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      Defined Contribution Conference

      Professional Pensions Defined Contribution virtual event, hopes to take stock of the last year, and ask the important questions; are members saving enough and have we improved the member journey at retirement? This two part digital event will provide you with the latest thinking and innovation in the DC market during our snappy 15 minute presentations, with plenty of time to ask questions during our live speaker Q&A.

      • Date: 20 Apr 2021
      • Digital Conference
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      Webinar: PP Talks - Fiduciary Management

      This PP Talks webinar will ask how fiduciary managers coped with the Covid-19 challenge, how fiduciary management clients generally fared, and the outlook for the year ahead.

      • Date: 05 May 2021
      • Webinar
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      Webinar: The challenges facing open DB schemes

      This webinar will help trustees and pension managers look at the challenges facing open DB schemes, specifically looking at the issues they could face as a result of The Pension Regulator’s new Funding Code of Practice and asking how this could affect the affordability of benefits, future service contributions, investment strategy and benefit design.

      • Date: 06 May 2021
      • Webinar
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      Webinar: Supporting members retirement plans as we emerge from the pandemic

      The pandemic has affected the retirement plans of many. Some have been forced into an early retirement because of redundancy, whilst others have delayed retirement due to their pension losing value. Those who have struggled with a reduced household income, have even been dipping into their pensions whilst still working to make up for the shortfall.This webinar will uncover the steps that can be taken to support pension scheme members in the lead up to and at retirement.

      • Date: 11 May 2021
      • Webinar
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  • Whitepapers
    • How DC schemes can gain exposure to different asset classes in a low-return environment

      So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap,' ‘pension freedoms' or consultations around ‘value for money', says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).

      Download
      Pension freedoms three years on

      In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.

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James Phillips

Deputy Editor

James Phillips is Deputy Editor at Professional Pensions. 

He joined the magazine in 2016 as a Correspondent, before being promoted to Senior Correspondent in 2018, to News Editor in January 2019, and then to Deputy Editor in August 2019.

James has a focus on the law and regulation of occupational pension schemes in the UK. He is also interested in pension scheme investing in an ESG-conscious way, as well as the de-risking process for defined benefit schemes.

In 2019, James received the Institutional Journalist of the Year award from Kames Capital, and the Trade Pensions Journalist of the Year award from Willis Towers Watson. In 2018, he was named the Society of Pension Professionals' Trade Pensions Journalist of the Year, as well as a gold winner at the MHP 30 to Watch awards. He was also shortlisted for the Headline Money Pensions Journalist of the Year Award (B2B) in both 2018 and 2019.

James gradated from City, University of London in 2016 with an MA in Newspaper Journalism, and from the University of Birmingham in 2015 with a BA in Political Science and Philosophy.

He has previously been published by The Guardian, The Independent, The i Paper, The Times, and Business Green.

He can be found tweeting at www.twitter.com/PPJamesPhillips and on LinkedIn at www.linkedin.com/in/JMPhillips92. 

Contact James on email at: [email protected] 

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Articles by James Phillips

DB funding - December 2020: Deficit up £76bn over 2020, says PPF
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…

  • Defined Benefit
  • 12 January 2021
MetLife reinsures $2bn of Legal & General pension risk
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.

  • Risk Reduction
  • 12 January 2021
ECPA issues warning over changes to sponsor longevity assumptions
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.

  • Defined Benefit
  • 11 January 2021
GLIL raises £500m from LGPS pools to fund UK infrastructure investments
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.

  • Infrastructure
  • 11 January 2021
USS teams up with DiligenceVault for investment risk monitoring
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.

  • Investment
  • 08 January 2021
CMI: Deaths 51% higher in week to Christmas than in 2019
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).

  • Industry
  • 07 January 2021
South Yorkshire Pensions Authority seeks property management agent
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.

  • Investment
  • 07 January 2021
Hymans Robertson and Isio appointed to Scottish Enterprise Scheme
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.

  • Defined Benefit
  • 06 January 2021
Overloaded fraud police need industry support on scams, MPs told
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.

  • Industry
  • 06 January 2021
Pensions Infrastructure Platform owner to float on London Stock Exchange
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.

  • Investment
  • 05 January 2021
Buy-in and buyout volumes to reach £30-£40bn in 2021; Superfund 'floodgate' may open
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.

  • Risk Reduction
  • 04 January 2021
PensionBee partners with SSGA to launch four investment pathways
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.

  • Defined Contribution
  • 21 December 2020
Equalising transfers: What if there was another way?
Equalising transfers: What if there was another way?

Steve Nicholson looks at how schemes can go about implementing the most recent Lloyds ruling

  • Law and Regulation
  • 18 December 2020
MNRPF trustees replaced after ignoring governance recommendations
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.

  • Law and Regulation
  • 17 December 2020
A quarter of savers would forego returns for ESG funds, AB finds
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.

  • Investment
  • 16 December 2020
Maersk agrees £1.1bn buy-in with L&G
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.

  • Risk Reduction
  • 16 December 2020
DWP proposes hiked general levy over three years; DB costs to more than double
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 and Regulation
  • 16 December 2020
Law Debenture agrees £20m acquisition of Eversheds Sutherland secretarial business
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.

  • Industry
  • 15 December 2020
Aon agrees £510m buy-in with Scottish Widows
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.

  • Risk Reduction
  • 15 December 2020
BBC enters £3bn longevity swap with Zurich and Canada Life
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.

  • Risk Reduction
  • 15 December 2020
UK savers most risk averse and would give up returns for ESG
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.

  • Defined Contribution
  • 11 December 2020
Northern Gas Networks agrees £385m buy-in with L&G; Risk transfer market busy despite Covid and set to top £60bn in 2021
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).

  • Risk Reduction
  • 10 December 2020
LCP partners and Charterhouse buy out Inflexion minority stake
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.

  • Industry
  • 09 December 2020
National Grid completes £800m buy-in with Rothesay; Homestyle and Aviva agree £103m buyout
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.

  • Risk Reduction
  • 09 December 2020
Aegon Master Trust takes on £120m Thermo Fisher Scientific scheme
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.

  • Defined Contribution
  • 09 December 2020
DB funding - November 2020: Deficit plummets by £47bn in positive month for markets
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…

  • Defined Benefit
  • 08 December 2020
GMPF invests £10m to tackle local homelessness
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.

  • Investment
  • 07 December 2020
2021 is our chance to get the ball rolling on AE reform
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.

  • Law and Regulation
  • 07 December 2020
Aegon announces master trust board shake-up
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.

  • Defined Contribution
  • 04 December 2020
L&G to halve emission intensity of £81bn annuity book by 2030
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.

  • Investment
  • 03 December 2020
Lady Green brings forward £50m DRC as The Pension Superfund eyes Arcadia schemes
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.

  • Defined Benefit
  • 03 December 2020
Court of Appeal overturns 'wrong' block of £12bn Prudential annuity transfer to Rothesay
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.

  • Law and Regulation
  • 02 December 2020
Debenhams schemes remain in PPF assessment after rescue attempt fails
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.

  • Defined Benefit
  • 02 December 2020
Green and TPR urged to find solution for Arcadia scheme members
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.

  • Defined Benefit
  • 01 December 2020
A third of DB benefits to be insured by middle of 2020s, says LCP
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).

  • Risk Reduction
  • 30 November 2020
Aviva completes £875m second buy-in with own staff scheme
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.

  • Risk Reduction
  • 27 November 2020
Trustees have 'false confidence' in their scheme strategies
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.

  • Defined Benefit
  • 26 November 2020
UPDATED: RPI to be reformed in 2030, but no compensation for gilt holders
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.

  • Investment
  • 25 November 2020
Companies overstate liabilities by £60bn amid Covid deaths
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.

  • Defined Benefit
  • 25 November 2020
Take fresh look at longevity assumptions as £130bn 'tied up' from optimism, PwC urges
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.

  • Industry
  • 24 November 2020
Just Group agrees £74m buy-in with engineering scheme
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.

  • Risk Reduction
  • 24 November 2020
Brunel invests £840m in in clean infrastructure; PIC appoints municipal bond manager
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.

  • Investment
  • 18 November 2020
Seven Trustee Corporation directors accredited by PMI
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.

  • Industry
  • 17 November 2020
Smiths Group completes £146m buy-in with Canada Life
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.

  • Risk Reduction
  • 16 November 2020
Auto-guidance gets cross-party support; Labour calls for net-zero pensions
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.

  • Law and Regulation
  • 13 November 2020
Exclusive: Schroders launches multi-private credit fund for DB schemes
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.

  • Investment
  • 12 November 2020
Be ready for sponsor distress, TPR tells trustees in fresh guidance
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.

  • Law and Regulation
  • 12 November 2020
Chappell faces fourth bankruptcy to pay BHS contributions
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.

  • Defined Benefit
  • 11 November 2020
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