All News articles – Page 163
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Debenhams’ schemes to remain in PPF despite Boohoo acquisition
On the go: Struggling high street retailer Debenhams has been brought out of administration by online ‘fast fashion’ outlet Boohoo, but the transaction is understood to leave its two pension schemes in the Pension Protection Fund.
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Call for ‘living pension’ to boost contribution levels
On the go: A living pension standard is needed to encourage employers to raise contribution rates and help workers enjoy a decent standard of living in retirement, a think-tank has suggested.
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Warning over TPR’s guidance on delayed transfer deadlines
On the go: The Pensions Regulator has released guidance warning that trustees need to comply with the six-month transfer deadline even if the member is invested in a gated fund.
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Thousands warn of ‘unjustified’ USS discount rate rises
More than 3,000 people have written to the trustees of the Universities Superannuation Scheme to criticise proposed changes to the valuation methodology that, they say, will result in its members and employers being overcharged by the scheme.
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TPR under pressure to ‘show teeth’ after corporate failures
On the go: The Pensions Regulator will come under pressure from the industry to “show its teeth” when dealing with the recent Arcadia failure and ensuring the best outcome for members, Royal London has warned.
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NewsUK schemes lobby ministers over climate ambitions
Some of the UK’s largest pension schemes have written to prime minister Boris Johnson and other senior politicians calling for strong action on climate change ahead of the COP26 conference in November.
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Pension funds await outcome as Eurostar appeals for govt support
On the go: Eurostar shareholders including Hermes Infrastructure are working with the government to explore funding options for the transport company as it struggles to navigate the coronavirus crisis.
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‘Challenging’ 2020 forces 80% of DB schemes to reassess portfolios
On the go: Eighty per cent of defined benefit pension schemes plan to reassess their investment portfolios after the events of 2020 put returns in doubt, according to research by the Pensions Management Institute and River and Mercantile.
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NewsUSS at risk of missing 2020 valuation deadline
The Universities Superannuation Scheme is at risk of missing the statutory deadline for its 2020 valuation, according to its chief executive, Bill Galvin.
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How schemes can navigate the post-Covid recovery
Defined benefit schemes should use the post-Covid recovery to conduct a thorough postmortem of the effects of 2020’s events on their portfolios and strategies, according to Barnett Waddingham.
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Clarity on dashboards, but delays taint Pension Schemes Act
The government fought off opposition amendments to the Pension Schemes Act in the House of Lords on Tuesday, keeping its dashboards options open — but experts have warned that many of the act’s more substantive changes could be delayed until 2022.
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Evonik schemes strike bulk annuity deal with L&G
On the go: Chemical company Evonik UK has concluded a £544m full buy-in for four of its UK pension schemes with Legal & General.
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NewsBiden and EU to act as ESG ‘catalyst’ for UK schemes
The confluence of Joe Biden’s inauguration as US president this week and a new raft of rules from the EU in March will serve as a catalyst for the development of environmental, social and governance standards, experts have said.
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Altmann lambasts ‘shocking’ FCA DB transfer findings
On the go: Former pensions minister Ros Altmann has criticised the Financial Conduct Authority for being slow to ban contingent charging on defined benefit transfer advice, and allowing advice companies to operate without relevant insurance.
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Market volatility to provide more derisking opportunities this year
On the go: Readiness to execute pension risk transfer deals will be key to derisking strategies this year, according to Willis Towers Watson.
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DB transfers falling as advice provision declines
On the go: The number of people transferring out of defined benefit pension schemes fell in the 18 months to the end of March 2020, according to new data from the Financial Conduct Authority.
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NewsMinnows make land grab from Big Four as audit fees set to rise
The cosy oligarchy of the Big Four accounting firms — PwC, Deloitte, EY and KPMG — is set to be shaken up in 2021 as mid-tier companies eye their bread-and-butter work of pension scheme auditing.
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New pensions act offences have ‘far-reaching consequences’, LCP warns
On the go: New powers granted to the Pensions Regulator by the Pension Schemes Act could see directors, lenders and trustees made criminally liable for their mistakes, LCP has warned.
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FCA releases DB transfer advice assessment tool
On the go: The City watchdog has released an assessment tool to help financial advisers understand whether the defined benefit pension transfer advice they have given was suitable.
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NewsNew DB funding code could be delayed until 2022
The Pensions Regulator has issued an interim response that experts say could presage meaningful changes to the final version of the defined benefit funding code, which is likely to be delayed until 2022.