Defined Benefit
Pension transfer values recover after February dip
Defined benefit (DB) pension transfer values recovered by about a third last month after February’s sharp fall, according to figures from XPS Pensions Group.
Clearer DB guidelines on advice versus guidance needed, industry says
Guidelines on what is and is not viewed as defined benefit (DB) trustees providing members with regulated advice need to be clearer, respondents to a Professional Pensions survey say.
UUK asks employers how to retain 'inclusive and affordable' USS benefits
Universities UK (UUK) has opened a formal consultation with employers in the Universities Superannuation Scheme (USS) seeking views on how to tackle the scheme’s funding situation.
Most DB members not confident about decision making at retirement; Trustees warned to 'step up'
Just one quarter of defined benefit (DB) members are confident about making decisions at retirement, according to research by Hymans Robertson.
DB funding - March 2021: Another surplus boost but remain mindful of volatility, says PPF
Every month, several firms issue trackers of the aggregate defined benefit (DB) scheme funding position. Here are the March 2021 estimates on the various measures…
USS responds to employer questions over valuation assumption
The Universities Superannuation Scheme (USS) trustee board has laid out answers to thorny questions posed by its employer representative regarding its ongoing sustainability struggles.
USS rejects request to review assumptions for latest valuation; UUK to 'keep up pressure'
The Universities Superannuation Scheme (USS) has refused a request by UK university employers to review the assumptions for its 2020 valuation which calculated a funding shortfall of almost £18bn.
DB transfers not in pension savers' best interests, FCA says
The Financial Conduct Authority (FCA) has published guidance on advising defined benefit (DB) transfers and has reiterated its stance that it is best savers do not transfer out of DB schemes.
Brunel on track to deliver £34m annual savings by 2025 after introspective year
Brunel Pension Partnership has completed transitioning almost £20bn of Local Government Pension Scheme (LGPS) assets, with most remaining transfers due this year.
Covid leaves schemes overestimating pension liabilities by up to 3.5%
The full impact of the pandemic means many defined benefit (DB) schemes will have now overestimated the life expectancies of their members, research suggests.
Three-quarters of schemes to agree contingent funding arrangements
Contingent funding is set to be used by three-quarters of schemes as they seek to cover liabilities without draining employer cash, says Lane Clark & Peacock (LCP).
Natwest makes £500m cash injection to scheme
Natwest will make a £500m one-off contribution into its main pension scheme after purchasing ordinary shares back from the Treasury.
TPR landscape report reveals continuing decline in DB scheme numbers
The number of defined benefit (DB) schemes open to new members of future accrual fell again over the past year, continuing the long-term trend to scheme closure and wind-up, latest data from The Pensions Regulator (TPR) reveals.
SPP: Engaged trustees in well-governed schemes directly impact member outcomes
Governance issues can directly impact the outcomes and value for money experienced by defined benefit (DB) scheme members, according to a paper from the Society of Pension Professionals (SPP).
Risk management can mitigate schemes' lost funding code flexibility, says TPR
The potential loss of scheme flexibility outlined in The Pensions Regulator’s (TPR) interim response to its defined benefit (DB) funding code should not be a concern as long as schemes can manage risk, the watchdog said.
DB funding - February 2021: PPF 7800 records surplus but warns of sensitivity to bond yields
Every month, several firms issue trackers of the aggregate defined benefit (DB) scheme funding position. See here for the February 2021 estimates on the various measures…
DB sponsors could defer contributions for higher tax relief under Budget measures
Changes to corporation tax announced in the Spring Budget could see defined benefit (DB) scheme sponsors defer contributions in favour of tax relief, according to Barnett Waddingham.
USS contribution rate could almost double to fight £18bn deficit
Universities Superannuation Scheme (USS) has reported a technical provisions deficit of between £14.9bn and £17.9bn as of 31 March 2020, and delayed its valuation as it considers how to proceed.
Richard Jones: Looking for good people for the Stoneport club
DB scheme consolidator Stoneport hopes to get 100 schemes signed up by the end of next year, but employer covenant will be vital, chief executive Richard Jones tells James Phillips.
Longevity assumptions retain stability despite Covid
The outlook for future longevity in the UK has not necessarily worsened as a result of the coronavirus pandemic, Aon says.
Covid restrictions lead Mitchells & Butlers to defer £13m of contributions
Mitchells & Butlers has deferred £13m of deficit recovery contributions (DRCs) after tier four Covid restrictions wreaked havoc across the hospitality sector.
BA defers £450m of DRCs after 'swift and severe' pandemic closures
British Airways (BA) has deferred deficit recovery contributions (DRCs) totalling £450m following an agreement with trustees after a catastrophic year for the airline industry.
DB transfer complaints to ombudsman jump 44% in 2020
Jump from 554 in 2019
Plumbing Pensions reports 99% funding level as governance review poses 'watershed moment'
The Plumbing and Mechanical Services (UK) Industry Pension Scheme was 99% funded on a low-dependency basis, a valuation conducted amid economic turmoil has confirmed.
