.
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NewsActuaries demand ‘comprehensive guidance’ on TPR’s notifiable events
On the go: The Association of Consulting Actuaries has called for “comprehensive guidance” to be published before the Pensions Regulator’s new notifiable events regime comes into force, citing the “significant penalties” that apply for non-compliance.
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NewsBig funds invest £128bn in fossil fuels, LCP urges net-zero action
ESG spotlight: A roundup of the latest news on environmental, social and governance initiatives, including research by Friends of the Earth that found the UK’s largest pension funds have no “credible plan” to divest the £128bn currently held in fossil fuels, and a call from LCP for defined contribution schemes to take meaningful action on net-zero ambitions.
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NewsTPR to demand more asset information from schemes in 2023
The Pensions Regulator has confirmed it will press on with reforming the asset class information it collects via the scheme return, in a consultation response published on Thursday.
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NewsHealthcare diagnostics scheme completes £130m full buy-in
On the go: The PerkinElmer (UK) Pension Scheme has completed a £130m full buy-in with Phoenix Group subsidiary Standard Life.
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NewsInflation and Covid uncertainty temper PPF performance
Inflation is one of a number of concerns for the Pension Protection Fund, with post-Covid uncertainty tempering reaction to an otherwise positive set of results released in its annual report published on Monday.