All News articles – Page 189
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Debenhams’ trustees working with TPR as retailer eyes administration
On the go: The trustees of the Debenhams pension schemes are working with the Pensions Regulator and the Pension Protection Fund, as the company filed a notice of intention to appoint an administrator on Monday.
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Newspaper group asks for deficit deferment
On the go: Reach, the publisher of Daily Mirror and Daily Express, has requested discussions with the regulator around a deferment of current deficit recovery contributions.
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How will DC stand up to Covid-19 pandemic?
The Covid-19 emergency is taking its toll on the defined contribution savings space, with master trusts reporting small numbers of employers missing contributions and businesses grappling with the pensions implications of furloughing and redundancies.
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TPR urges trustees to work flexibly with administrators
On the go: The Pensions Regulator has updated its Covid-19 guidance for trustees, highlighting that the pandemic “is placing huge pressures on the administration of pension schemes”.
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NewsCovid-19: Will Sunak’s latest stimulus aid DB sponsors?
Market moves: Chancellor Rishi Sunak is reportedly considering measures to help the “squeezed middle” of UK corporates, while US president Donald Trump’s tweets set off a spike in oil prices.
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Smarterly acquires Salvus Master Trust
On the go: Fintech savings provider Smarterly has acquired Salvus Master Trust for an undisclosed sum, the first deal to occur in the sector after the introduction of the authorisation regime.
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The People’s Pension introduces ‘criticised’ annual charge
The second-largest master trust in the UK is changing its charging structure and introducing an annual fixed fee, a model that other providers operate but which has been heavily criticised by experts.
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TPR will not seek to punish trustees over tough pandemic decisions
Regulatory executive David Fairs has reassured defined benefit trustees that they will not be pursued over decisions they make in response to employers struggling in the wake of Covid-19.
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Regulators warn over Covid-19 pension scams
On the go: Regulators have issued a warning that rising levels of vulnerability caused by the Covid-19 lockdown could see more savers targeted by scammers, as concerns about finances increase.
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NewsCovid-19: Volatility returns to markets after UK banks scrap dividends
While UK banks suspended dividend payments amid pressure from the regulator, European markets returned to volatile conditions. Meanwhile, FTSE 350 companies’ defined benefit schemes reached an accounting surplus.
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Inflation change could shave 20% off pension incomes
On the go: Government plans to change the way the retail price index is calculated could see savers’ lifetime pension income drop by almost 20 per cent as defined benefit schemes are hit.
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NewsCovid-19: Actuaries to rescue as private markets to be tested
Analysis of private debt markets suggests that with certain sectors of borrowers struggling with cash flows, lenders will have to be flexible and rely on well-written covenants. Meanwhile, actuaries are looking to help fight the global pandemic.
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WPP shifts further £250m with PIC buy-in
On the go: Advertising giant WPP has entered a £250m buy-in contract with the Pension Insurance Corporation, adding to a £140m transaction already completed with the same insurer in 2018.
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USS sticks with March valuation despite battered funding level
Market volatility has seen the Universities Superannuation Scheme’s asset portfolio shed more than 13 per cent of its value and its deficit pass £11bn in recent days, triggering concerns, but as yet no action, from trustees.
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NewsCovid-19: PASA steps in with admin guidance, while gloom gathers in auto ABS
The Pensions Administration Standards Association has urged providers to prioritise the payment of pensions as it struggles with the challenges of working remotely, while the Covid-19 pandemic could affect the automotive industry and financial instruments backing lease deals. Elsewhere in our round-up of daily market moves and pensions updates, one asset manager says schemes should be wary of inferring a bounceback from calming stock markets.
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Arcadia to halt deficit repayment contributions
On the go: Arcadia Group, Philip Green’s retail conglomerate, is planning to defer the deficit recovery contributions agreed with the Pensions Regulator in 2019.
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Govt to fund Railways scheme deficit contributions
On the go: Emergency measures introduced by the government – nationalising the railways – mean that taxpayers will be called to fund the Railways Pension Scheme deficit.
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Govt revokes general levy increase
On the go: The government has revoked the new regulations on the general levy, which would see an increase for pension schemes of 10 per cent, due to the Covid-19 crisis.
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Pension Ombudsman awards Police Scotland employee £2,000
Lawyers have cautioned employers to keep their members fully informed of any pension benefit changes, after the Pensions Ombudsman awarded a Police Scotland employee £2,000.
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Ombudsman’s Royal Mail decision opens up Pandora’s box
The Pensions Ombudsman has upheld a complaint against the Royal Mail Statutory Pension Scheme for refusing to pay a deferred pension, providing a salutary lesson for employers who fail to keep adequate records.