All News articles – Page 66
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NewsTomkins Schemes complete £132mn full buy-ins
On the go: Two pension schemes sponsored by Gates Group, the Tomkins Schemes, have completed full buy-ins worth a combined £132mn with Pension Insurance Corporation.
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NewsDB schemes’ surplus rises £5.2bn in December
On the go: The aggregate surplus of the 5,131 defined benefit schemes in the Pension Protection Fund 7800 Index increased by £5.2bn in December.
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NewsConsultants advise asset owners to protect against tail risk
Amid high inflation, market volatility and mounting fears of recession, investment consultants are advising asset owners to consider implementing some form of tail-risk protection, while urging them to first focus on building well-diversified investment portfolios that could protect against downside risks.
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NewsPASA urges master trusts to engage with advisers in dashboards dash
On the go: The Pensions Administration Standards Association has urged master trusts to have “further discussions” with qualified advisers to guarantee they are ready for the pensions dashboards launch.
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NewsDB schemes mull legal action against LDI asset managers
Defined benefit schemes that suffered losses as a result of the recent market volatility are considering bringing legal claims against their asset managers and advisers, legal experts have warned.
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NewsPPF updates buyout assumptions
On the go: The Pension Protection Fund has proposed to update the assumptions used in assessment period valuations, which determine if a scheme could secure benefits with an insurer above the levels provided by the lifeboat.
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NewsDavid Fairs leaves TPR to ‘pursue new challenges’
On the go: David Fairs is leaving his role as executive director of regulatory policy, analysis and advice at the Pensions Regulator in March this year.
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NewsDB schemes’ funding position improves £400bn in 2022
On the go: The aggregate funding level of defined benefit schemes improved by around £400bn in 2022, with many of these plans moving into a surplus for the first time, new research has shown.
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NewsPensions Ombudsman orders rogue trustees to repay £12.6mn
The Pensions Ombudsman has ordered a trio of pension scheme trustees to repay £12.6mn, after it found “multiple breaches of trust and many acts of maladministration”, which caused the loss of funds and impacted members’ pensions.
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NewsPPF urged to consider FCA authorisation
The Department for Work and Pensions has encouraged the Pension Protection Fund’s board and executive to consider seeking authorisation by the Financial Conduct Authority, either for the PPF itself or for a subsidiary.
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NewsSchemes set to enter 2023 in a ‘challenging position’
UK pension plans are in a challenging position at the turn of the new year, with a catalogue of issues to put right – and quickly, according to analysis.
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NewsTPR appoints FCA’s Delfas as chief executive
On the go: The Pensions Regulator has appointed Nausicaa Delfas as its new chief executive, taking over from Charles Counsell, who is due to step down from the role in March 2023.
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NewsPub ordered to settle tab over missing pension contributions
On the go: The Pensions Ombudsman has ordered Town Wall Tavern to pay a former employee £1,000 and make up for missing pension contributions.
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NewsNearly three-quarters of DB reviews end in closure to accrual
On the go: Almost three-quarters of company reviews of their defined benefit pension schemes resulted in the plans closing to future accrual, according to new research.
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NewsSmart Pension makes first green bond investment with Mirova fund
On the go: The £2bn Smart Pension Master Trust has announced its first green bond investment in the Mirova Global Green Bond Fund.
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NewsHeinz scheme completes partial buy-in
On the go: The Heinz 2000 Pension Plan completed a partial buy-in last year, according to the scheme’s most recent statement of investment principles.
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NewsTPR warned of ‘levelling down’ in DB funding code consultation
Respondents to the Pensions Regulator’s first consultation on its imminent defined benefit funding code have told the watchdog of their concerns over schemes “levelling down” to meet its fast-track valuation pathway, as well as noting their fears over a loss of flexibility.
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NewsCOP15: Being ‘nature positive’ makes economic sense
On ‘finance day’ at COP15, the message to financial institutions was clear: they must measure what matters and stop investing in companies involved in the destruction of nature.
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NewsBritish Airways’ DRCs suspended as scheme reaches full funding
On the go: British Airways will not pay deficit reduction contributions as long as the New Airways Pension Scheme is 100 per cent funded, under a new agreement signed with the trustees.
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NewsSmaller schemes face ‘significant’ costs with TPR DB funding code
While the Pensions Regulator foresees an initial hike in implementation fees followed by reduced costs in the long term, experts have warned that the new defined benefit funding code will be particularly onerous for small schemes.