More defined benefit news – Page 72
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NewsUSS invests in Iberian solar energy platform
On the go: The £67.6bn Universities Superannuation Scheme has invested €225m (£193.7) in an Iberian solar energy platform.
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NewsPLSA calls for new legislation to support members at retirement
On the go: The Pensions and Lifetime Savings Association has called on the government to introduce legislation underpinning a new set of product, communication and governance standards to build on pension freedoms and provide greater support for savers at retirement.
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NewsPPI launches UK pensions framework
On the go: The Pensions Policy Institute is launching a UK pensions framework, since “work and retirement landscapes are undergoing significant change around the world”.
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NewsBTPS develops tool to assess govt bonds’ climate change exposure
On the go: The BT Pension Scheme and the Church of England Pensions Board are part of an investors group that is creating a tool to measure, monitor and compare sovereign bonds’ climate change governance and performance.
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NewsMPs urged to tweak 25% tax-free cash rules
On the go: Pensions consultancy LCP has proposed new rules that would allow pension savers to access tax-free cash at a normal minimum pension age while leaving the remaining balance behind.
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NewsGovt’s new anti-scam measures cause industry concern
Industry reaction to the government’s new consultation on pension scams and transfers have been far from unanimous, with many welcoming the intention but warning of the potential for thousands of legitimate transfers to be needlessly blocked and delayed.
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NewsDWP to consult on dashboards’ draft regulations in December
The Department for Work and Pensions will be launching a consultation on the pensions dashboards’ draft regulations, which will include rules on the different stages pension schemes will need to start sharing their data to be included in the project.
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NewsFujitsu pension plan signs £3.7bn longevity hedge
On the go: The ICL Group Pension Plan, a Fujitsu pension scheme, has insured longevity risk in respect of £3.7bn of its liabilities, with Swiss Re providing the reinsurance coverage.
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NewsBT agrees £2bn asset-backed funding arrangement to plug deficit
On the go: BT and the trustee of the BT Pension Scheme have agreed to plug £2bn of the scheme’s £7.9bn deficit through an asset-backed funding arrangement secured against the company’s EE business.
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NewsCost Transparency Initiative sees 23% spike in schemes’ uptake
On the go: The Cost Transparency Initiative has recorded a 23 per cent increase in uptake during the past year, with 79 per cent of pension schemes now making use of its framework.
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NewsDC funds must move away from passive corporate bond allocations
On the go: Defined contribution funds should follow defined benefit schemes and insurance companies in moving away from passive corporate bond allocations to improve climate resilience and member outcomes, according to Axa Investment Managers.
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NewsProfit warnings down but half of DB sponsors remain on life support
Profit warnings from listed companies with defined benefit schemes have dropped by two-thirds in the past six months, but more than half remain in the insolvency “danger zone”, according to figures from EY.
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NewsNortel Networks secures buyout with L&G
On the go: The circa £156.1m Nortel Networks UK Pension Plan has agreed a £105m buyout with Legal & General Assurance Society, the second transaction of this type with the insurer.
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NewsUK DB surplus surges by £19.5bn in April
On the go: The aggregate surplus of the 5,318 defined benefit schemes in the Pension Protection Fund 7800 Index has increased by £19.5bn in April.
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NewsGovt announces public service pension bill to implement McCloud
On the go: The government has announced a new bill intended to push ahead with the implementation of the McCloud remedy.
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NewsRPI change may leave DB schemes at risk of overpaying transfer values
On the go: The change to the retail price index means that defined benefit schemes risk overpaying transfer values by 10 per cent if transfer terms are not adjusted, according to calculations by Hymans Robertson.
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NewsCould FSCS cope with a major bulk annuity provider default?
As sponsors offload their pension schemes to insurers, industry experts fear that an ever-increasing concentration of assets with a small group of players could lead to compensation schemes being overwhelmed in a major downturn.
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NewsFRC slaps DB scheme auditor with £125,000 fine
A chartered accountancy firm and one of its partners have been slapped with a hefty fine for “pervasive failures” in the manner in which they conducted an audit of Associated British Engineering, which included shortcomings in the audit of the company’s defined benefit pensions scheme liabilities.
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NewsRow erupts over FirstGroup pension black hole solution
On the go: A row has erupted between multinational transportation company FirstGroup and Coast Capital, its largest investor, over the former’s use of proceeds from an asset sale to plug a black hole in its pension fund.
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NewsGovt urged to encourage later life pension contribution plan
On the go: Policymakers should carefully consider later life cycle factors when developing future policies to increase retirement savings, according to the Institute for Fiscal Studies.