The Co-operative Pension Scheme (Pace) has agreed a £1bn buy-in with Pension Insurance Corporation (PIC), insuring benefits for around 7,000 members.
Chancellor of the Exchequer Rishi Sunak has confirmed the government will go ahead with its Budget on 11 March, despite Sajid Javid’s resignation.
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 Jeane Freeman has written to chancellor Sajid Javid demanding he find a solution for heavily-taxed senior NHS workers in his upcoming Budget.
Former LGPS Central chief executive Andrew Warwick-Thompson has joined Capital Cranfield as a professional trustee.
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.
Former pensions minister Stephen Timms has been elected chairman of the influential Work and Pensions Committee (WPC).
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.
The pension schemes bill has passed its second reading in the House of Lords, despite questions over the breadth of government powers.
Three Lloyds Banking Group pension schemes have transferred £10bn of longevity risk to Pacific Life Re in the second-largest longevity swap ever.
Pension Insurance Corporation (PIC) insured £7.2bn of scheme liabilities over the course of 2019, recording more new business than in any year prior.
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.
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.
The £30bn Brunel Pension Partnership has called on asset managers to become more climate-aware or face removal from its portfolios.
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.
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 transactions will hit a record-breaking level of £25bn this year, Willis Towers Watson has predicted.
Universities Superannuation Scheme (USS) has appointed Dame Kate Barker as its trustee chair-elect after Sir David Eastwood announced his retirement.
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).
The government must take advantage of its majority to push through further reforms to auto-enrolment, says James Phillips.
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.
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.
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 will join Lane Clark and Peacock (LCP) as a partner, leaving Royal London where he is currently director of policy.
The House of Commons has confirmed that the Work and Pensions Committee (WPC) will be chaired by a Labour member of parliament (MP).
HM Treasury has confirmed that the government will hold its Budget on 11 March.
Schemes are increasingly looking at longevity hedging as part of their de-risking process, according to a survey by Insight Investment.
Universities Superannuation Scheme (USS) will hold further discussions in the new year to agree on how to proceed with the scheme.
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).
Increasing demand for global longevity reinsurance could lead to higher bulk annuity prices but less exact matching for longevity hedging, says Mercer.
Redington is in the process of securing private equity backing from Phoenix Equity Partners for an undisclosed amount.
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.
The Electricity North West Group of the Electricity Supply Pension Scheme (ESPS) has invested in an £805m pensioner buy-in with Scottish Widows.
Zurich has agreed to insure £800m of longevity risk for the pensioners of a FTSE 100-sponsored pension 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.
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.
The value of UK bulk annuity deals is set to quadruple in the 2020s when compared to this decade, Mercer has predicted.
IC Select has launched an oversight service to empower trustees to challenge the quality and success of their investment advisers.
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.
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 has made a direct investment into an Ayrshire-based windfarm currently under construction.
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.
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).
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.
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.
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 has set out its strategy to launch an investments, savings and retirement division as it seeks to simplify its overall business.
The Carter & Parker Limited Staff Retirement Benefits Plan (1975) has agreed a £9.3m bulk annuity deal with Canada Life.