All News articles – Page 161
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News
Industry calls on HMRC to help solve GMP tax issues
On the go: Although welcoming the new guidance from the Pensions Administration Standards Association on guaranteed minimum pensions equalisation tax issues, industry voices are calling for more collaboration from HM Revenue & Customs as several problems remain unsolved.
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Schemes should not ‘mindlessly chase’ illiquidity premium
On the go: The chief investment officer of the £19bn Local Pensions Partnership has criticised asset managers promising unrealistic returns from illiquid assets, arguing that they no longer provide the same premium they once did.
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Schemes still lagging in fight against cyber crime
On the go: Three in five schemes now have a cyber strategy and 75 per cent of trustees have some degree of training on cyber risks, according to Aon’s most recent cyber scorecard.
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Government reverses course on public sector exit payments
On the go: The government has announced it is to disapply the restriction on public sector exit payments that came into force in November.
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Pension Protection Fund steps into social housing
On the go: The £36bn Pension Protection Fund has provided £65m of an £85m funding deal to refinance Monmouthshire Housing Association’s entire loan portfolio.
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DB schemes to see £1tn of liabilities insured by 2031
On the go: Defined benefit schemes are expected to see £1tn of risk insured by buy-ins, buyouts and longevity swaps by the end of 2031, according to new analysis.
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NewsNormal minimum pension age set to increase to 57 in 2028
HM Treasury outlined plans on Thursday confirming the government’s intention to raise the normal minimum pension age from 55 to 57 in April 2028, while devising a “protection regime” that ensures some scheme members retain their current rights.
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TPR pledges guidance after royal assent for Pension Schemes Act
On the go: The Pensions Regulator welcomed the Pension Schemes Act receiving royal assent on Thursday, with chief executive Charles Counsell looking forward to the “strong package of measures” it provides and pledging guidance for how they will be used.
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NewsDB schemes can be severely impacted by Libor closure
The end of the London interbank offered rate at the end of this year is expected to have huge consequences for defined benefit schemes, which historically have been using it for different asset class investments and even for managers’ benchmarks.
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NewsBorder to Coast expands green infrastructure investment
Several pension funds, including the Local Government Pension Scheme pool Border to Coast, have provided the majority of the funding for a new €1.6bn (£1.4bn) renewable energy investment fund launched by the Macquarie Infrastructure and Real Assets.
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Half of schemes planning to move members into master trusts
On the go: The trend of transferring members of defined contribution schemes to master trusts is expected to continue in 2021, with 50 per cent of employers or trustees planning such moves, or at least signpost these schemes as a retirement option for their members.
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DB deficits fall £21.4bn in January
On the go: The aggregate deficit of the 5,318 defined benefit schemes in the Pension Protection Fund 7800 Index fell by £21.4bn in January.
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USS extends Capita administration contract
On the go: Capita Pensions has been awarded a five-year contract extension by the Universities Superannuation Scheme to deliver pension system and administration support.
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Mowlem scheme completes buyout and exits PPF
On the go: The Mowlem (1993) Pension Scheme has entered into a £150m buyout transaction with Legal & General Assurance Society, securing benefits outside of the Pension Protection Fund.
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Access Pool launches seven new sub-funds worth £5.5bn
On the go: The Access Pool, which handles assets for 11 Local Government Pension Scheme funds with around £46bn in assets under management, has launched seven new sub-funds worth £5.5bn.
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RPI reform boosts inflation hedging
On the go: The announced reform of the retail price index, to match the consumer price index including housing costs, saw inflation hedging rise by six per cent quarter on quarter at the end of September 2020.
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NewsJudicial review could hold up public sector exit payment reform
The High Court is to hear challenges brought by a number of public sector unions to the £95,000 exit payment cap, after permission for a judicial review was granted late last year.
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NewsTPR: Valuations until March 2022 done under current funding regime
Pension schemes with scheme valuations until the end of the first quarter of next year do not need to worry about the Pensions Regulator’s new defined benefit funding code, David Fairs has revealed.
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Scottish Widows pledges to reach carbon zero by 2050
On the go: Scottish Widows is the latest pension company to pledge to become carbon neutral by 2050, while calling for action in the industry.
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Nine out of 10 DC savers expect retirement shortfall
On the go: Almost 90 per cent of defined contribution scheme members expect a shortfall in retirement income based on current provision, while almost a quarter of people think they will never be able to retire, according to the latest edition of Aon’s DC member survey.