Holly Roach
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Former PPF chairwoman Barbara Judge dies
Former Pension Protection Fund (PPF) chairwoman Lady Barbara Judge has died aged 73 of pancreatic cancer.
Mature scheme deficits could double under TPR's fast track rules, warns XPS
XPS Pensions has warned that mature schemes could see deficits double without a transition period under The Pensions Regulator’s (TPR) proposed ‘fast track’ funding rules.
Average DB pension transfer surpasses £500,000
The average size of a transfer from a defined benefit (DB) pension scheme in the last quarter reached £556,000, according to research by Lane Clark & Peacock (LCP).
PLSA publishes guide on trustee investment disclosure duties
The Pensions and Lifetime Savings Association (PLSA) has published guidance for trustees on the new requirements to publicly disclose their investment and responsible investment activity.
Asset managers agree economic recovery is at least two years away
The majority (85%) of asset managers believe economic recovery is at least two years away, according to a poll conducted by XPS Pensions.
Industry opposed to attending face-to-face events in October
A majority of industry professionals polled opposed the idea of attending face-to-face events in October, Professional Pensions finds.
PLSA calls for input on plans to improve pension freedoms guidance
The Pensions and Lifetime Savings Association (PLSA) has launched a call for evidence on a proposal for a solution designed to support savers navigating pension freedoms as they move towards retirement.
USS sees sharp rise in funding deficit due to Covid-19
The Universities Superannuation Scheme (USS) revealed it has seen a sharp rise in its funding deficit over the last year due to the impact of Covid-19.
XPS launches concierge service for trustees
XPS Pensions has launched a service for trustees of defined benefit schemes allowing them to retain full control of investment decision making while delegating implementation.
HMRC issues updated tax guidance for GMP equalisation
HM Revenue and Customs (HMRC) has updated its tax guidance for GMP equalisation, detailing how pension schemes can resume paying lump sum benefits to members without adverse tax consequences.
Additional provider nudges triple Pension Wise appointments
The Money and Pensions Service (Maps) has revealed that stronger nudges from providers results in more Pension Wise appointments and greater take-up of guidance.
Master trust adoption set to accelerate among FTSE 250 companies
The number of FTSE 250 companies moving to a master trust is set to increase over the next two years, according to research by Willis Towers Watson (WTW).
GMP Equalisation Working Group publishes guidance on data
The GMP Equalisation Working Group (GMPEWG) has published guidance on the key data aspects involved in equalising for the sex based inequalities of GMPs.
The Diversity Project launches compendium to accelerate industry's inclusion agenda
The Diversity Project has launched a compendium to enable the investment and savings industry to accelerate its diversity and inclusion agenda.
Foresight acquires Pension Infrastructure Platform
Foresight Group has announced plans to acquire the £700m Pension Infrastructure Platform (PIP) from a consortium of pension funds and the Pensions and Lifetime Savings Association (PLSA).
Member outcomes improve as transfers increase; but concern for the future remains
Outcomes have improved for scheme members choosing to transfer, according to research by XPS Pensions.
PP DeskFlix: TPR set to boost engagement with scheme administrators; V4M remains key theme
The Pensions Regulator (TPR) is set to increase its engagement with pension scheme administrators in light of the Covid-19 pandemic.
Furlough scheme hits pension contributions by 25%
The government’s furlough scheme has hit pension contributions by 25%, higher than the 20% wage cut the scheme offers, according to research by Now Pensions.
ACA backs integration of climate change action into default DC strategies
The Association of Consulting Actuaries (ACA) has welcomed the Pensions Climate Risk Industry Group (PCRIG) and the Department for Work and Pensions’ (DWP) guidance on climate risk.
Scottish Widows updates stewardship policy in bid to drive positive change
Scottish Widows has unveiled an updated stewardship policy detailing how it will undertake stewardship and engagement activity in support of its responsible investment framework.
DB schemes losing up to £250m a year due to tax-inefficient funds
UK defined benefit (DB) schemes lose up to £250m a year due to less tax-efficient funds, according to research by the Asset Management Exchange (AMX) and Northern Trust.
RPMI Railpen and Wrenbridge secure London development consent
RPMI Railpen and Wrenbridge have secured planning consent for a major London warehouse development.
Seven million people take pension action during lockdown
More than a third of savers have taken some form of action relating to their pension during the national lockdown, according to research by Aviva.
Gap between pension accounting reporting and long-term funding strategies grows
XPS Pensions has revealed that the gap between pension obligations reported in companies’ accounts and the long-term funding strategies that drive cash demands is continuing to grow.
Knowa offers trustees free collaborative tools amid coronavirus crisis
Communications platform Knowa is offering trustee boards and professional trustees free access to its online collaborative tools amid the growing impact of the coronavirus pandemic and the rising number of staff working remotely.
Taxpayers could be forced to fund £8bn railway pension scheme deficit
Taxpayers could be forced to fund the £8bn Railway Pension Scheme deficit following the renationalisation of the railway system.
Covenant most pressing issue amid Covid-19, say Buzz respondents
Any weakening of the sponsor covenant arising from the Covid-19 crisis is likely to have the most challenging impact for pension schemes, according to March's Pensions Buzz respondents.
Royal London IGC investment rating smashes 2019 targets
Royal London’s independent governance committee (IGC) report revealed investment performance for all workplace pension customers in 2019 was above its target.
Self-isolating pension professionals and their pets
Pension professionals show us their new 'work colleagues' as their turn their homes into offices.
Key issues for trustees and sponsors to consider amid coronavirus crisis
DLA Piper has set out a list of key issues for occupational pension scheme trustees and sponsors to consider in light on the Covid-19 pandemic.
PASA launch cybercrime and fraud working group
The Pensions Administration Standards Association (PASA) has launched a cybercrime and fraud working group to equip members will relevant guidance to best avoid pension scams.
Government urged to relax rules to enable savers to rebuild pension pots
Lane Clark & Peacock partner Steve Webb has called on the treasury to relax rules which could act as a barrier to people aiming to rebuild their pension pots when the Covid-19 crisis is over.
Star Initiative reaches implementation phase
The Star Initiative has entered the implementation phase allowing members to agree an approach to deliver Star reporting and provide an opportunity to discuss change requests and challenges.
TPR must 'strike a balance' between tackling deficits and employer support
The Pensions Regulator (TPR) must “strike a balance between getting pension scheme deficits tackled swiftly and not pushing so hard as to jeopardise the long-term future of the employer”, according to Lane Clark & Peacock (LCP) senior partner Bob Scott....
Greater clarity needed on climate-related stress tests, says IFoA
The Institute and Faculty of Actuaries (IFoA) has welcomed climate-related stress tests, but revealed UK insurers need greater clarity around the framework.
Updated: The contingency plans activated by administrators during the coronavirus outbreak
In the face of the coronavirus outbreak, Holly Roach looks at the contingency plans activated by key pensions administrators to ensure business continuity.
PPF set to 'go live' with D&B insolvency risk scores
The Pension Protection Fund (PPF) is set to go live with insolvency risk scores calculated by Dun & Bradstreet (D&B) next month for 2021/22 levy invoices.
USS reports itself to TPR following breach of funding measure amid market volatility
Universities Superannuation Scheme (USS) has reported itself to The Pensions Regulator (TPR) after one of its key funding measures exceeded a specific threshold for five consecutive days following continued financial market volatility.
LGPS funds' knowledge and understanding to be assessed
Hymans Robertson has launched a national assessment to measure levels of knowledge and understanding in Local Government Pension Schemes (LGPS).
PMI postpones exams while FCA delays consultation responses amid coronavirus outbreak
The Pensions Management Institute (PMI) has postponed all of its exams, while the Financial Conduct Authority (FCA) has moved to delay its consultation responses amid the market disruptions caused by the Covid-19 outbreak.
GMP Equalisation Working Group publishes rectification guidance
The reconciliation and rectification sub-committee of the Guaranteed Minimum Pension Equalisation Working Group (GMPEWG) has published guidance on when to rectify for the effects of equalisation.
Ten tips for mastering virtual trustee meetings
A rise in the use of virtual trustee meetings could prove challenging for those involved but there are ways to improve their effectiveness, Aon says.
PLSA publishes guide on diversity and inclusion
The Pensions and Lifetime Savings Association (PLSA) has published a step-by-step guide on diversity and inclusion detailing steps for trustees to follow to promote greater inclusivity.
No 'across the board good scenario' for pension schemes with RPI reform
There is “no across the board good scenario for pension schemes” in the reforms to the Retail Prices Index (RPI) proposed by the Treasury, according to Isio actuary John Hodgson.
Treasury launches consultations on RPI reform and the net-pay anomaly
The government has launched consultations on overhauling the Retail Prices Index (RPI) methodology and addressing the net-pay anomaly.
Still no decision on who will run the pensions dashboard
No long-term decision has yet been made on who will run the pensions dashboard once it has been built, according to Pensions Dashboard Industry Delivery group principal Chris Curry.
WPC questions TPR over response to pension liberation scam
The Work and Pensions Committee (WPC) has written to The Pensions Regulator (TPR) questioning its response to the collapse of Norton Motorcycles and the three pension schemes invested in the company.