More defined benefit news – Page 65
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NewsFTSE 100 DB surplus not immune to funding code and inflation shocks
On the go: FTSE 100 defined benefit schemes' positions grew again in Q3, with the post-pandemic recovery leaving their combined IAS19 surplus at £50bn. But LCP has warned that inflation, coupled with stricter rules under the new defined benefit funding code, could still do damage.
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NewsBritish Steel payouts reach £21.5m
On the go: The Financial Services Compensation Scheme has paid out £21.5m to members of the British Steel Pension Scheme who were wrongly advised to transfer their defined benefit pensions, after payment figures have doubled in the past few months.
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NewsGovernance burden does not translate into value, industry says
On the go: Pensions professionals have said the burden of the increased level of scheme governance is not worth the value it brings, a survey from XPS Pensions Group has found.
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NewsTPR criminal powers policy spurs more industry concern
The Pensions Regulator has published its policy on how it intends to use upcoming criminal powers to prosecute those who fall foul of new legislation, following widespread industry concern into the scope and extent of the powers.
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NewsFCA to introduce ‘synthetic’ Libor to ease rate wind-down
On the go: The Financial Conduct Authority has announced that some key Libor panels will publish ‘synthetic’ rates to safeguard an “orderly wind-down” of the benchmark interest rates.
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NewsCapita pension scheme appoints fiduciary manager
On the go: The £1.5bn Capita Pension & Life Assurance Scheme has selected Russell Investments as its fiduciary manager after the scheme trustees’ decided to move to an improved investment governance model.
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NewsPPF levy to fall by £105m in 2022-23
On the go: The Pension Protection Fund has announced that it expects to collect £415m from its levy payers in 2022-23, a reduction of £105m from the previous year.
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NewsTPS exodus continues as schools' trust begins consultation
On the go: Some 23 independent schools are set to become the latest to leave the Teachers' Pension Scheme after a consultation into leaving the scheme was launched by the Girls’ Day School Trust.
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NewsBuilders’ merchant scheme secures £8m buy-in
On the go: The £9.4m Atkinson Northern Limited Retirement Benefits Scheme has secured an £8m buy-in with Legal & General Assurance Society.
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NewsTPR urges schemes to get GMP equalisation done
On the go: The Pensions Regulator is urging schemes to engage with their administrators and complete guaranteed minimum pensions equalisation, as there is a sense of urgency for older members.
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NewsTeachers’ Pension Scheme pays £21m to Capita for McCloud admin
On the go: The Teachers’ Pension Scheme has awarded a £20.6m extension to Capita’s current third party administration contract to deal with the implementation of the McCloud remedy.
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NewsFTSE 350 DB scheme payments up £45bn after pension freedoms
On the go: The introduction of pension freedoms in 2015 has contributed an estimated £45bn of additional benefit payments made by FTSE 350 defined benefit schemes, research from Barnett Waddingham has revealed.
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NewsIsio snaps up Premier Pensions
On the go: Isio has announced the acquisition of Premier Pensions, subject to approval by the Financial Conduct Authority.
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NewsGovt proposes GMP revaluation rate of 3.25%
On the go: The Department for Work and Pensions is proposing to lower the guaranteed minimum pension fixed rate revaluation for early leavers by 0.25 percentage points.
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NewsReal Good Food uses sale proceeds to wipe DB deficit
On the go: Liverpool-based cake decoration specialist Real Good Food has used the proceeds from the sale of its snack bar business to “eliminate” its defined benefit scheme deficit.
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NewsONS data shows drop in deficit payments as life expectancy flatlines
On the go: New data from the Office for National Statistics has revealed a significant drop in defined benefit scheme deficit repayment contributions, while the impact of the pandemic can now be seen in nationwide life expectancy data.
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NewsRoyal Mail CDC scheme closer to reality as consultation launches
Royal Mail has launched a consultation on its new collective defined contribution scheme, detailing the structure of the new pension fund, which the postal company is aiming to launch in 2022.
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NewsGuidance ‘stronger nudge’ still poses more questions than answers
Regulators are unclear about how the take-up levels of pensions guidance should look like as a result of the “stronger nudge”, since parts of the proposal have yet to be tested, the Work and Pensions Committee has heard.
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NewsSelecta UK scheme agrees £250m full buy-in with Legal & General
On the go: The Selecta UK Pension Plan has completed a £250m full buy-in with Legal & General Assurance.
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NewsDashboards programme ‘on track’ amid industry concerns
The pensions dashboards project is expected to remain on track to meet its publicised timeline, the programme’s principal Chris Curry told a Work and Pensions Committee hearing on Wednesday, amid industry concerns that the existing timeline is not feasible.