All News articles – Page 169
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PPF fraud fund can be used to compensate scam victims
The Pension Protection Fund will be allowed to pay compensation to the victims of some pension scams, after a High Court judge ruled its Fraud Compensation Fund would apply to schemes used for pension liberation.
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UK to issue first green gilts in 2021
On the go: The UK government is to issue its first green sovereign bond in 2021, alongside tough new measures on sustainability reporting for companies.
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High Court deems rectification law ‘settled’
The High Court has upheld the precedent that pension scheme documents can be overwritten by the courts if trustees can show that changes to them have been made in error.
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RPI decision timing ‘risks volatility’
On the go: The long-awaited outcome of a consultation on replacing the retail price index of inflation is set to be published on November 25, but investors have warned that the government’s timing risks violent market reactions.
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Scottish Widows to divest £440m from ESG failures
On the go: Scottish Widows is to divest £440m from companies that failed to meets its environmental, social and governance standards.
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Regulator urges sign-up to new anti-scam pledge
On the go: The Pensions Regulator has urged pension providers, trustees and administrators to sign up to a new pledge to protect members from the growing threat of scams.
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Minister pledges more power for trustees to vote own shares
On the go: The minister for pensions and financial inclusion has endorsed a recommendation for the creation of a government-led working group to increase the power pension schemes have to direct engagement with investee companies on sustainability issues.
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Dominic Chappell jailed for tax evasion
On the go: Dominic Chappell, the former owner of BHS, has been sentenced to six years in jail for tax evasion.
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Data error leads Cornwall Council to overcharge hundreds of employees
Hundreds of workers enrolled in the Cornwall Pension Fund could be due a rebate after an administration error saw Cornwall Council overcharge them for their pension contributions.
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Most DB schemes do not meet regulator’s fast-track requirements
On the go: Seventy per cent of defined benefit schemes fall short of the Pensions Regulator’s ‘fast-track’ approach as proposed in its new DB funding code, according to analysis from Hymans Robertson.
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Open schemes predict £160bn liability hike with new TPR rules
On the go: Open defined benefit schemes could see their liabilities increase between £120bn and £160bn due to the new funding rules proposed by the Pensions Regulator.
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M&S completes two buy-ins worth £750m
On the go: Marks and Spencer has completed a £390m buy-in transaction with Aviva and a £360m similar transaction with Phoenix Group for its pension scheme, totalling around £750m in bulk annuity deals.
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BHS exec scheme next to achieve PPF-plus outcome
On the go: The defined benefit scheme for senior management at defunct retailer BHS has bought out its benefits, allowing the plan to exit the Pension Protection Fund’s assessment period.
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Proposed RI bill would force trustees to consider members’ ‘best interests’
The leader of the Liberal Democrats supports a proposed responsible investment bill broadening the concept of fiduciary duty to encompass sustainability concerns and aim for a ‘world worth retiring into’.
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LGPS could face legal challenges over new exit payment cap
Local Government Pension Scheme administrators face potential legal challenges, after a new cap on exit payments from public sector schemes contradicting existing regulations came into force on Wednesday.
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Second lockdown presents added uncertainty for pension schemes
After August’s worse-than-expected gross domestic product figures and the announcement of yet more anti-Covid measures appeared finally to put to rest hopes of a V-shaped recovery, experts ponder the impact of a second lockdown on pension schemes.
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New trustee firm aims to inject dynamism into pensions
Sarah Leslie has reached the end of her patience with the often “pedestrian” pace of things in the pensions industry.
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Stephen Timms calls for annual guidance checks
On the go: Stephen Timms, chair of the Work and Pensions Committee, has submitted an amendment to the pension schemes bill that would see savers near retirement contacted each year until a guidance appointment has been made.
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SNP MPs table amendments to tackle Section 75 conundrum
On the go: Four Scottish National party MPs have tabled an amendment to the pension schemes bill in a bid to solve the problem of Section 75 debt falling due on small, unincorporated employers.
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Majority of DB schemes’ recovery plans on track before Covid
Data crunch: Only a third of defined benefit schemes extended their recovery plan end date in 2019, but pandemic storms are set to see pension funds entering choppy waters, with insolvency looming for some sponsors and trustees being asked to make tough decisions.