All recovery plan articles – Page 2
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NewsStrikes to continue at Dundee Uni due to DB scheme closure
Strike action at the University of Dundee is set to continue in October over proposals to move workers from a defined benefit to a defined contribution plan that unions say will leave members 40 per cent worse off in retirement.
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NewsUSS employers call for union co-operation ahead of strike ballot
Universities UK, the group representing 340 Universities Superannuation Scheme employers, has called on trade unions to co-operate with it as it bids to reform the embattled pension scheme.
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NewsBT Pension Scheme deficit falls on back of recovery plan
On the go: The BT Pension Scheme deficit is expected to have improved by roughly £3.4bn over the year to June 2021 to around £4.6bn, due to sponsor contributions and strong returns on growth assets.
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NewsUSS sponsor claims members will be ‘priced out’ without reform
On the go: Universities UK, the group representing 340 Universities Superannuation Scheme employers, has warned that USS members will be priced out of the scheme if the union’s threats of strike action derail reform proposals.
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NewsSTV Group reaches agreement on DB schemes’ valuations and funding
On the go: Glasgow-based media company STV Group has reached an agreement with the trustees of its two defined benefit schemes over its December 2020 funding valuations and recovery plans.
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NewsFTSE 100 DB surplus not immune to funding code and inflation shocks
On the go: FTSE 100 defined benefit schemes' positions grew again in Q3, with the post-pandemic recovery leaving their combined IAS19 surplus at £50bn. But LCP has warned that inflation, coupled with stricter rules under the new defined benefit funding code, could still do damage.
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NewsUSS pushes ahead with reform proposals despite strike threat
The Universities Superannuation Scheme trustee is to push ahead with a reform package agreed by USS employers, despite threats of strike action from the University and College Union.
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NewsPandemic impacts DB schemes’ deficit recovery periods
On the go: The deficit recovery periods of defined benefit schemes with valuations in 2020-21 was impacted by the pandemic-led crisis, with these schemes having a smaller reduction than expected, according to new analysis.
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NewsStrike action ‘inevitable’ after employers agree USS reforms
The University and College Union is to ballot its members over industrial action, branding strikes “inevitable” after employers agreed to press ahead with reforms of the Universities Superannuation Scheme.
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NewsHousing associations to suffer following SHPS valuation
On the go: Housing associations are facing average contribution rate increases of 17 per cent following the Social Housing Pension Scheme’s 2020 valuation, a full 50 per cent higher than expected under the current deficit repayment plan, LCP has said.
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NewsUltra pension scheme set for £100m acquisition windfall
On the go: A proposed £2.57bn cash acquisition by Cobham Ultra Acquisitions of Ultra Electronics Holdings will see the defence company’s defined benefit scheme receive an extra £100m in funding.
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NewsDaily Mail pension schemes to benefit from RMS sale
On the go: Daily Mail and General Trust pension schemes could stand to benefit from the £1.4bn sale of insurance risk business RMS to Moody’s that is part of a broader restructuring at DMGT.
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NewsCovid-19 sees drop in sponsor support for DB schemes
On the go: The economic damage and uncertainty wrought by Covid-19 has seen a drop in employer support for defined benefit pension schemes, suggesting they will find it harder to meet their pension obligations as the pandemic’s fallout continues.
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NewsBespoke funding route could save charities 65% in cash contributions
On the go: Charities could cut their defined benefit cash contributions by between 35 and 65 per cent if they opt for the bespoke option over the fast-track route in the new DB funding code, according to analysis by Hymans Robertson.
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NewsTPR urges trustees to remain vigilant of sponsor activity
The Pensions Regulator has used its latest annual funding statement to call for trustees to remain vigilant of weakening employer covenants and corporate activity, while laying out guidance on how to approach scheme valuations under the current challenging conditions brought by the pandemic.
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NewsRussell Group universities propose USS compromise
Russell Group has backed the Universities Superannuation Scheme trustee’s suggested “lower-cost, more flexible” alternative to the existing scheme structure.
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NewsBT agrees £2bn asset-backed funding arrangement to plug deficit
On the go: BT and the trustee of the BT Pension Scheme have agreed to plug £2bn of the scheme’s £7.9bn deficit through an asset-backed funding arrangement secured against the company’s EE business.
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NewsRow erupts over FirstGroup pension black hole solution
On the go: A row has erupted between multinational transportation company FirstGroup and Coast Capital, its largest investor, over the former’s use of proceeds from an asset sale to plug a black hole in its pension fund.
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NewsUUK proposes USS governance reform, 20-year moratorium on exits
Universities UK, the employer group representing 340 Universities Superannuation Scheme members, has raised the prospect of a 20-year moratorium on scheme exits in a bid to show a greater commitment to covenant support.
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NewsFirstGroup pension schemes benefit from asset sales
On the go: The pension schemes of multinational transport company FirstGroup stand to benefit from the £3.3bn sale of its First Student and First Transit assets to private equity company EQT Infrastructure.