More defined benefit news – Page 68
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NewsPASA unveils counter-fraud guidance
On the go: The Pensions Administration Standards Association has unveiled its latest counter-fraud guidance, taking aim at scammers and looking to provide pension schemes with the tools used to counter an increase in criminal acts following the introduction of pension freedoms.
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NewsPLSA launches new RI standards at first ever ESG conference
The Pensions and Lifetime Savings Association is consulting on a new set of standards designed to help pension savers identify whether their schemes are meeting the highest standards for incorporating environmental, social and governance factors.
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NewsLCP calls for simplified pensions tax relief limit
On the go: LCP partner and pensions tax specialist Karen Goldschmidt has called for a simplification of the pensions tax relief limits as data released by the government show the number of people affected by annual and lifetime limits has increased.
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NewsFour in 10 fail to check state pension forecast before retirement
On the go: Almost four in 10 people failed to check their state pension forecast before retirement, according to new research from retirement specialist Just Group.
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NewsHymans warns over statement timescales as DWP consultation closes
On the go: As the Department for Work and Pensions closes its consultation on simpler annual benefit statements on Tuesday, investment consultancy Hymans Robertson has called for more time to implement the changes.
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NewsGovt issues response to consultation on strengthening TPR’s powers
The UK government has issued its response to the Pensions Regulator’s contribution notices and information-gathering powers regulations consultation.
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NewsHundreds of DB sponsors to face hike in contributions
On the go: Around 300 sponsors of defined benefit schemes will have to increase their deficit recovery contributions by at least 25 per cent, according to analysis from LCP.
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NewsNumber of doctors retiring early trebles
On the go: The number of doctors retiring early has more than trebled over the past 13 years, with concerns that hefty tax bills are the main factor driving the action.
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NewsPrivate sector DB and hybrid schemes see rise in DRCs
On the go: The value of gross assets, excluding derivatives of private sector defined benefit and hybrid schemes, fell by 1 per cent between the third and fourth quarters of 2020, according to the Office for National Statistics.
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NewsFTSE 350 DB schemes back on track after Covid-19 blow
On the go: The majority of defined benefit schemes from FTSE 350 companies are back on track in terms of their funding goals, after being hit in 2020 by the economic crisis caused by Covid-19, according to research from Barnett Waddingham.
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NewsUSS board member resigns after scheme valuation fallout
On the go: Ian Maybury, director at the trustee board of the Universities Superannuation Scheme, has resigned from his post after a disagreement on the pension fund’s latest actuarial valuation.
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NewsGovt to reform discount rate and cost-control mechanism
The government has proposed aligning the discount rate review periods with the valuation cycles of public service pension schemes, and is taking forward reforms to the cost-cap mechanism first proposed by the government actuary.
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NewsChurch of Scotland schemes appoint XPS as joint adviser
On the go: The £507.5m Church of Scotland pension schemes, comprising the scheme for ministers and overseas missionaries, the scheme for staff and the scheme for ministry development staff, have appointed XPS Pensions Group as their actuarial and investment adviser.
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NewsGivaudan scheme completes £64m buy-in with Aviva
On the go: The Givaudan UK Pension Plan has completed a £64m buy-in transaction with Aviva, covering the pensioner liabilities for 277 members.
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NewsHigh Court clarifies rules over pension back payment arrears
The High Court has further clarified the procedure for paying arrears when a member has not claimed a back payment within the usual six-year period, confirming that scheme rules will determine whether trustees have discretion as to whether those benefits have been forfeited.
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NewsSchemes urged to hire independent trustees for better governance
On the go: Pension schemes should appoint an independent professional trustee that can help navigate the increasing complexity and risk involved in day-to-day operations, Willis Towers Watson has advised.
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NewsEastman schemes appoint WTW as fiduciary manager
On the go: The Eastman Chemical Company’s three UK defined benefit pension schemes have selected Willis Towers Watson as their fiduciary manager and awarded a combined actuarial and administration services contract to WTW’s OneDB service.
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NewsIncreasing numbers of NHS staff opt out of pension scheme
On the go: The number of NHS staff opting out of the health service’s pension scheme rose by 22 per cent last year.
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NewsLPPA streamlines admin systems via switch to Civica’s UPM platform
The Local Pensions Partnership Administration is set to switch to a new pensions administration platform, in a move designed to streamline its arrangements and also help tackle future fraud.
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NewsIndustry warns against Treasury ‘tax raid’
Experts from across the pensions industry have warned against a rumoured “tax raid” in the autumn budget.