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Co-op scheme agrees £1bn buy-in with PIC
The Co-operative Pension Scheme (Pace) has agreed a £1bn buy-in with Pension Insurance Corporation (PIC), insuring benefits for around 7,000 members.
Budget confirmed for 11 March after Javid's departure
Chancellor of the Exchequer Rishi Sunak has confirmed the government will go ahead with its Budget on 11 March, despite Sajid Javid’s resignation.
Universities set for further USS strike action
The University and College Union (UCU) has announced a further 14 days of strike action at 74 UK universities in a continuing dispute about pensions and pay.
Scottish health secretary demands 'decisive action' on NHS pensions
Scottish health secretary Jeane Freeman has written to chancellor Sajid Javid demanding he find a solution for heavily-taxed senior NHS workers in his upcoming Budget.
Andrew Warwick-Thompson joins Capital Cranfield
Former LGPS Central chief executive Andrew Warwick-Thompson has joined Capital Cranfield as a professional trustee.
IFoA launches investigation into DC
The Institute and Faculty of Actuaries (IFoA) has launched an investigation into the increasing transfer of risks to consumers, with a particular focus on defined contribution (DC) pensions.
Stephen Timms named as WPC chairman
Former pensions minister Stephen Timms has been elected chairman of the influential Work and Pensions Committee (WPC).
Co-op scheme completes £1bn buy-in with Aviva
The Co-operative Pension Scheme, known as Pace, has completed a £1bn buy-in with Aviva in the first announced bulk annuity deal of 2020.
Peers welcome pensions bill but question government powers
The pension schemes bill has passed its second reading in the House of Lords, despite questions over the breadth of government powers.
Lloyds schemes agree £10bn longevity swap with Pacific Life Re
Three Lloyds Banking Group pension schemes have transferred £10bn of longevity risk to Pacific Life Re in the second-largest longevity swap ever.
PIC posts record year for bulk annuities
Pension Insurance Corporation (PIC) insured £7.2bn of scheme liabilities over the course of 2019, recording more new business than in any year prior.
Maps confirms permanent CEO
Caroline Siarkiewicz has been appointed as chief executive of the Money and Pensions Service (Maps) after seven months in the position on a temporary basis.
Getting Brexit done: What next for schemes?
The UK will leave the EU on 31 January, Professional Pensions’ expert advisory panel tells James Phillips what pension schemes should now be thinking about.
Brunel vows to ditch asset managers failing on climate change
The £30bn Brunel Pension Partnership has called on asset managers to become more climate-aware or face removal from its portfolios.
TPR fines FCA over non-compliant pension scheme
The Pensions Regulator (TPR) has issued a £2,000 fine to the Financial Conduct Authority’s (FCA) Pension Plan due to a non-compliant chair’s statement.
Four candidates named for WPC chair
At least four Members of Parliament (MP) will battle it out to chair the Work and Pensions Committee (WPC), it has been confirmed.
Longevity swap market to post record year
Longevity swap transactions will hit a record-breaking level of £25bn this year, Willis Towers Watson has predicted.
USS names chair-elect as David Eastwood retires
Universities Superannuation Scheme (USS) has appointed Dame Kate Barker as its trustee chair-elect after Sir David Eastwood announced his retirement.
Railway companies begin court battle over pensions role in franchising
A High Court battle has begun between the government and four railways companies after they were excluded from franchise bids due to their approach to the £27bn Railways Pension Scheme (RPS).
Government must usher in decade of AE renewal
The government must take advantage of its majority to push through further reforms to auto-enrolment, says James Phillips.
Simpler statements will boost engagement, says industry
Nearly two-thirds of this week’s 133 Pensions Buzz respondents believe the introduction of simpler and standardised annual benefit statements will help more members engage with their pension.
TPR to consult on DB funding code in March; Trusteeship plans in February
The Pensions Regulator (TPR) will launch the first of a two-part consultation on a revised defined benefit (DB) funding code in March, it has told PP.
Dominic Chappell ordered to pay £9.5m into BHS pension schemes
The Upper Tribunal has told Dominic Chappell he must pay £9.5m into BHS’ pension schemes after committing actions detrimental to their funding.
Sir Steve Webb to join LCP
Sir Steve Webb will join Lane Clark and Peacock (LCP) as a partner, leaving Royal London where he is currently director of policy.
Work and Pensions Committee to be chaired by Labour MP
The House of Commons has confirmed that the Work and Pensions Committee (WPC) will be chaired by a Labour member of parliament (MP).
Government announces March Budget
HM Treasury has confirmed that the government will hold its Budget on 11 March.
Longevity hedging most popular tool in endgame planning
Schemes are increasingly looking at longevity hedging as part of their de-risking process, according to a survey by Insight Investment.
USS to convene more talks in new year
Universities Superannuation Scheme (USS) will hold further discussions in the new year to agree on how to proceed with the scheme.
£30bn bulk annuity market to be the 'new normal'
Insurers are now able to accommodate up to £30bn of bulk annuity transactions every year with no impact on pricing, according to Lane Clark & Peacock (LCP).
Global reinsurance trends could raise bulk annuity prices
Increasing demand for global longevity reinsurance could lead to higher bulk annuity prices but less exact matching for longevity hedging, says Mercer.
Redington gains private equity house as long-term investor
Redington is in the process of securing private equity backing from Phoenix Equity Partners for an undisclosed amount.
UPDATE 2: Bauer judgment - PPF has 'considerable latitude' in determining benefits, says ECJ
Pension lifeboat funds including the Pension Protection Fund (PPF) cannot be required to pay 100% of benefits, but must ensure members remain above the poverty threshold, the European Court of Justice (ECJ) has said.
ESPS completes £805m buy-in with Scottish Widows
The Electricity North West Group of the Electricity Supply Pension Scheme (ESPS) has invested in an £805m pensioner buy-in with Scottish Widows.
Zurich insures £800m of FTSE 100 scheme longevity risk
Zurich has agreed to insure £800m of longevity risk for the pensioners of a FTSE 100-sponsored pension scheme.
Rothesay Life agrees £255m full buy-in with ESAB scheme
The ESAB Group (UK) Limited Pension & Life Assurance Scheme has purchased a £255m full buy-in with Rothesay Life, covering benefits for all 900 members of the scheme.
DWP must review general levy calculation
A review of how the general levy is calculated must be undertaken by the Department for Work and Pensions, 70% of this week’s 90 Pensions Buzz respondents said.
Bulk annuity market to 'top £0.5trn in 2020s'
The value of UK bulk annuity deals is set to quadruple in the 2020s when compared to this decade, Mercer has predicted.
Exclusive: IC Select launches service to measure impact and quality of investment advice
IC Select has launched an oversight service to empower trustees to challenge the quality and success of their investment advisers.
Why communication is vital in pensions
Communication is essential in a pensions environment governed increasingly by defaults, and with more schemes in distress. James Phillips joined a panel of experts to hear how it can be improved.
NHS is not responsible for tapered allowance issues, says industry
The vast majority of this week’s 120 Pensions Buzz respondents rejected the idea that the NHS should bear any responsibility for members facing tax bills due to the tapered annual allowance.
RPMI Railpen acquires Scottish windfarm
RPMI Railpen has made a direct investment into an Ayrshire-based windfarm currently under construction.
Pensions too complicated for general election campaigns
Pensions are too complicated a topic for political parties to discuss in any detail on the general election campaign trail, a majority of this week’s 110 Pensions Buzz respondents said.
National Grid agrees £1.6bn buy-in with L&G in second deal this year
The National Grid UK Pension Scheme has agreed its second buy-in this year, transferring £1.6bn of pension risk to Legal & General (L&G).
European court to deliver landmark ruling on PPF benefits next month
The European Court of Justice (ECJ) will deliver its judgment next month in a landmark case on whether pension lifeboat funds are paying out the right level of benefits.
Conservatives commit to review of taper and net-pay issues
The Conservative party will hold reviews of the tapered annual allowance and net-pay schemes if it is elected back into government, it has said.
Border to Coast launches £5bn global equity alpha fund
The £45bn Border to Coast Pensions Partnership has launched its largest fund to date, with £5bn of Local Government Pension Scheme (LGPS) assets being allocated to global equity alpha.
Aviva to launch retirement division to tackle 'biggest financial challenge globally'
Aviva has set out its strategy to launch an investments, savings and retirement division as it seeks to simplify its overall business.
Carter & Parker scheme completes £9m buy-in with Canada Life
The Carter & Parker Limited Staff Retirement Benefits Plan (1975) has agreed a £9.3m bulk annuity deal with Canada Life.