All News articles – Page 223
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News
Pension questions raised after FirstGroup rejects takeover bid
FirstGroup’s rejection of a hostile takeover approach from US private equity group Apollo Management has sparked discussion on pensions.
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Select committee launches inquiry into DB white paper
The Work and Pensions Committee has launched an inquiry into the government's recent white paper on defined benefit security and sustainability, asking how the proposed measures are likely to be most effective and whether legislation should be fast-tracked.
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Trustees with fid man less likely to check quality of service
Trustees employing fiduciary managers are less engaged in assessing the quality of their provider than those with a traditional investment consultancy relationship, the latest report from the Competition and Markets Authority has found.
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UK could profit from Australia’s missed default opportunity
A default drawdown proposition rejected by the Australian government could offer “freedom from the pension freedoms” for unengaged savers who cannot afford advice at retirement, it has been claimed.
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NewsAssociated British Ports consults on accrual change
Associated British Ports has proposed to change the accrual rate for its defined benefit pension scheme, in a bid to cut costs and focus on fairness while keeping the scheme open to accrual.
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Retirement defaults would strengthen UK system, experts say
UK pension commentators often point to the Netherlands as an example of a country with a good pensions system, but the UK’s introduction of freedom and choice has also attracted interest from Dutch pension experts.
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DB deficits slip back up
The UK's aggregate defined benefit deficit increased over March to £115.6bn from £72.1bn on a section 179 basis, according to Pension Protection Fund estimates.
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Choosing the right derisking path
Analysis: Consultants say bulk annuity pricing has never been so attractive, yet the majority of pension schemes see self-sufficiency as their likely destiny. Who is wrong?
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FCA tackles information deficit with new rules and consultation
The Financial Conduct Authority has published new rules on the duties of fund managers and is launching a consultation on proposed rules and guidance for improving fund information for investors.
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NewsTourist board employers block scheme valuation
The British Tourist Authority and VisitScotland have yet to sign off on their scheme’s 2015 valuation as they are looking to secure guarantees from the UK and Scottish governments, in what has been described as a “torturous” process.
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TPR fires warning shot over dividend to DRC balance
Defined benefit trustees and sponsoring employers should act sooner rather than later to secure members' pensions, the Pensions Regulator has said in its latest annual funding statement, and warned against prioritising dividends.
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Default drawdown tops select committee's at-retirement wishlist
Providers of drawdown products should be required to develop charge-capped default products to help disengaged savers make their pension last, the Work and Pensions Committee has recommended.
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The People's Pension absorbs Your Workplace Pension
The People's Pension has become the first mastertrust to publicise the acquisition of another mastertrust, as a new regime – under which mastertrusts must be authorised by the Pensions Regulator – is set to lead to further market consolidation this year.
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TPR to prosecute recruitment firm
The Pensions Regulator is to prosecute recruitment company Workchain Ltd and seven of its directors and staff for unauthorised access to a computer programme. They are accused of logging into the company pension scheme using employees' details to opt them out of the scheme.
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Fast Pensions in provisional liquidation following investigation
Six companies, including Fast Pensions and FP Scheme Trustees, have been placed in provisional liquidation by the High Court following an investigation by the Insolvency Service, the government agency has said.
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Ofwat queried on water companies' DB closure plans
Chair of the Work and Pensions Committee Frank Field has written to Ofwat, the utilities regulator, about proposals by United Utilities and Anglia Water to close their defined benefit schemes to future accrual while continuing to pay out large amounts to shareholders.
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CWU members vote for Royal Mail deal
The Communication Workers Union has announced that its members have overwhelmingly voted in favour of a deal with Royal Mail over pensions and pay.
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TPR raises bar with mastertrust code of practice
A new authorisation code requiring mastertrusts to demonstrate their financial sustainability may force a number of providers from the market, experts have speculated.
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NewsParliamentary scheme elects alternative credit
The Parliamentary Contributory Pension Fund has introduced a new allocation to alternative credit to further diversify the scheme’s portfolio of return-seeking assets.
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Nortel reaches PPF-plus after nine years of 'scorched earth'
The UK Nortel Pension Scheme has retrieved enough assets from the insolvency of its communications giant parent to buy out benefits at a level above that guaranteed by the Pension Protection Fund.