All scheme funding articles – Page 3
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NewsInsurers publish first bulk annuity ‘best practice’ guide
On the go: UK insurers have collaborated to produce the industry’s first-ever “best practice” guide for schemes preparing for bulk annuity quotations, laying out principles by which trustees, advisers and administrators should abide.
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NewsTPR’s criminal powers ‘pose risks’ to universities
The Pensions Regulator’s new criminal powers could potentially pose risks to university sponsors of defined benefit schemes, especially in light of reforms at the Universities Superannuation Scheme, legal experts have said.
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NewsSchemes urged to revisit buyout plans in rising rate environment
Rising interest rates and the subsequent fall in liability valuations and deficits have now made buyouts more affordable for a larger number of pension funds, with consultants urging schemes to restructure their investment strategy to make it more palatable to an insurance company.
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NewsStrikes ‘likely’ over TfL pension changes as funding deal reached
Changes to the TfL Pension Fund will be required as part of a financial support package agreed between the government, Transport for London and the mayor of London, with a plan to be presented in September. But unions have rejected the deal, and warned that more strikes are “likely”.
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NewsPodcast: Trustees struggling to guide members on inflation benefits
Podcast: A report from XPS Pensions suggests that members could reap £10,000 additional benefits by delaying retirement because of the way increases and inflation are calculated, but trustees are struggling to help them because of the “red tape” around advice. LCP partner Laura Amin is joined by Hymans Robertson partner Patrick Bloomfield to discuss benefits’ inflation calculation and advice, concerns about defined benefit funding, and the women’s state pension age investigation.
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NewsNationwide university strike ballots set for September 6
The University and College Union has confirmed that strike ballots over pensions, pay and conditions will be held on September 6, potentially paving the way for “unprecedented” nationwide industrial action.
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NewsUCU threatens ‘unprecedented strikes’ as USS reaches surplus
The University and College Union has strongly criticised the decision to cut staff benefits, as the Universities Superannuation Scheme’s June monitoring report reveals a surplus of £1.8bn and universities prepare to embark on billions of pounds in capital expenditure.
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NewsDelaying retirement by a day could leave members £10,000 better off
Delaying retirement by a day could leave members £10,000 better off in retirement due to the way members’ benefits are calculated based on short-term inflation rates, according to research from XPS Pensions Group.
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NewsTPR: ‘Keep asking questions’ about investment strategies
On the go: The current economic malaise, and especially the impact on liability-driven investments now interest rates are rising, proves it is especially important that trustees continue to ask questions about their investment strategies, even if they seem “silly”, says Fred Berry, the Pensions Regulator’s lead investment consultant.
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NewsTransfer volumes could hit £600bn as insurers post strong results
A host of insurers have revealed their first-half 2022 results that show a booming trade in risk transfers, which, by some projections, could hit £600bn over the next decade — though there are fears about a capacity crunch in the sector.
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NewsPPF urges trustees to plan for sponsor insolvency
On the go: The Pension Protection Fund is encouraging trustees to have a contingency plan in place for sponsor insolvency, as the PPF 7800 index decreased for the first time is six months.
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NewsUnisys schemes appoint Cardano as fiduciary manager
On the go: The Unisys Pension Scheme, the Unisys Payment Services Pension Scheme (Unisys Section) and the Unisys Public Sector Pension Scheme have appointed Cardano as fiduciary manager.
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NewsScams action group gets six-figure budget to tackle fraud
On the go: The Pension Scams Action Group, a renamed and revamped Project Bloom, is to get a six-figure budget to tackle scams across the next year, with the prospect of more to come.
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NewsWaiting times a problem as demand for Pensions Ombudsman rises
The Pensions Ombudsman has been successful in its application for additional funding, part of which will go towards establishing its new pensions dishonesty unit, and tackling customer waiting times as demand is expected to rise by at least 10 per cent over the next year.
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NewsTaylor Wimpey suspends escrow payments
On the go: Home construction company Taylor Wimpey has suspended escrow payments to its defined benefit pension scheme due to its strong funding position.
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NewsFalling bond yields drive down July FTSE 350 surplus by £9bn
On the go: The pension funding surplus of the UK’s biggest 350 listed companies fell last month amid choppy markets and falling bond yields.
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NewsCollective defined contribution schemes launch in Great Britain
On the go: Providers in Great Britain are now able to apply to launch collective defined contribution schemes, a development hailed by pensions minister Guy Opperman for its potential to “transform the UK pensions landscape”.
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NewsPandemic damage mitigated as quarter of schemes are in surplus
More than a quarter (27 per cent) of defined benefit and hybrid schemes with tranche 15 valuations were in surplus on a technical provisions basis, despite the market shock of the Covid-19 pandemic, according to the Pensions Regulator’s latest scheme funding analysis.
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NewsContributions must double to fund some ‘living pensions’, report finds
On the go: Some savers’ pension contributions will need to sit at slightly more than double the current minimum automatic enrolment threshold in order for them to have a “living pension”, according to new research.
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NewsPodcast: Ball in TPR’s court as DB funding code consultation launches
Podcast: The consultation into the defined benefit funding code by the Department for Work and Pensions hints at a prescriptive regime to come, but the Pensions Regulator must improve on its “rubbish” code of practice draft, according to Zedra client director Richard Butcher. He and Hymans Robertson partner Laura McLaren discuss the next steps, stronger nudge concerns, and assess the health of pensions post-Maxwell.