More defined benefit news – Page 64
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NewsPearl Group pension fund completes further buy-in
On the go: The £2.9bn Pearl Group Staff Pension Scheme, one of Phoenix Group’s main pension schemes, has completed a second £998m buy-in with the group’s life assurance company, Phoenix Life.
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NewsChallenges of green regulation should not be underestimated
On the go: More than a quarter of defined benefit pension schemes are only aiming for minimum compliance with new rules and regulations around climate change, the challenge of which should not be underestimated, LCP has warned.
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NewsUK ranked low on global pensions index
On the go: Team GB may have bagged an impressive haul of medals at the Tokyo Olympic Games, but the country is considered far from the best when it comes to its pensions system.
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NewsNFU Mutual pension fund hires Trafalgar House as administrator
On the go: The NFU Mutual Retirement Benefit Scheme, with £1.1bn in defined benefit assets and £206.2m in defined contribution assets, has appointed Trafalgar House to provide administration services, effective from July 1 2021.
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NewsPASA updates GMP guidance in light of Lloyds 2020 judgment
The Pensions Administration Standards Association has updated its guaranteed minimum pension equalisation to account for the Lloyds 2020 judgment, setting out the role of transferring schemes and receiving plans in individual transfers.
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NewsDIY strategies are ‘better and cheaper way’ to do ESG investing
Customisation of index strategies and direct ownership of equities is a more efficient and cost-effective way of investing sustainably than using ‘off-the-shelf’ index products, according to SigTech, which offers quant technologies to investors.
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NewsHow vegan members can align their pension with their lifestyle
The vegan market is on the rise in the UK. In 2019, more than 600,000 of the UK population classified themselves as vegan, and nearly half of this population cited ethical reasons as a primary motivator.
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NewsPPF 7800 Index falls but surplus remains
On the go: The aggregate surplus of the 5,318 defined benefit pension schemes potentially eligible to join the Pension Protection Fund is estimated to have decreased to £62.4bn at the end of July, from a surplus of £99bn at the end of June, the latest figures from the lifeboat fund show.
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NewsSignet Group scheme completes full buy-in with Rothesay
On the go: The Signet Group Pension Scheme has completed a £236m full buy-in with Rothesay. Mercer was the lead broker on the transaction.
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NewsGender pensions gap continues to widen
On the go: The gender pensions gap has risen to more than £180,000 among people aged above 55, with Covid-19 further widening the gap, according to research from equity release lender More2Life and the Centre for Economics and Business Research.
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NewsBrent Group scheme secures £3m buy-in with Just
On the go: Brent Group, a family-owned business that includes the digital marketing and brand agency Brand Remedy, has completed a £3m buy-in with Just Group.
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NewsUK meat board appoints actuarial adviser for DB schemes
On the go: The Agriculture and Horticulture Development Board has appointed an actuarial adviser for its two legacy defined benefit schemes, the circa £25.4m Home-Grown Cereals Authority Pension Plan and the circa £203.2m Meat and Livestock Commission Pension Scheme.
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NewsDB funding level holds steady in Q2
On the go: UK defined benefit funding levels have remained flat quarter on quarter despite improvements since the onset of the Covid-19 pandemic, but sponsor health remains a top concern, Legal & General Investment Management reports.
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NewsOmbudsman criticises civil service pensions administrator
The Pensions Ombudsman has partially upheld a complaint brought against MyCSP, which administers Civil Service Pensions, for causing “significant distress” in its handling of an overpayment case.
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NewsCorporate bond managers urged to explain climate transition risks
As defined benefit schemes are increasingly expected to replace their equity portfolios with corporate bond holdings in their journey to reach funding targets, pension funds and their asset managers are being urged to carefully assess companies’ attitudes to climate transition risks.
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NewsTPR abandons plans to impose cap on illiquid assets
On the go: The Pensions Regulator has dropped controversial plans to limit the amount funds can put into illiquid assets after the government urged trustees to invest in more long-term assets such as infrastructure to support the UK recovery.
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NewsUK’s bulk annuity market to reach £25bn in second half of 2021
On the go: Despite a quieter start to the year in the UK’s bulk annuities market, the second half of the year is “expected to be very busy” reaching a volume of around £25bn in deals, analysis from Legal & General has shown.
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NewsKPMG fined £13m for ‘dumping’ Silentnight scheme into PPF
On the go: KPMG has received a £13m fine over serious misconduct in its role in the sale of bed manufacturer Silentnight, which lead to the company’s insolvency and its pension scheme having to be absorbed by the Pension Protection Fund.
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NewsGovt urges pension schemes to invest in the UK recovery
Boris Johnson and Rishi Sunak have urged UK pension schemes to invest more in long-term UK assets with the goal of fuelling the recovery of the post-pandemic economy.
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NewsStronger pension risk transfer market expected in H2 after ‘Covid hangover’
The pensions risk transfer market will pick up for the last six months of 2021 with an expected strong pipeline after a subdued first half, according to Legal & General and Willis Towers Watson.