All News articles – Page 168
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Aviva launches online scam reporting service
On the go: Aviva has launched an online scam reporting service in response to the influx of fraudulent activity by those exploiting the coronavirus crisis and people’s vulnerability at this time.
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HMRC admits errors in GMP final data cuts
HM Revenue & Customs has admitted that the data it has asked defined benefit schemes to use for the calculation of members’ guaranteed minimum pensions is outdated, which is expected to further delay trustees’ costly efforts to reconcile data with the taxman.
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DB deficits fall £7bn in April as equity markets recover
On the go: The aggregate deficit of the 5,422 defined benefit schemes in the Pension Protection Fund 7800 Index fell by £7.4bn in April.
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Falling support for TPR’s new funding regime
On the go: Support for the Pensions Regulator’s vaunted new defined benefit funding regime may be falling, according to a report by Aon.
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Third of fiduciary managers disappoint in 2019
On the go: New research has revealed the stark differences between best-in-class and stragglers in the fiduciary management market.
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NewsUnion considers AA scheme closure ‘significant attack’ on members
The recent closure of the Automobile Association defined benefit scheme – following a consultation with scheme members and trustees – has been branded a “significant attack on members’ benefits” by trade union GMB.
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BT estimates £500m drop in pension assets value due to Covid-19
On the go: BT has estimated that its defined benefit pension scheme’s unquoted assets portfolio has lost £500m due to the negative impact of the Covid-19 pandemic.
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ITV scheme trustees approve deficit repayment holiday
On the go: The trustees of ITV’s defined benefit schemes have agreed to a deficit repayment contribution delay, amid action from the broadcaster to mitigate the impact of Covid-19.
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Ombudsman sides with Aegon on transfer to 'bogus' pension scheme
On the go: The Pensions Ombudsman has ruled that Aegon did not fail in its duty of care when allowing a member to transfer his savings to a “bogus employer”, once again emphasising that trustees would not be held responsible for certain historic cases of fraud.
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Nest member waits two years to recover £80 in missed contributions
The Pensions Ombudsman has finally brought to a close a woman’s two year hunt for £80 in missed contributions from her employer.
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Deloitte considers pension contribution cut
On the go: Accountancy firm Deloitte is proposing to cut the employer pension contribution for its UK staff in an attempt to cut costs amid the coronavirus pandemic.
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PS Aspire pulls out of master trust market
On the go: Punter Southall Aspire has withdrawn its master trust from the market after concluding that it was unlikely to reach the necessary scale.
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Moving house causing savers to lose £19.4bn in pensions
On the go: There are about 1.6m pension pots worth £19.4bn that are going unclaimed due to savers failing to contact their pension provider when they move house, according to the Association of British Insurers.
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LGPS cash flow problems mount as Covid-19 crisis continues
A number of local government pension schemes face cash flow problems as a result of the coronavirus crisis, according to a recent survey.
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Govt extends scheme pays deadline for NHS workers
On the go: The government has extended the National Health Service scheme pays deadline by three months to stop workers being hit by unexpected tax bills as a result of the tapered annual allowance.
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Insurer investment risks could drag on buyout volumes
Variations in the levels of investment risk taken by life companies providing insurance for defined benefit pension promises could distort and disrupt the progress of the pensions derisking market, according to experts.
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Pensions Regulator names new auto-enrolment director
On the go: The Pensions Regulator has appointed Mel Charles as director of automatic enrolment, following the departure of Darren Ryder earlier this year.
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Return of the zombies: Can trustees ‘game’ PPF?
Defined benefit trustees linked to struggling employers face tough decisions about whether to tip their sponsors into insolvency or increase their burden on the Pension Protection Fund amid the onset of a global recession, in what experts have called a regulatory grey area.
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Supreme Court lifts ban on political investments by local council pensions
On the go: Local council pension schemes can now invest against the government’s foreign policy, after the Supreme Court ruled a ban on politically motivated boycotts was unlawful.
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Regulator concerned by master trust investments weaknesses
Investment strategies pursued by some of the UK’s authorised master trusts are exposing pension scheme savers to unnecessary risks, according to the Pensions Regulator.