More defined benefit news – Page 62
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NewsPublic sector schemes wary of TPR’s new code of practice
Public sector schemes should press on with implementing the Pensions Regulator’s new code of practice, Aon has said. However, schemes are concerned about the new rules and have asked for more clarity from the watchdog.
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NewsPandemic impacts DB schemes’ deficit recovery periods
On the go: The deficit recovery periods of defined benefit schemes with valuations in 2020-21 was impacted by the pandemic-led crisis, with these schemes having a smaller reduction than expected, according to new analysis.
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NewsDashboards programme appoints central digital architecture supplier
On the go: The Pensions Dashboards Programme has appointed Capgemini as the supplier of the project’s central technical architecture.
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NewsFujitsu pension scheme completes £7.7m buy-in with Aviva
On the go: The Fujitsu General (UK) Co Limited Pension and Life Assurance Plan has completed a £7.7m full buy-in with Aviva.
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NewsFTSE 350 DB schemes’ deficit rises £2bn in August
On the go: Defined benefit schemes sponsored by FTSE 350 companies saw their deficits rise to £87bn in August, an increase of £2bn from £85bn in July.
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NewsIndustry fears another missed dashboards deadline
On the go: The pensions industry doubts whether the pensions dashboards will be delivered on time, as more than three-quarters of respondents to a Pensions Management Institute survey said they thought the project would still not be operational by 2023.
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NewsPPF grants levy payment window for schemes impacted by Covid-19
On the go: Defined benefit pension schemes impacted by the pandemic will be granted a 90-day payment window to pay their Pension Protection Fund 2021-22 levy bill.
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NewsStrike action ‘inevitable’ after employers agree USS reforms
The University and College Union is to ballot its members over industrial action, branding strikes “inevitable” after employers agreed to press ahead with reforms of the Universities Superannuation Scheme.
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NewsFCA to review DB transfer redress guidance
On the go: The Financial Conduct Authority is preparing to review its redress guidance for unsuitable pension transfer advice by the end of the year and has clarified what it expects of financial advice companies in the meantime.
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NewsDraft CDC regulations hampered by poor definitions, industry warns
The government’s consultation into draft regulations governing collective defined contribution schemes requires more work on definitions if these pension funds are to be properly implemented, with the Pensions and Lifetime Savings Association warning it could create a “back door” for unscrupulous employers.
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NewsNew regulatory rules could put UK dividend recovery at risk
On the go: The pace of dividend recovery for UK companies could be put at risk due to new pension regulatory rules coming into force on October 1, LCP has warned.
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NewsLGPS funds and pools cement bet on alts in Q2
LGPS funds and pools cement bet on alts in Q2Data crunch: LGPS funds awarded 37 mandates to asset managers during the second quarter, a time when these schemes and local authority pools increased their allocations to alternative investmentsEnterkeywords.sh_embed {position: relative;height: auto;width:100%;z-index: 0;overflow: hidden;background-color: #222;color: white;font-family: 'Lato', 'Helvetica Neue', Helvetica, Arial, ...
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NewsChildren’s car seat manufacturer completes £30m triple buy-in
On the go: Britax Childcare Group has completed a triple buy-in for its three defined benefit schemes worth £30m with Just Group.
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NewsTPR’s ESG guidance raises industry concerns on privacy and penalties
The Pensions Regulator’s draft guidance on climate change reporting and governance is not sufficiently clear on what constitutes compliance, and the watchdog needs to provide clarity on its approach to discretionary penalties, the Society of Pension Professionals has warned.
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NewsTeachers’ Pension Scheme seeks new admin
On the go: The Department for Education has launched a tender for administration services for the Teachers’ Pension Scheme, as Capita’s contract is due to end in 2025.
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NewsFTSE 350 DB schemes time to buyout could drop by 35% due to Covid
On the go: FTSE 350 defined benefit schemes could be reaching their endgame quicker than expected due to the effects of the pandemic on life expectancy, new research has shown.
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NewsOmbudsman facing 'significant queue of work' from Covid-19
On the go: The Pensions Ombudsman is expecting demand to increase by 10 per cent in light of Covid-19, but is already facing a “significant queue of work” caused by the pandemic, according to its 2021-24 corporate plan.
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NewsDB transfer requests return to pre-pandemic levels
On the go: Cash equivalent transfer value requests are starting to return to pre-pandemic levels following a 50 per cent increase in quotations, research has found.
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NewsMorrisons bidder open to giving additional security to DB schemes
On the go: Clayton, Dubilier & Rice, one of the two private equity managers bidding for Morrissons, is open to considering additional securities to the retailers’ defined benefit schemes as part of their dialogue with trustees.
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NewsEY fined £3.5m for Stagecoach pension audit failings
EY has been fined £3.5m and given a “severe reprimand” by the Financial Reporting Council, in part for failing to meet requirements when auditing Stagecoach’s defined benefit scheme obligations.