All News articles – Page 153
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Govt pushes back against dashboard scam protections
On the go: The government has moved to reverse an amendment to the pension schemes bill that sought to exclude all financial transactions from the pensions dashboard to protect savers from scams.
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Philip Green 'disliked the Pensions Regulator immensely'
On the go: Fallen businessman Dominic Chappell told Southwark Crown Court of Philip Green’s intense dislike of the Pensions Regulator, and promises made to plug the deficit of BHS pension schemes.
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DWP still keeping millions in the dark over loss of GMP top ups
Millions of people are still unaware of the loss of a valuable indexed guaranteed minimum pension benefit to their state pension since 2016, as the Department for Work and Pensions still has not complied with a Parliamentary and Health Services Ombudsman ruling to inform the public of this deprivation.
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APPT launches new code of practice for sole trustees
On the go: The Association of Professional Pension Trustees has set out a code of practice for trustees carrying out sole trustee appointments.
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Old British Steel scheme agrees £2bn buy-in
On the go: Thousands of steelworkers could receive a boost to their pensions after a £2bn buy-in was agreed — a first step towards a full buyout, taking the scheme out of the Pension Protection Fund.
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Regulator unveils superfunds guidance for trustees
The Pensions Regulator has published new guidance for defined benefit schemes transferring into a commercial consolidation 'superfund', placing the burden of proof on trustees to show that their plan is in members' best interests.
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Kier schemes agree cut to deficit contributions as funding improves
The trustees of construction company Kier Group’s defined benefit pension plans have agreed a new payment schedule, to reduce sponsor contributions as the schemes approach full funding.
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Lifetime allowance to rise 0.5 per cent next year
On the go: The pensions lifetime allowance is set to rise to £1,078,900 after inflation was confirmed at 0.5 per cent on Wednesday.
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Punter Southall revives multi-employer concept in consolidator
As consolidation offers multiply in the defined benefit market and superfunds wait for their first transactions, Punter Southall is proposing a revival of the multi-employer concept for smaller schemes, which could bring their sponsors savings of 80 per cent.
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Sustainability and adequacy still dragging UK's pension system
Data crunch: The UK has fallen one place to 15th in the Mercer CFA Global Pensions Index, despite seeing a marginal improvement in its score, while Covid-19 increases pressure on retirement systems worldwide.
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Ibstock Pension Scheme completes £340m buy-in
On the go: Ibstock has completed a £340m buy-in transaction with Just Group representing 50 per cent of total liabilities of its defined benefit pension scheme.
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Govt u-turns on fees disclosure in simpler annual statement
The government has abandoned plans to make pension providers include costs and charges in their new simplified annual statements, which could become mandatory for defined contribution schemes in the near future as progress in this area remains slow.
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Shareholders force executive pension cuts in FTSE 100 companies
On the go: Calls from shareholders have forced FTSE 100 companies to bring executive pension contributions in line with those received by the majority of their workforce, according to the Investment Association.
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TPR eyes pivot to ‘Generation DC’
On the go: The Pensions Regulator has set out long-term priorities for the next 15 years, envisaging a shift in focus towards ensuring the financial wellbeing of defined contribution savers.
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Doctors’ admin saga rumbles on as compensation issued
Doctors are up in arms over a long history of serious pensions administration shortcomings in the lumbering NHS Pension Scheme, some of which are still surfacing.
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Clara raises capital from Canadian pension-owned reinsurer
On the go: Defined benefit superfund-in-waiting Clara-Pensions has attracted new investment from Wilton Re, as the pensions industry waits for the Pensions Regulator to give either of the two commercial consolidators its blessing.
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PLSA throws weight behind ESG and DC retirement initiatives
The Pensions and Lifetime Savings Association has made a string of recommendations to the government on environmental, social and governance investment issues, alongside a call to point retiring defined contribution members towards “preferred” products.
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NewsGoing nowhere? Three big ideas to break DB’s 10-year stagnation
Going nowhere? Three big ideas to break DB's 10-year stagnationFor all the talk of endgames that abounds in the defined benefit pensions industry, the inconvenient truth is that funding levels have remained almost completely flat despite a decade of contributions and stellar asset returns. What are the solutions to DB's ...
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Experts pour scorn on ‘pensions as deposit’ suggestion
On the go: The pensions minister’s appeal for suggested schemes that would let young savers use their retirement savings to help them on to the property ladder has been criticised as ignorant of the laws of supply and demand by pensions commentators.
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DC contributions too small to allow for sustainable retirements
Stagnant incomes, rising wealth inherited later in life, and the relative poverty of defined contribution schemes compared with older defined benefit schemes are all factors that threaten the sustainability of retirement income, according to speakers at the Pensions and Lifetime Savings Association’s annual conference.