All News articles – Page 165
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News
FCA writes to 7,700 steelworkers and bans contingent charging
On the go: The Financial Conduct Authority is to write directly to 7,700 former members of the British Steel Pension Scheme to invite them to revisit the advice they received, while going ahead with a ban on contingent charging for defined benefit transfers.
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Regulator repeats anti-scam warning after £5m lost to fraudsters
On the go: The Pensions Regulator has repeated its warning about scammers after a report revealed more than £5m has been lost to fraud since February.
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Brunel achieves carbon intensity reduction target
Brunel Pension Partnership has achieved its target of reducing the carbon intensity of its active portfolio by 7 per cent a year in time for the UN’s World Environment Day, but smaller schemes saddled with pooled products may lack the clout required to emulate them.
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CMA gives trustees six months to submit compliance statements
On the go: The Competition and Markets Authority has updated its timeline for compliance with orders in its investigation into the investment consultant and fiduciary management sectors, reminding trustees that they have until January 7 2021 to submit statements to the markets regulator.
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NewsNissan proposes DB scheme closure as sponsor pressure mounts
Workers at Nissan’s manufacturing plant in Sunderland could be facing a cut to their benefits, with the carmaker proposing to close its defined benefit scheme, while experts said the Covid-19 pandemic could push more sponsors to follow suit.
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Dormant pots to exceed 20m in 2020 due to Covid-19
On the go: The impact of the coronavirus pandemic on the UK labour market will cause a 32 per cent increase in the number of dormant pension pots in 2020, according to new research.
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Suffolk holds firm through equity volatility storm
Suffolk Pension Fund has reported a bounceback in its asset values after taking a £327m hit in the first quarter of the year, as experts said it is still legitimate for immature defined benefit schemes to lean on the equity risk premium.
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Scottish Widows calls for AE-funded hardship fund
On the go: Scottish Widows is calling for the introduction of a single lifetime savings pot that would be funded through an extension of automatic enrolment, but with higher contribution levels.
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Trustees advised to focus on going concern in schemes’ accounts
On the go: Consideration of going concern in the preparation of pension scheme financial statements requires greater focus from trustees due to the coronavirus crisis, accountancy bodies have warned.
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NewsUSS divests from coal, tobacco and weapons manufacturers
The UK’s largest pension scheme has announced it is to divest from selected coal, tobacco and weapons manufacturers, following years of campaigning by members and activist groups.
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Morrisons’ shareholders advised to vote against pension payout
On the go: Morrisons’ shareholders have been advised to vote against executive pension payouts, as they are not aligned with the majority of the retailer’s workforce.
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Railways scheme among DB backers in biomass plant acquisition
On the go: The Railways Pension Scheme is among the defined benefit pension schemes behind the takeover of Sleaford Renewable Energy Plant in Lincolnshire, led by private equity company Greencoat Capital.
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Medical scheme completes £10m buyout with Aviva
On the go: The Unomedical Pension Plan has entered a £10m buyout with Aviva, which shows ongoing appetite from insurers to write smaller contracts.
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Firefighters considering pension compensation claims
On the go: The Fire Brigades Union is looking at potential compensation claims for its members in public sector pension schemes who were victims of age discrimination.
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Small scheme bulk annuity deals set for surge in demand
On the go: The number of small scheme buy-ins and buyouts could increase by 25 per cent in 2020, according to research from LCP.
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Carlsberg DB scheme to be absorbed into newly formed brewery
On the go: Carlsberg will remain the sole sponsor of its UK defined benefit pension scheme after it is absorbed into a joint venture with fellow beer producer Marston’s.
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LGPS has £2bn invested in alleged ‘illegal Israeli settlement’ companies
Thirty-three Local Government Pension Scheme funds retain investments worth more than £2bn in arms manufacturers and in companies accused of supporting illegal Israeli settlements, as some of these schemes opt for engagement instead of divestment.
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Poor Q1 returns catch up on risky fiduciary managers
Fiduciary managers with heavily equity-based portfolios suffered the heaviest losses in the first quarter of 2020, as the wide variation in strategies continues to provoke discussion about the right level of growth portfolio diversification.
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DB transfer market shows signs of recovery
On the go: The defined benefit transfer market is showing signs of recovery and is expected to grow further in the coming months, after a sharp decline in inquiries due to the Covid-19 crisis.
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HMRC to issue GMP final ‘outdated’ data cuts in July
HM Revenue & Customs plans to provide defined benefit schemes with final guaranteed minimum pension data cuts by the end of July, despite confirming that some of this information might be out of date and unreliable for use in rectifying incorrect payments.