James Phillips
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Why TPR is asking whether professional trustees should be mandatory
Professional trustees can improve scheme governance, clear up misunderstandings, and ensure regulatory compliance, argues David Fairs
DB funding - August 2019: PPF 7800 funding collapses as gilt yields and equity returns tumble
Every month, several firms issue trackers of the aggregate defined benefit (DB) scheme funding position. See here for the August 2019 estimates on the various measures…
Adrian Grace steps down as Aegon CEO
Long-serving Aegon UK chief executive (CEO) Adrian Grace will be replaced by Mike Holliday-Williams on 1 October.
Exclusive: Lack of performance evidence still deterring schemes from ESG investments
Schemes are still dissuaded from integrating ESG-conscious investments into their portfolios due to a lack of evidence on performance, a Sackers survey finds.
The potential pitfalls of a buy-in
While buy-ins can provide an immediate reduction to liability values, schemes run the risk of retaining key risks and storing up problems, says Jos Vermeulen
Thérèse Coffey becomes work and pensions secretary after Amber Rudd resigns
Amber Rudd has resigned as secretary of state for work and pensions with immediate effect, with Thérèse Coffey named as her successor.
One year on from Hampshire: Uprated PPF benefits being paid but answers still needed
Key questions are still yet to be answered over how much compensation members receive from the Pension Protection Fund (PPF) a year after a landmark court ruling.
Is the current pensions tax relief system fit for purpose?
The government must conduct a fundamental review of tax reliefs and allowances to reduce complexity and confusion, says Malcolm McLean
Switching inflation indices: How aligning RPI with CPIH will affect schemes
The Treasury will soon consult on moving the calculations behind RPI to match another index. James Phillips looks at the proposal and its potential impact on pension schemes.
Labour plans for company share redistribution could 'cost pension funds £25bn'
The Labour party's proposed inclusive ownership proposals could cost UK workplace pension funds £25bn, according to an analysis by international law firm Clifford Chance.
Smart Pension and Lewis master trust authorised
Smart Pension and The Lewis Workplace Pension Trust have been authorised by The Pensions Regulator (TPR), taking the total number of approved schemes to 22.
Ombudsman appoints Caroline Rookes as interim chair
Caroline Rookes has been appointed interim chairwoman of The Pensions Ombudsman (TPO), as the organisation seeks to boost its governance.
Don't name and shame Star Initiative non-participants, says industry
It would be inappropriate to name and shame schemes which do not sign up to the Star Initiative, a majority of Pensions Buzz respondents said in backlash to comments made by the pensions minister.
Five stories you may have missed this week
This week's top stories included an article about Will Lovegrove and Baroness Ros Altmann departing Pensionsync after its acquisition by KeyPay.
Governance demands leading bigger schemes to fiduciary management
Fiduciary management is increasing in popularity among larger schemes seeking to overcome governance hurdles, KPMG says.
Demolishing the tax structure
Any changes to pensions taxation must be deliberate, planned and controlled, with a clear end objective in mind, says Richard Butcher
Pensions bill possible as date set for Queen's Speech
Boris Johnson's government will deliver its first Queen's Speech on 14 October, the prime minister has announced.
Updated: Key dates for pensions
PP has compiled a list of what to watch out for over the coming months.
Ombudsman to appoint COO and NEDs after government review
The Pensions Ombudsman (TPO) must make significant changes to its leadership structure in order to provide "additional insight… and more challenge on organisational strategy", a governmental evaluation has concluded.
Aviva Master Trust and Workers Pension Trust authorised
The Aviva Master Trust and Workers Pension Trust have been authorised by The Pensions Regulator (TPR), bringing the number of approved schemes in the market to 20.
Sportech scheme completes buy-in with Just
The Sportech Pension Scheme has entered into an agreement with Just Group for a £2.5m buy-in ahead of a planned buyout.
Standalone funds not always subject to CMA tender rules
Pension funds that decide to invest in standalone fiduciary management funds are being reassured that they will not be subject to mandatory tendering requirements.
Flex insurer-like portfolios to bring schemes closer to buyout, says JP Morgan
Defined benefit (DB) schemes mimicking typical insurer fixed income portfolios are failing to use their greater regulatory freedoms to maximise returns with higher risk, JP Morgan Asset Management says.
Fighting fire with fire: Why reverting public sector reforms will create winners and losers
The various potential routes for the government to respond to the McCloud judgment will mean some members lose out, writes Moira Warner.
Exclusive: LCP posts 16% growth in DC revenues and record revenue
Lane Clark and Peacock (LCP) achieved a record total revenue of £114.9m in the 2018/19 financial year, partly helped by a 15.5% growth in revenues from its defined contribution (DC) business.
Court ruling 'raises the bar' for pensions rectification cases
Pension schemes have been warned they may now face a more challenging legal test if they wish to fix drafting errors.
Court blocks £12bn annuity transfer from Prudential to Rothesay Life
The High Court has blocked the £12bn transfer of Prudential's annuity book to Rothesay Life, citing the insurer's lack of "established reputation" and differing "capital management policies".
Five stories you may have missed this week
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.
Remember, remember the 10th of December…
Trustees risk leaving their scheme ungovernable if they do not get in place strategic objectives for investment advisers, warns John Paterson.
Aegon master trust assets surpass £1bn
Aegon's master trust now manages over £1bn in savers' assets as its overall European life business continues to grow.
Member representatives are vital for master trusts, but not as MNTs
Member-nominated trustees may not be feasible for master trusts, but representatives could improve communication with members, says Barry Parr
M&G Prudential to rebrand after demerger
M&G Prudential has announced it will rebrand and list its shares as M&G later this year.
Hitachi scheme agrees hybrid benefit buy-in with L&G
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 rises to 2.1%
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
It is crucial we address concerns around sole trusteeship
The concept of sole trusteeship must overcome a number of challenges, especially as the model becomes more widespread, argues Paul McGlone
Give us credit: Why schemes need to make use of service credits in admin
Service credits are a useful feature of administration contracts, tying performance with fee levels, but they are rarely used. Daniel Taylor argues why more contracts should include them.
DB funding - July 2019: PPF 7800 records £39bn deficit increase as gilt yields plummet
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…
Schemes being 'lulled into false sense of security' by deficit drops
Defined benefit (DB) scheme trustees are spending too much time focusing on how well funded their schemes are, River and Mercantile Derivatives says.
LGPS Central partners with KAS Bank for cost transparency solution
Funds in LGPS Central will be given additional assistance to assist collection and analysis of investment costs after the pool partnered with KAS Bank.
Five stories you may have missed this week
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.
Rothesay Life agrees £520m buy-in with Cadbury scheme
The Cadbury Mondelēz Pension Fund has agreed a £520m buy-in with Rothesay Life, insuring benefits for around 1,900 pensioner members.
UK one quarter of negative GDP away from recession
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.
Bulk annuity market breaks yet another record with £17bn of first half deals
Around £17.5bn of buy-ins and buyouts were transacted in the first half of the year as market records continue to tumble.
Phoenix completes further £1.1bn buy-in with own scheme
Phoenix Life has completed a £1.1bn buy-in with its own defined benefit (DB) plan, the PGL Pension Scheme, it has announced.
L&G reports £6.3bn of bulk annuity sales in H1 as DC assets soar by 35%
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.
HSBC scheme completes £7bn longevity swap with PICA
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 Life Assurance sold to ReAssure for £425m
Quilter has sold its heritage life and pensions devision, Old Mutual Wealth Life Assurance Ltd, to ReAssure for £425m.