Professional Pensions www.professionalpensions.com Industry Voice: Explore Standard Life's £1bn full scheme buy-in of the WH Smith Pension Trust <img alt="Industry Voice: Explore Standard Life&#39;s £1bn full scheme buy-in of the WH Smith Pension Trust" src="https://www.professionalpensions.com/api/v1/wps/f48047e/a4b6ea2e-da45-4864-a1a2-757db16eea30/15/Spotlight-standardlife-myles-rhian-185x114.jpg" /> <p><!--summary start--> Reflecting on the experiences from the £1bn full scheme buy-in of the WH Smith Pension Trust, Rhian Littlewood, senior business development manager at Standard Life, and Myles Pink, partner at LCP discuss why pension scheme preparation and robust communication were vital to the successful transaction. <!--summary end--></p> https://www.professionalpensions.com/api/v1/wps/f48047e/a4b6ea2e-da45-4864-a1a2-757db16eea30/15/Spotlight-standardlife-myles-rhian-185x114.jpg https://www.professionalpensions.com/sponsored/4113078/industry-voice-explore-standard-lifes-gbp1bn-scheme-wh-smith-pension-trust https://www.professionalpensions.com/sponsored/4113078/industry-voice-explore-standard-lifes-gbp1bn-scheme-wh-smith-pension-trust https://www.professionalpensions.com/sponsored/4113078/industry-voice-explore-standard-lifes-gbp1bn-scheme-wh-smith-pension-trust Wed, 31 May 2023 11:01:14 +0000 Solar subsidy cuts to hit liability matching strategies <p><!--summary start--> UK - Government plans to cut a subsidy boosting the appeal of solar panel infrastructure investments could scupper scheme plans to use these investments as part of their liability matching strategies, fund managers say. <!--summary end--></p> https://www.professionalpensions.com/news/2123841/solar-subsidy-cuts-hit-liability-matching-strategies https://www.professionalpensions.com/news/2123841/solar-subsidy-cuts-hit-liability-matching-strategies Wed, 9 Nov 2011 12:19:04 +0000 Aegon moves to halt DB scheme future accrual <p><!--summary start--> UK - Aegon is to close its defined benefit pension scheme to future accrual in March 2013 as part of its restructure and cost saving programme. <!--summary end--></p> https://www.professionalpensions.com/news/2123492/aegon-moves-halt-db-scheme-future-accrual https://www.professionalpensions.com/news/2123492/aegon-moves-halt-db-scheme-future-accrual Tue, 8 Nov 2011 14:20:00 +0000 PPF reveals £678m surplus <p><!--summary start--> UK - The Pension Protection Fund has published its annual report - revealing a surplus of £678m ($1.1bn) at 31 March. <!--summary end--></p> https://www.professionalpensions.com/news/2123091/ppf-reveals-gbp678m-surplus https://www.professionalpensions.com/news/2123091/ppf-reveals-gbp678m-surplus Mon, 7 Nov 2011 12:10:56 +0000 Diamond: Stable investment banking crucial to maximising scheme returns <p><!--summary start--> UK - Schemes looking to maximise returns in a low interest rate environment must work closely with investment banks to boost member outcomes, Barclays chief executive Bob Diamond says. <!--summary end--></p> https://www.professionalpensions.com/news/2122847/diamond-stable-investment-banking-crucial-maximising-scheme-returns https://www.professionalpensions.com/news/2122847/diamond-stable-investment-banking-crucial-maximising-scheme-returns Fri, 4 Nov 2011 15:46:50 +0000 DB risk management enters 'the next phase' <p><!--summary start--> UK -More than 40% of firms have closed or are in the process of closing their defined benefit pension schemes, latest research from Aon Hewitt shows. <!--summary end--></p> https://www.professionalpensions.com/news/2122417/db-risk-management-enters-phase https://www.professionalpensions.com/news/2122417/db-risk-management-enters-phase Thu, 3 Nov 2011 12:19:33 +0000 Treasury makes enhanced offer on public sector pensions reform <p><!--summary start--> UK - The government has offered unions an improved accrual rate of 1/60th and more protection for workers approaching retirement in a concession on public sector pension changes. <!--summary end--></p> https://www.professionalpensions.com/news/2122069/treasury-makes-enhanced-offer-public-sector-pensions-reform https://www.professionalpensions.com/news/2122069/treasury-makes-enhanced-offer-public-sector-pensions-reform Wed, 2 Nov 2011 14:29:00 +0000 NEST rival launches with 0.3% AMC plus £1.50 per month admin fee <p><!--summary start--> UK - NOW: Pensions, the multi-employer scheme set up by Danish pension scheme ATP to rival the National Employment Savings Trust, has unveiled details of its product offering. <!--summary end--></p> https://www.professionalpensions.com/news/1008285/nest-rival-launches-03-amc-plus-gbp150-admin-fee https://www.professionalpensions.com/news/1008285/nest-rival-launches-03-amc-plus-gbp150-admin-fee Tue, 1 Nov 2011 15:13:37 +0000 NEST commits to socially responsible investment with UN PRI pledge <p><!--summary start--> UK - NEST has signed up to the United Nations Principles for Responsible Investing in a bid to boost long term investing and good corporate governance. <!--summary end--></p> https://www.professionalpensions.com/news/1018642/nest-commits-socially-responsible-investment-pri-pledge https://www.professionalpensions.com/news/1018642/nest-commits-socially-responsible-investment-pri-pledge Mon, 31 Oct 2011 15:37:00 +0000 Tax body boss forced out by pension fraud investigation <p><!--summary start--> UK - Andrew Meeson, the president of the Association of Tax Technicians, has stepped down from his post after being charged in relation to a £5m ($8m) pension tax fraud. <!--summary end--></p> https://www.professionalpensions.com/news/2121312/tax-body-boss-forced-pension-fraud-investigation https://www.professionalpensions.com/news/2121312/tax-body-boss-forced-pension-fraud-investigation Mon, 31 Oct 2011 14:47:03 +0000 Legal & General Property restructure team <p><!--summary start--> UK - Pension fund property manager Legal & General Property has restructured its senior management team by appointing a new director to oversee its range of funds. <!--summary end--></p> https://www.professionalpensions.com/news/1004493/legal-property-restructure-team https://www.professionalpensions.com/news/1004493/legal-property-restructure-team Fri, 28 Oct 2011 13:56:41 +0000 BAE scheme deficit could spook investors - RBS <p><!--summary start--> UK - British defence firm BAE Systems' pension scheme deficit is creating "negative sentiment" among investors, lowering the target price for stock in the firm, banking analysts say. <!--summary end--></p> https://www.professionalpensions.com/news/1016978/bae-scheme-deficit-spook-investors-rbs https://www.professionalpensions.com/news/1016978/bae-scheme-deficit-spook-investors-rbs Fri, 28 Oct 2011 13:21:00 +0000 ATP returns 4.2% in first three quarters <p><!--summary start--> DENMARK - Danish pension fund ATP returned 4.2%, or DKK15.7bn ($3bn), in the first three quarters of the year, bringing total assets under management to DKK554bn. <!--summary end--></p> https://www.professionalpensions.com/news/2120602/atp-returns-quarters https://www.professionalpensions.com/news/2120602/atp-returns-quarters Thu, 27 Oct 2011 14:54:07 +0000 NEST to develop internal equity and bond markets <p><!--summary start--> UK - The National Employment Saving Trust is set to develop its own internal market to switch equities and bonds between members' funds, its head of investment policy says. <!--summary end--></p> https://www.professionalpensions.com/news/2120583/nest-develop-internal-equity-bond-markets https://www.professionalpensions.com/news/2120583/nest-develop-internal-equity-bond-markets Thu, 27 Oct 2011 13:56:00 +0000 UK can learn lessons from Norway's painful AE roll-out <p><!--summary start--> UK - UK companies are likely to experience the same "painful" and problematic auto-enrolment implementation as Norway firms due lack of preparation and similar complex legislation, Mercer warns. <!--summary end--></p> https://www.professionalpensions.com/news/2120141/uk-learn-lessons-norway-painful-ae-roll https://www.professionalpensions.com/news/2120141/uk-learn-lessons-norway-painful-ae-roll Wed, 26 Oct 2011 12:02:48 +0000 T&N secures £1.1bn buy-in after sponsor insolvency <p><!--summary start--> UK - The T&N Retirement Benefit Scheme has agreed a £1.1bn ($1.8bn) buy-in after its funding level was found to exceed the threshold for Pension Protection Fund entry. <!--summary end--></p> https://www.professionalpensions.com/news/1007184/-secures-gbp11bn-sponsor-insolvency https://www.professionalpensions.com/news/1007184/-secures-gbp11bn-sponsor-insolvency Tue, 25 Oct 2011 15:43:48 +0000 'Devastating' indexation switch challenged in court <p><!--summary start--> UK - Two pensioner groups will challenge the government in the High Court today over its decision to switch to the Consumer Prices Index for up-rating public sector pensions. <!--summary end--></p> https://www.professionalpensions.com/news/2119898/-devastating-indexation-switch-challenged-court https://www.professionalpensions.com/news/2119898/-devastating-indexation-switch-challenged-court Tue, 25 Oct 2011 15:41:05 +0000 Asset backed contributions to top £10bn <p><!--summary start--> UK - Asset-backed pension scheme contributions could exceed £10bn ($16bn)in the next five years, latest research finds. <!--summary end--></p> https://www.professionalpensions.com/news/1001210/asset-backed-contributions-gbp10bn https://www.professionalpensions.com/news/1001210/asset-backed-contributions-gbp10bn Mon, 24 Oct 2011 14:40:00 +0000 NAPF Conference 2011: TPR issues warning to investors on pre-pack insolvencies <p><!--summary start--> UK - The Pensions Regulator has warned investors it will take action against firms triggering pre-pack insolvencies to offload pension liabilities from businesses, delegates heard. <!--summary end--></p> https://www.professionalpensions.com/news/1014359/napf-conference-2011-tpr-issues-warning-investors-pre-pack-insolvencies https://www.professionalpensions.com/news/1014359/napf-conference-2011-tpr-issues-warning-investors-pre-pack-insolvencies Fri, 21 Oct 2011 15:55:48 +0000 NAPF Conference 2011: Webb announces crackdown on cash incentive offers <p><!--summary start--> UK - The government is set to take action over companies offering cash incentives to leave defined benefit pension schemes. <!--summary end--></p> https://www.professionalpensions.com/news/2119007/napf-conference-2011-webb-announces-crackdown-cash-incentive-offers https://www.professionalpensions.com/news/2119007/napf-conference-2011-webb-announces-crackdown-cash-incentive-offers Fri, 21 Oct 2011 09:56:47 +0000 NAPF Annual Conference: Europe must recognise difference between schemes and insurers <p><!--summary start--> UK/Europe - The European Commission must make sure it does not "mix apples with oranges" and confuse the insurance industry with pension funds. <!--summary end--></p> https://www.professionalpensions.com/news/2118743/napf-annual-conference-europe-recognise-difference-schemes-insurers https://www.professionalpensions.com/news/2118743/napf-annual-conference-europe-recognise-difference-schemes-insurers Thu, 20 Oct 2011 14:04:42 +0000 NAPF Conference 2011: Hutton admits Labour pension reforms may have 'made matters worse' <p><!--summary start--> UK - Lord Hutton admitted the Labour administration's pension reform package did not go far enough and may have "made matters worse". <!--summary end--></p> https://www.professionalpensions.com/news/2118421/napf-conference-2011-hutton-admits-labour-pension-reforms-matters-worse https://www.professionalpensions.com/news/2118421/napf-conference-2011-hutton-admits-labour-pension-reforms-matters-worse Wed, 19 Oct 2011 16:02:00 +0000 PPF overhauls transition manager panel <p><!--summary start--> UK - The Pensions Protection Fund has widened its selection of transition managers by recruiting nine firms to its panel, but missing from the list was incumbent State Street who the PPF said did not re-bid. <!--summary end--></p> https://www.professionalpensions.com/news/1020275/ppf-overhauls-transition-manager-panel https://www.professionalpensions.com/news/1020275/ppf-overhauls-transition-manager-panel Wed, 19 Oct 2011 13:11:00 +0000 Inflation figures narrow to undermine scheme CPI switch <p><!--summary start--> UK - Narrowing Consumer Prices Index and Retail Prices Index inflation will save schemes switching to CPI just 60p (94c) a week for each scheme member, according to figures. <!--summary end--></p> https://www.professionalpensions.com/news/2117990/inflation-figures-narrow-undermine-scheme-cpi-switch https://www.professionalpensions.com/news/2117990/inflation-figures-narrow-undermine-scheme-cpi-switch Tue, 18 Oct 2011 15:14:29 +0000 Inflation estimate errors costing DB sponsors £50bn <p><!--summary start--> UK - Overestimated inflation projections could be costing UK defined benefit scheme sponsors over £50bn ($79bn)in unnecessary funding commitments, a corporate adviser warns. <!--summary end--></p> https://www.professionalpensions.com/news/2117701/inflation-estimate-errors-costing-db-sponsors-gbp50bn https://www.professionalpensions.com/news/2117701/inflation-estimate-errors-costing-db-sponsors-gbp50bn Mon, 17 Oct 2011 15:26:00 +0000 UK pension funds re-consider risk <p><!--summary start--> UK - UK pension funds are showing early signs of re-risking, according to panel members at a JP Morgan Transition Management (TM) press briefing in London yesterday. <!--summary end--></p> https://www.professionalpensions.com/news/2117423/uk-pension-funds-consider-risk https://www.professionalpensions.com/news/2117423/uk-pension-funds-consider-risk Fri, 14 Oct 2011 16:02:00 +0000 Court of Appeal backs TPR in Nortel/Lehman case <p><!--summary start--> UK - The Court of Appeal has ruled in favour of The Pensions Regulator in the Nortel/Lehman Brothers legal challenge. <!--summary end--></p> https://www.professionalpensions.com/news/2117348/court-appeal-backs-tpr-nortel-lehman https://www.professionalpensions.com/news/2117348/court-appeal-backs-tpr-nortel-lehman Fri, 14 Oct 2011 12:59:00 +0000 State Street pays back client after double charging for transitions <p><!--summary start--> UK - State Street was forced to reimburse a client for a transition management trade after an internal investigation, which led to the dismissal and possible dismissal of senior transition managers Ross Mclellan and Edward Pennings, found the client had been double charged on fees. <!--summary end--></p> https://www.professionalpensions.com/news/2117075/street-pays-client-double-charging-transitions https://www.professionalpensions.com/news/2117075/street-pays-client-double-charging-transitions Thu, 13 Oct 2011 15:22:57 +0000 Govt u-turn on rise in state pension age <p><!--summary start--> UK - The government has announced a six month delay in the increase in the state pension age in 2020. <!--summary end--></p> https://www.professionalpensions.com/news/1004253/govt-rise-pension-age https://www.professionalpensions.com/news/1004253/govt-rise-pension-age Thu, 13 Oct 2011 14:47:00 +0000 Boots 'risks mis-selling claims' over pension offer <p><!--summary start--> UK - Alliance Boots is leaving itself open to mis-selling claims from its thousands of pensioners after it offered to change the way their plans are paid, its former finance chief said yesterday. <!--summary end--></p> https://www.professionalpensions.com/news/2116649/boots-risks-mis-selling-claims-pension-offer https://www.professionalpensions.com/news/2116649/boots-risks-mis-selling-claims-pension-offer Wed, 12 Oct 2011 13:20:50 +0000 PIMCO bulks up emerging markets equity team <p><!--summary start--> GLOBAL - PIMCO has hired five new investment staffers in London, New York and Singapore to round out its emerging markets equities team, with two joining from Goldman Sachs Asset Management (GSAM). <!--summary end--></p> https://www.professionalpensions.com/news/2116584/pimco-bulks-emerging-markets-equity-team https://www.professionalpensions.com/news/2116584/pimco-bulks-emerging-markets-equity-team Wed, 12 Oct 2011 11:35:47 +0000 DB deficits soar as 80% of schemes reveal funding void <p><!--summary start--> UK - Defined benefit schemes plunged £80bn ($125bn) further into deficit in September leaving more than 80% now with a funding void, according to the Pension Protection Fund. <!--summary end--></p> https://www.professionalpensions.com/news/1022932/db-deficits-soar-80-schemes-reveal-funding-void https://www.professionalpensions.com/news/1022932/db-deficits-soar-80-schemes-reveal-funding-void Tue, 11 Oct 2011 14:43:44 +0000 Lloyds pressed over 'toxic' contingent assets <p><!--summary start--> UK - Members of Lloyds TSB Pension Funds are demanding to know whether the £4bn ($6.25bn) partnership created to plug the schemes' deficits was used to offload "toxic assets". <!--summary end--></p> https://www.professionalpensions.com/news/2115933/lloyds-pressed-toxic-contingent-assets https://www.professionalpensions.com/news/2115933/lloyds-pressed-toxic-contingent-assets Mon, 10 Oct 2011 14:33:35 +0000 Monday Movers <p><!--summary start--> KPMG snags Mercer partner, Mercer poaches from NEST, BlackRock, BlueBay, ICI, Impax, Man Group, Aviva, Barings <!--summary end--></p> https://www.professionalpensions.com/news/1015560/monday-movers https://www.professionalpensions.com/news/1015560/monday-movers Mon, 10 Oct 2011 13:25:00 +0000 Shareholder activism 'trivialised' - conference <p><!--summary start--> UK - Shareholder activism has been trivialised and dismissed by policymakers, delegates at a responsible investment conference heard yesterday. <!--summary end--></p> https://www.professionalpensions.com/news/2115524/shareholder-activism-trivialised-conference https://www.professionalpensions.com/news/2115524/shareholder-activism-trivialised-conference Fri, 7 Oct 2011 13:00:05 +0000 PGGM close to acquiring majority stake in UPP - reports <p><!--summary start--> NETHERLANDS/UK - PGGM is in advanced negotiations with Barclays Capital to acquire its majority stake in University Partnerships Programme, the UK's largest developer of university campuses, according to reports. <!--summary end--></p> https://www.professionalpensions.com/news/2115469/pggm-close-acquiring-majority-stake-upp-reports https://www.professionalpensions.com/news/2115469/pggm-close-acquiring-majority-stake-upp-reports Fri, 7 Oct 2011 12:31:27 +0000 Fears grow over gilt market sell-off as international investors exit <p><!--summary start--> UK - The lastest round of quantitative easing has made gilts even more expensive and threatens to hasten the exit of international bond investors eager to crystallise profits,fund managers warn. <!--summary end--></p> https://www.professionalpensions.com/news/1004153/fears-grow-gilt-market-sell-international-investors-exit https://www.professionalpensions.com/news/1004153/fears-grow-gilt-market-sell-international-investors-exit Fri, 7 Oct 2011 11:46:00 +0000 Week on the web <p><!--summary start--> GLOBAL - Have you missed the biggest stories in pensions this week? Find out below, as we list the top 10 most popular stories on www.globalpensions.com over the past seven days. <!--summary end--></p> https://www.professionalpensions.com/news/2115440/web https://www.professionalpensions.com/news/2115440/web Fri, 7 Oct 2011 11:15:22 +0000 NAPF calls for emergency meeting with TPR following QE announcement <p><!--summary start--> UK - Pension funds are calling for an urgent meeting with The Pensions Regulator to discuss ways of protecting UK pension schemes from the negative effects of quantitative easing. <!--summary end--></p> https://www.professionalpensions.com/news/1018206/napf-calls-emergency-meeting-tpr-following-qe-announcement https://www.professionalpensions.com/news/1018206/napf-calls-emergency-meeting-tpr-following-qe-announcement Thu, 6 Oct 2011 14:36:00 +0000