Almost £35bn of defined benefit (DB) liabilities have now been insured this year after yet another giant buy-in by the Asda Group Pension Scheme with Rothesay Life.
The Pensions Regulator (TPR) will now seek to publish the first of two consultations on a revised defined benefit (DB) funding code in the new year, depending on the political environment.
The pensions schemes bill will digitalise pensions and provide savers with greater confidence for retirement, Guy Opperman has said.
The Pensions and Lifetime Savings Association (PLSA) will play a more proactive role in bringing people together and act as captain of the industry, its chief executive Julian Mund has said.
The Kent Pension Fund has reassured members that the closure of Woodford Investment Management will not affect its ability to pay benefits.
The government will change the law to allow the Pension Protection Fund (PPF) to aggregate pensions for the purposes of calculating compensation.
HM Treasury has announced that the government’s next Budget will take place on 6 November, although this depends on the outcome of the Brexit negotiations.
A pension schemes bill is set to be laid in parliament in the coming weeks after the government announced a wide-ranging suite of reforms in the Queen’s Speech today.
The Pension Protection Fund (PPF) has begun increasing payments to all pensioner members whose compensation falls below 50% of their pre-insolvency entitlements solely due to caps.
EY has launched a digital dashboard allowing trustees to more easily narrow the field of potential fiduciary managers before a tender process.
The PPF is increasingly being called to vote on behalf of pension schemes in the event of a CVA process. James Phillips speaks to Malcolm Weir about the lifeboat fund’s capabilities.
Defined contribution (DC) savers should not have their choices limited when it comes to savings plans and retirement decisions, a majority of this week’s 93 Pensions Buzz respondents say.
The National Grid UK Pension Scheme has agreed a £2.8bn buy-in deal with Rothesay Life, covering the benefits of an unspecified number of pensioner members.
Everyone thinks they know their age, but the number of times we cirlce the sun may not be the most accurate measure. James Phillips looks at emerging science and the impact on retirement policy.
Pension schemes have considerably stepped up their preparations for Brexit over the last year, despite the outcome still not being known, the Pensions and Lifetime Savings Association (PLSA) has found.
A joint venture between the BAE pension funds and Immobilien Europa Direkt has acquired the Sofitel at Gatwick North Terminal with the help of Schroders.
The average pension scheme allocation to cashflow-driven investment (CDI) assets doubled over the 18 months to June this year, according to RiskFirst.
The £30bn Brunel Pension Partnership pool has selected Truvalue Labs to evaluate ESG and reputational risks across all of its asset managers.
The various potential routes for the government to respond to the McCloud judgment will mean some members lose out, writes Moira Warner.
Pension schemes have been warned they may now face a more challenging legal test if they wish to fix drafting errors.
This week's top stories included Legal & General acquiring MyFutureNow to provide a dashboard service to customers, while also agreeing a hybrid buy-in with a Hitachi scheme.
Trustees risk leaving their scheme ungovernable if they do not get in place strategic objectives for investment advisers, warns John Paterson.
Aegon's master trust now manages over £1bn in savers' assets as its overall European life business continues to grow.
Member-nominated trustees may not be feasible for master trusts, but representatives could improve communication with members, says Barry Parr
M&G Prudential has announced it will rebrand and list its shares as M&G later this year.
The Hitachi Data Systems Retirement Benefits Plan has agreed a buy-in with Legal & General (L&G) Assurance Society, covering both defined benefit (DB) and defined contribution (DC) provision.
UK inflation unexpectedly rose above target in July to 2.1%, just 24 hours after wage growth hit an 11-year high of 3.9% and the employment rate reached a fresh record.
David Fairs: Trustees have a tremendous responsibility, so it is right to expect knowledge and understanding
Member-nominated trustees bring clear value to scheme boards, but it is important their knowledge is up to scratch, says David Fairs
The concept of sole trusteeship must overcome a number of challenges, especially as the model becomes more widespread, argues Paul McGlone
Every month, several firms issue trackers of the aggregate defined benefit (DB) scheme funding position. See here for the July 2019 estimates on the various measures…
Defined benefit (DB) scheme trustees are spending too much time focusing on how well funded their schemes are, River and Mercantile Derivatives says.
Funds in LGPS Central will be given additional assistance to assist collection and analysis of investment costs after the pool partnered with KAS Bank.
This week's top stories included HSBC's scheme completing a £7bn longevity swap with PICA and the government announcing it would review the tapered allowance for NHS scheme members.
The Cadbury Mondelēz Pension Fund has agreed a £520m buy-in with Rothesay Life, insuring benefits for around 1,900 pensioner members.
UK gross domestic product (GDP) contracted in the second quarter for the first time since 2012, the Office for National Statistics said in its latest report, meaning the UK is only one negative quarter away from a recession.
Around £17.5bn of buy-ins and buyouts were transacted in the first half of the year as market records continue to tumble.
Phoenix Life has completed a £1.1bn buy-in with its own defined benefit (DB) plan, the PGL Pension Scheme, it has announced.
Legal & General (L&G) completed £6.3bn of buy-ins and buyouts in the first six months of the year, with another £923m deal completed in July, the firm's half year results confirm.
There have now been a total of 26 longevity swaps over £1bn announced. The full list, provided courtesy of Willis Towers Watson, is as follows...
The HSBC Bank (UK) Pension Scheme has hedged its longevity risk with Prudential Insurance Company of America (PICA) in the second-largest ever deal of its type.
Quilter has sold its heritage life and pensions devision, Old Mutual Wealth Life Assurance Ltd, to ReAssure for £425m.
Guy Opperman will remain in post as pensions and financial inclusion minister, it has been confirmed.
More than three-quarters of pensions and restructuring lawyers believe the regulator's 'clearer, quicker, tougher' approach is having an impact on their clients, a PwC survey reveals.
Amber Rudd has not been moved out of her job as secretary of state for work and pensions amid concerns the pensions industry could have had its seventh politician in that office since the 2015 general election.
Law Debenture has reported £5.1m in pensions revenue during the first half of this year, 9.3% higher than the £4.6m recorded in the same period last year.
Trustees should seize the opportunity to engage and educate members about their investment choices, says Henry Tapper.
Lloyds Banking Group will compensate Standard Life Aberdeen (SLA) £140m for the attempted early termination of an investment management arrangement for Scottish Widows worth over £100bn.
The Financial Conduct Authority (FCA) has fined Standard Life Assurance (SLA) nearly £31m after its practices led to conflicts of interest and SLA employees putting their financial needs above those of the firm's customers.