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DB funding - December 2020: Deficit up £76bn over 2020, says PPF
Every month, several firms issue trackers of the aggregate defined benefit (DB) scheme funding position. See here for the December 2020 estimates on the various measures…
MetLife reinsures $2bn of Legal & General pension risk
Metropolitan Tower Life Insurance Company has announced it completed four longevity reinsurance transactions with Legal & General (L&G) Assurance Society last year.
ECPA issues warning over changes to sponsor longevity assumptions
Schemes need to dynamically and closely monitor the position of their employer covenant and its corporate longevity, ensuring the assessment is not conducted in isolation, the Employer Covenant Practitioners Association (ECPA) says.
GLIL raises £500m from LGPS pools to fund UK infrastructure investments
GLIL Infrastructure has raised £500m from two Local Government Pension Scheme (LGPS) pools to fund UK infrastructure investments.
USS teams up with DiligenceVault for investment risk monitoring
Universities Superannuation Scheme (USS) Investment Management has partnered with DiligenceVault for investment data and risk analysis support.
CMI: Deaths 51% higher in week to Christmas than in 2019
Deaths in England and Wales were 51% higher in week 52 of 2020 than the corresponding period of 2019, although partly inflated by bank holidays, according to the Continuous Mortality Investigation (CMI).
South Yorkshire Pensions Authority seeks property management agent
South Yorkshire Pensions Authority (SYPA) is tendering for a managing agent for the provision of property management, property accounting and property data services within its circa £550m commercial property portfolio.
Hymans Robertson and Isio appointed to Scottish Enterprise Scheme
The Scottish Enterprise Pension & Life Assurance Scheme (SEPLAS) has appointed Hymans Robertson and Isio following a formal tender process.
Overloaded fraud police need industry support on scams, MPs told
Police and regulators need greater resources to tackle the rising threat of pension scams, the Work and Pensions Committee (WPC) has been told, so the industry should also play its part in reporting all suspected scam activity.
Pensions Infrastructure Platform owner to float on London Stock Exchange
Foresight Group has announced its expected intention to float on the London Stock Exchange as part of its “logical next step” for growing the business.
Buy-in and buyout volumes to reach £30-£40bn in 2021; Superfund 'floodgate' may open
Between £30bn and £40bn of pension risk is expected to be transferred to insurers via buy-ins and buyouts this year, Aon says.
PensionBee partners with SSGA to launch four investment pathways
PensionBee has launched four ready-made investment pathway solutions with State Street Global Advisors (SSGA) ahead of the February implementation deadline.
Equalising transfers: What if there was another way?
Steve Nicholson looks at how schemes can go about implementing the most recent Lloyds ruling
MNRPF trustees replaced after ignoring governance recommendations
The Merchant Navy Ratings Pension Fund (MNRPF) has replaced every member of its trustee board following a drawn-out battle with The Pensions Regulator (TPR) to improve governance.
A quarter of savers would forego returns for ESG funds, AB finds
Defined contribution (DC) savers believe responsible investing is at least as important as returns, with 26% stating they would forego the latter if their fund was invested in an ESG-conscious manner.
Maersk agrees £1.1bn buy-in with L&G
The Maersk Retirement Benefit Scheme has agreed a £1.1bn buy-in with Legal & General (L&G) Assurance Society, protecting benefits for around 4,900 members.
DWP proposes hiked general levy over three years; DB costs to more than double
The Department for Work and Pensions (DWP) has launched a consultation on the future of the general levy, seeking to close a potential £230m funding gap if rates remain unchanged.
Law Debenture agrees £20m acquisition of Eversheds Sutherland secretarial business
Law Debenture has acquired the company secretarial business (CSS) of Konexo from Eversheds Sutherland for a cash payment of £20m.
Aon agrees £510m buy-in with Scottish Widows
The Aon Retirement Plan has completed a £510m pensioner buy-in with Scottish Widows, insuring members in the Aon Bain Hogg Pension Scheme section.
BBC enters £3bn longevity swap with Zurich and Canada Life
The BBC Pension Scheme has completed a £3bn longevity swap deal with Zurich and Canada Life Reinsurance, covering the risk of pensioner and dependent members.
UK savers most risk averse and would give up returns for ESG
Britons generally have a lower risk tolerance than Americans, Canadians, and Australians, and would give up some or significant returns to invest with their personal values, according to MFS Investment Management research.
Northern Gas Networks agrees £385m buy-in with L&G; Risk transfer market busy despite Covid and set to top £60bn in 2021
The Northern Gas Networks Pension Scheme has agreed a £385m pensioner buy-in with Legal & General (L&G).
LCP partners and Charterhouse buy out Inflexion minority stake
Lane Clark & Peacock (LCP) partners are set to own a larger stake in the firm after buying out Inflexion Private Equity’s minority stake with the support of Charterhouse Capital Partners.
National Grid completes £800m buy-in with Rothesay; Homestyle and Aviva agree £103m buyout
The National Grid UK Pension Scheme has completed an £800m buy-in with Rothesay, its second bulk annuity transaction with the insurer.
Aegon Master Trust takes on £120m Thermo Fisher Scientific scheme
Around 5,000 Thermo Fisher Scientific UK pension scheme members have joined Aegon Master Trust, with £120m of assets transferred.
DB funding - November 2020: Deficit plummets by £47bn in positive month for markets
Every month, several firms issue trackers of the aggregate defined benefit (DB) scheme funding position. See here for the November 2020 estimates on the various measures…
GMPF invests £10m to tackle local homelessness
The Greater Manchester Pension Fund (GMPF) has invested £10m in a social impact fund launched by Resonance to tackle homelessness.
2021 is our chance to get the ball rolling on AE reform
After a tumultuous year for every industry, James Phillips says 2021 can give the pensions industry and government a chance to tackle the long-term needs in retirement savings.
Aegon announces master trust board shake-up
The Aegon Master Trust will move from an affiliate board structure to fully independent, recruiting a further trustee as part of the process.
L&G to halve emission intensity of £81bn annuity book by 2030
Legal and General Retirement (LGR) has committed to cutting the carbon emission intensity of its annuity book by half by 2030, while the overall group targets a net-zero portfolio by 2050.
Lady Green brings forward £50m DRC as The Pension Superfund eyes Arcadia schemes
Lady Tina Green has agreed to pay a £50m deficit recovery contribution (DRC) to Arcadia’s pension schemes earlier than scheduled.
Court of Appeal overturns 'wrong' block of £12bn Prudential annuity transfer to Rothesay
The Court of Appeal has overturned a High Court ruling which blocked the transfer of a £12bn annuity book from Prudential, now M&G, to Rothesay.
Debenhams schemes remain in PPF assessment after rescue attempt fails
Debenhams’ pension schemes are continuing in Pension Protection Fund (PPF) assessment after administrators failed to rescue the company from collapse.
Green and TPR urged to find solution for Arcadia scheme members
The collapse of Sir Philip Green’s retail giant Arcadia must be met with clear solutions and support for its pension scheme, which looks likely to enter Pension Protection Fund (PPF) assessment, Stephen Timms has said.
A third of DB benefits to be insured by middle of 2020s, says LCP
The number of defined benefit (DB) scheme members with benefits protected by an insurer will double by the middle of the decade, according to Lane Clark & Peacock (LCP).
Aviva completes £875m second buy-in with own staff scheme
Aviva Life & Pensions has concluded an £875m buy-in with its own staff pension scheme, following on from a similar transaction last year.
Trustees have 'false confidence' in their scheme strategies
Nearly every trustee is confident of the next stage in their scheme’s strategy, despite almost an equal number being forced to consider replacing plans within the prior 12 months, according to research by Barnett Waddingham.
UPDATED: RPI to be reformed in 2030, but no compensation for gilt holders
The Retail Prices Index (RPI) will be reformed and aligned with the housing cost-based version of the Consumer Prices Index, known as CPIH, by 2030, the Treasury has confirmed.
Companies overstate liabilities by £60bn amid Covid deaths
Companies could be overstating their pension liabilities by up to £60bn due to their life expectancy assumptions, according to XPS Pensions Group.
Take fresh look at longevity assumptions as £130bn 'tied up' from optimism, PwC urges
More than £130bn of company funds are tied up in pension schemes specifically due to lower than expected levels of life expectancy improvements over the last decade, according to PwC.
Just Group agrees £74m buy-in with engineering scheme
Just Group has completed a £74m pensioner buy-in with the UK pension scheme of a US-listed engineering business.
Brunel invests £840m in in clean infrastructure; PIC appoints municipal bond manager
Brunel Pension Partnership has launched two investment vehicles to target infrastructure assets that meet Paris Agreement objectives for its partner funds.
Seven Trustee Corporation directors accredited by PMI
Seven directors of the Trustee Corporation have been accredited under the Pensions Management Institute’s (PMI) Aptitude programme.
Smiths Group completes £146m buy-in with Canada Life
The Smiths Industries Pension Scheme has secured a £146m buy-in with Canada Life in its fourth bulk annuity and its sponsor’s tenth overall.
Auto-guidance gets cross-party support; Labour calls for net-zero pensions
A proposal to ensure savers receive a Pension Wise appointment prior to accessing their retirement pot has received cross-party support in parliament, while Labour seeks net-zero pensions by 2050.
Exclusive: Schroders launches multi-private credit fund for DB schemes
Schroders has launched a multi-private credit fund (MPCF) for UK defined benefit (DB) schemes in response to growing demand for long-term and alternative income streams.
Be ready for sponsor distress, TPR tells trustees in fresh guidance
Trustees must know the signs of sponsor distress and be prepared to act quickly as the “first line of defence” for savers, The Pensions Regulator (TPR) has warned.
Chappell faces fourth bankruptcy to pay BHS contributions
Former BHS owner Dominic Chappell potentially faces his fourth personal bankruptcy in order to pay £9.5m of contributions he owes to the failed retailer’s pension schemes.