James Phillips
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LV= converts longevity swap into £800m buy-in with Phoenix Life
The LV= Employee Pension Scheme has agreed a buy-in of around £800m with Phoenix Life after converting an existing longevity swap.
TPR refrains from anti-avoidance action over Bernard Matthews pre-pack
The Pensions Regulator (TPR) has decided not to take any action against Bernard Matthews after the food products business used a pre-pack administration to offload its pension scheme in 2016.
Unbiased launches pension calculator to help boost savings
Unbiased has launched a pension calculator to help the nation understand how much to save for retirement amid concerns that 37% of non-retired Brits do not know how big a pension pot they will need.
DIY investors could lose over half of their potential pension pot
Pension fund savers switching out of their default funds and making their own investment decisions could face a cut in their final pot value of up to £247,000, research has found.
Revised DB funding regime could be 'too rigid' and 'have damaging effects'
The Pensions Regulator’s (TPR) proposed revisions to the defined benefit (DB) funding code could reduce member security, Lane Clark & Peacock (LCP) has warned.
Brunel launches search for managers of £1.5bn multi-asset credit fund
Brunel Pension Partnership has opened a search for managers to run its £1.5bn multi-asset credit sub-fund.
XPS: Covid-19 could slash scheme liabilities by £90bn
Defined benefit (DB) scheme liabilities could reduce by as much as 5% as a result of Covid-19, XPS Pensions forecasting reveals.
Premaberg scheme agrees £5m buy-in deal with Just Group
The Premaberg Holdings Limited Retirement Benefits Plan has agreed a £5m buy-in transaction with Just Group.
Nine professional trustees achieve PMI accreditation
Nine trustees have now been given the stamp of approval by the Pensions Management Institute (PMI) under its professional trustee accreditation regime.
HM Treasury sets out tax measures to enable CDC schemes from next year
The Treasury has published draft tax legislation to enable collective defined contribution (CDC) schemes from next year.
HMRC 'doesn't understand' impact of pensions tax relief, say MPs
HM Revenue & Customs (HMRC) must evaluate the benefits that are provided by pensions tax relief, MPs have said amid concerns the tax office does not understand the impacts.
Nest assets grow by £3.8bn in one year despite market downturn
Nest saw average inflows of £400m in new contributions per month over the course of 2019/20, leading to a 67% increase in assets under management (AUM).
TPR misses a third of performance targets as Covid hits
The Pensions Regulator (TPR) missed a third of the targets under its key performance indicators (KPIs) with Covid-19 causing a halt to some of its work.
Exclusive: Hymans Robertson launches DB funding early warning tool
An “early warning” tool has been launched by Hymans Robertson to help defined benefit (DB) schemes understand which potential regulatory approach will be more suitable for their current funding strategy.
McCloud consultation launches; Treasury resumes cost control mechanism for public sector schemes
HM Treasury has announced it will resume the cost control mechanism for public sector pension schemes, noting the concern that the 18-month suspension has caused.
PP Live: Covid-19 crisis has not changed TPR's view that funding principles are 'right'
The economic crisis caused by Covid-19 has reinforced The Pensions Regulator’s (TPR) view that its defined benefit (DB) funding principles are “right”, says David Fairs.
LGPS funds urged to begin McCloud work
Local Government Pension Scheme (LGPS) funds must carry out assessments urgently to understand the impact of the McCloud judgment, says Aon.
Phoenix introduces in-scheme drawdown for master trust clients
Members of Phoenix’s defined contribution (DC) master trust will be allowed to access their pension savings via in-scheme drawdown.
PPF gives 90-day levy extension to struggling employers
The Pension Protection Fund (PPF) has announced a 90-day interest-free extension to levy payments for employers struggling due to the Covid-19 economic crisis.
Prudential Retirement completes $1.7bn of longevity reinsurance
Prudential Retirement reinsured $1.7bn (£1.4bn) of UK pension scheme longevity risk in the first half of the year, it has revealed.
Communicating with members in a crisis
Millions of people are saving for a pension for the first time thanks to AE, but the Covid-19 crisis has posed a communications challenge. James Phillips looks at how to get the long-term nature of pensions across to this new generation of savers.
Summer statement: State to pay more pension contributions under Kickstart Scheme
Government plans to create jobs for 16-to-24-year-olds will see the state paying employer pension contributions, it is expected.
EXCLUSIVE: Superfunds could complete multi-billion deals this year
Superfunds could be on course to complete multi-billion-pound transfers of defined benefit (DB) funds by the end of this year, Isio says.
Aegon broadens Member Insights access to help schemes focus on their health
Trustees, corporates and consultants have been urged not to “forget the health of their scheme” during Covid-19 and to keep an eye on key member trends.
UBS completes £1.4bn longevity swap with Zurich and Canada Life
The UBS (UK) Pension and Life Assurance Scheme has hedged the longevity risk of around half its defined benefit (DB) liabilities through a £1.4bn longevity swap completed with Zurich and Canada Life Reinsurance.
Dashboard data call for input launched as schemes urged to get 'on the front foot'
The Pensions Dashboards Programme (PDP) has launched a formal call for input, seeking industry views on data standards for the initial dashboards.
Lothian fund adopts statement of responsible investment principles
The Lothian Pension Fund (LPF) has published a statement of responsible investment principles with a focus on incorporating ESG issues into analysis and decision-making, while also committing to report on activities and progress.
WPC chairman to seek transfer pause where scams suspected
Work and Pensions Committee (WPC) chairman Stephen Timms will table an amendment to the Pension Schemes Bill to allow schemes to pause transfers when a scam is suspected.
Bulk annuities help sponsors outperform peers on share prices
Sponsors whose pension schemes complete buy-ins or buyouts tend to outperform their peers by between 0.25% and 3% on average, Mercer research finds.
'Dishonest' Norton Motorcycles ex-owner told to return £14m to pension funds
The Pensions Ombudsman (TPO) has ordered a former owner of Norton Motorcycles to pay back £14m of pension fund monies that he had invested in the struggling sponsor.
Univar ruling: High Court allows rectification of mistaken RPI hardwiring
The Univar Company Pension Scheme has been granted court permission to change its indexation protection from the Retail Prices Index (RPI) to the Consumer Prices Index (CPI).
Phoenix hires Michael Eakins as CIO
Michael Eakins has been appointed as chief investment officer (CIO) at Phoenix Group, subject to regulatory approval and completion of the acquisition of ReAssure.
PPF compensation cap deemed age discriminatory
The compensation caps applied by the Pension Protection Fund (PPF) have been deemed age discriminatory by the High Court in another slap down of the lifeboat regime.
PPF and TPR to be given key role in corporate restructures
The government has amended its Corporate Governance and Insolvency Bill to give the Pension Protection Fund (PPF) and The Pensions Regulator (TPR) a greater role in corporate restructurings.
Covid-19 causes little direct impact on DB liabilities
Just a fraction of liability growth since the start of the year will be offset by the impact of excess deaths caused by Covid-19, says Lane Clark & Peacock (LCP).
Bulk annuity 'end of year sale' possible as total volumes expected to halve
Covid-19 has caused a slowdown in the number of bulk annuity transactions, with buy-ins and buyouts expected to amount to a maximum of £25bn this year, Willis Towers Watson says.
FCA names LSE's Nikhil Rathi as chief executive
Nikhil Rathi has been appointed as chief executive of the Financial Conduct Authority (FCA) following Andrew Bailey’s move to the Bank of England as governor earlier this year.
David Fairs: Why we have launched an interim superfund regime now
With the launch of an interim regime, the consolidation market is set to take off. But before superfunds begin taking on schemes, the regulator must have 'rigour and understanding' of the market, David Fairs tells James Phillips.
How the GHG scheme learned from one crisis to complete a buy-in during another
Twelve years after its funding level was hit severely by the global financial crisis, the GHG pension scheme completed a £150m buy-in amid the Covid-19 economic chaos. James Phillips speaks to the key players about the journey.
MetLife reinsures £280m of PIC liabilities
MetLife has completed its first UK longevity reinsurance transaction, covering the risk of £280m of Pension Insurance Corporation (PIC) liabilities.
DWP: Nine in ten eligible employees save into pensions in 2019
The number of eligible employees saving into a workplace pension rose by one percentage point to 88% between 2018 and 2019, Department for Work and Pensions (DWP) statistics show.
How LGPS funds can react to recent market turbuluence
James Phillips looks at JP Morgan Asset Management analysis on how LGPS funds have fared over the period to the 2019 valuation, and how they can respond to recent market falls.
TPR extends Covid-19 easements but resumes some reporting requirements
The Pensions Regulator (TPR) has updated its guidance for schemes navigating funding or governance difficulties during the Covid-19 pandemic.
IC Select launches fiduciary management retendering service
IC Select has launched a three-tiered solution to help trustees required to retender for their fiduciary management provider by 10 June next year.
XPS launches Covid-19 vulnerability analysis tool
A scheme vulnerability analysis tool aiming to allow pension schemes to understand the likely impact of Covid-19 on their members’ life expectancy has been launched by XPS Pensions Group.
Bridging pensions increasing in popularity
More pension schemes and their members are becoming interested in using bridging pensions as a result of Covid-19, according to Aon.
Provisional accreditation 'screens out bad eggs' and does not subvert standards, says Dalriada
Provisional accreditation of professional trustees is necessary to ensure the speedy removal of “unscrupulous individuals”, Dalriada Trustees has said in defence of the process.
TPR uses AE powers over 35,000 times in first quarter
The Pensions Regulator (TPR) used its auto-enrolment (AE) enforcement powers more than 35,000 times in the first quarter of this year, with over 11,000 compliance notices dished out.