James Phillips
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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.
Guy Opperman reappointed as pensions and financial inclusion minister
Guy Opperman will remain in post as pensions and financial inclusion minister, it has been confirmed.
Exclusive: Clearance not recommended despite tougher regulator, say lawyers
More than three-quarters of pensions and restructuring lawyers believe the regulator's 'clearer, quicker, tougher' approach is having an impact on their clients, a PwC survey reveals.
Amber Rudd to remain work and pensions secretary
Amber Rudd has not been moved out of her job as secretary of state for work and pensions amid concerns the pensions industry could have had its seventh politician in that office since the 2015 general election.
Law Debenture posts 9.3% rise in pensions revenue
Law Debenture has reported £5.1m in pensions revenue during the first half of this year, 9.3% higher than the £4.6m recorded in the same period last year.
Woodford debacle is chance for pensions to shine
Trustees should seize the opportunity to engage and educate members about their investment choices, says Henry Tapper.
Lloyds to pay SLA £140m in compensation over termination of Scottish Widows mandate
Lloyds Banking Group will compensate Standard Life Aberdeen (SLA) £140m for the attempted early termination of an investment management arrangement for Scottish Widows worth over £100bn.
FCA fines Standard Life Assurance £31m for non-advised annuity sales failures
The Financial Conduct Authority (FCA) has fined Standard Life Assurance (SLA) nearly £31m after its practices led to conflicts of interest and SLA employees putting their financial needs above those of the firm's customers.
Government consults on 'sticking plaster' NHS pension reforms
The government has launched a consultation on amending the contribution rules of the NHS Pension Scheme in a bid to mitigate the possibility of members hitting tax allowances.
Trustees admit their boards are lacking in diversity
Pension fund trustees believe their boards are considerably lacking in age and ethnic diversity, a Baker McKenzie survey has found.
DB funding - June 2019: 'Best estimate' surplus grows £14bn
Every month, several firms issue trackers of the aggregate defined benefit (DB) scheme funding position. See here for the June 2019 estimates on the various measures…
Railways Pension Scheme on TPR's watchlist since 2016
The Pensions Regulator (TPR) almost issued a warning notice against one of the firms involved in the Railways Pension Scheme (RPS) as sections of the scheme were placed on watch in 2016.
Maybe 'pot follows member' wasn't such a bad idea after all
It is time to reconsider this potential solution to the plethora of fragmented pots, says Sir Steve Webb.
BNY Mellon IM launches sustainable global equity income fund
BNY Mellon Investment Management has launched a sustainable global equity income fund under the management of boutique Newton Investment Management's Nick Clay, and head of responsible and charity investment Rob Stewart.
Applying behavioural science to pensions risk settlement
Tendencies to prefer the status quo and familiar names can result in slower or more irrational decisions, Aon says. James Phillips explores the impediments to risk settlement.
Five stories you may have missed this week
This week's top stories included the GMP Equalisation Working Group publishing a call to action to help schemes begin the process.
Hargreaves Lansdown still slowest on pension transfers - Origo
Hargreaves Lansdown and Liberty SIPP have again been named as the slowest two providers to move pensions through Origo's Transfer Service.
Ed Balls: Consensus politics is a UK strength, but fragile now
James Phillips spoke to the former shadow chancellor at PBUK about how politicians must embrace the benefits of long-term policy creation through independent and cross-party thinking.
Border to Coast allocates over £1bn to private markets
Border to Coast Pensions Partnership has launched two private market offerings with over £1bn of commitments from its partner Local Government Pension Scheme (LGPS) funds.
TPR launches probe into 'shape-shifting employers' dodging AE duties
Companies which have tried to dodge their pension duties by changing their identities are being "hunted" by The Pensions Regulator (TPR) in a crackdown on non-compliance with auto-enrolment (AE).
Swansea pension fund switches £500m to low-carbon strategy
The City and County of Swansea Local Government Pension Scheme (LGPS) will swap around a quarter of its assets to a low-carbon fund by the end of the month, it has announced.
The key barriers to social impact investing
Social impact investing is growing in prominence, but schemes may be failing to truly understand what it entails. James Phillips looks at the key hurdles.
Schneider Electric grants £400m fiduciary management mandate to Aon
Schneider Electric has appointed Aon to provide full fiduciary management services for over £400m of assets held in the Schneider Pension Plan.
PIC to raise debt capital to back booming bulk annuity business
Pension Insurance Corporation (PIC) has announced plans to raise further debt capital in order to support business growth in a burgeoning bulk annuity market.
Exclusive: Michelle McGregor Smith to retire from BA pensions
Michelle McGregor Smith has announced her intention to retire from British Airways Pensions Investment Management (BAPIM) after over three decades working with the schemes.
PMI appoints Tim Phillips as vice-president and reshapes advisory council
The Pensions Management Institute (PMI) has elected Tim Phillips as vice-president, taking over the office from Lorraine Harper.
Tougher audit stance leading to 'bunched' discount rates
FTSE 350 defined benefit (DB) schemes are "bunching" around an average discount rate of 2.8% due to higher yields and a tougher stance from auditors, Hymans Robertson research finds.
TPR working with BoE to 'monitor' schemes' use of non-bank leveraged loans and derivatives
The Pensions Regulator (TPR) is working to "enhance" the Bank of England's monitoring of how schemes use non-bank leveraged loans amid warnings they may not be able to absorb losses in a stress scenario.
What the future could hold for trusteeship
Professionalisation of trustee boards remains on the agenda as the regulator asks the industry whether they should be mandatory. James Phillips explores the latest consultation.
FCA Pension Plan slashes deficit by 28%
The deficit in the Financial Conduct Authority's (FCA) defined benefit (DB) scheme fell by £32.3m over the course of the year to 31 March this year, the watchdog has revealed.
Pension negligence lands boss with seven-year ban
An insurance company director has been banned from company directorships after failing to keep adequate records and provide scheme members with up-to-date information.
BT blocked from third attempt to swap pensions index
BT will not be able to swap the index used to uprate part of its pension scheme after the Supreme Court denied permission to appeal, closing all legal avenues.
TPR could target the Greens' overseas assets for Arcadia schemes
The Pensions Regulator (TPR) has mooted pursuing Sir Philip and Lady Tina Green's overseas assets to ensure there are enough funds for the Arcadia pension schemes.
Prudential restricts withdrawals from institutional UK property fund
Prudential has implemented withdrawal restrictions on its Workplace Pensions Prudential UK Property fund as scrutiny on open-ended funds' liquidity issues continue.
Pensions tax issues leading to longer NHS waiting lists
The next chancellor should urgently address "absurdly complex" tax relief rules as data reveals NHS waiting lists have lengthened due to senior doctors working fewer hours to avoid the charges.
Government will not legislate to equalise widowers' survivor benefits
The government has been accused of "dragging its heels" on pensions equality after ruling out amending the law to provide for higher survivor benefits for widowers.
Five stories you may have missed this week
This week's top stories included The Pensions Regulator launching a consultation on the future of trusteeship.
Anthony Arter: Quicker dispute resolutions are in everyone's interests
The Pensions Ombudsman is in the middle of an ongoing programme of change, speeding up dispute processes and seeking informal resolutions. James Phillips asks what to expect next.
PPF appoints head of restructuring and publishes insolvency guidance
The Pension Protection Fund (PPF) has appointed Mike Ridley as head of restructuring and published a further guidance note for schemes facing insolvency events.
XPS: Long-term TPR funding targets could add £260bn to scheme liabilities
The introduction of long-term funding targets for defined benefit (DB) schemes could create an accounting gap of £260bn between the liabilities reported by companies and schemes, XPS Pensions has warned.
Gilt yield collapse causes £55bn liability growth in eight weeks
Schemes need to get in place a "robust hedging strategy" to mitigate the impact of sudden falls in gilt yields, Buck has said.
Smiths Group scheme conducts £176m buy-in with Canada Life
The Smiths Industries Pension Scheme has secured a £176m buy-in with Canada Life, its second with the insurer.
TPR sets up industry group for enhanced law on climate change disclosure
Pension fund investors could face further disclosure requirements on ESG matters as an industry working group considers fresh law for trustees for as soon as next year.
TPR launches consultation on future of trusteeship
The Pensions Regulator (TPR) has launched a consultation on scheme governance and trusteeship, urging "badly-run schemes" to improve or consolidate.
Taking stewardship seriously
There is mounting pressure on schemes to engage more actively with firms in which they invest. Charlotte Moore takes a look at the different approaches being used.
UCU threatens fresh strike action over USS
Universities across the country are on alert for fresh strike action as the University and College Union (UCU) prepares to ballot members.
Robin Ellison: The dangers of over-professionalising trusteeship
Robin Ellison explains why lay trustees continue to have an essential part to play in trusteeship, despite the regulatory drive towards professionalisation.
Government denied permission to appeal £4bn per year discrimination ruling
The government must find an additional £4bn of annual funding for public service pensions after it was denied leave to appeal a case concerning age discrimination.