Defined Benefit
DB funding - April 2021: Stable funding means time to reduce risk
Every month, several firms issue trackers of the aggregate defined benefit (DB) scheme funding position. Here are the April 2021 estimates on the various measures…
Industry Voice: How does a DB master trust fit into the consolidation space?
All signs point to imminent and substantial growth in consolidation, according to a range of speakers across the industry, including TPR, at the recent Professional Pensions DB Consolidation Conference.
TPR and PPF launch joint consultation on DB data
The Pensions Regulator (TPR) and the Pension Protection Fund (PPF) have launched a joint consultation on the proposals to update the asset information collected from defined benefit (DB) pension schemes.
PPF confirms changes to s143 and s179 assumptions
The Pension Protection Fund (PPF) has confirmed several changes to its actuarial assumptions under various bases as part of a regular review, broadly improving the lifeboat fund’s view of scheme funding.
LCP: DC cannot bridge the gap DB will leave; men to feel the pinch
It will take too long to save into defined contribution (DC) pensions to keep retirement savings steady and offset the loss of defined benefit (DB) income, according to Lane Clark & Peacock (LCP).
Schemes to be slapped with £1.5bn bill for equalising past transfers
Schemes could be charged a £1.5bn bill to equalise past defined benefit (DB) scheme transfers after last year’s landmark GMP equalisation ruling, says Buck.
Covid-19 financial impact on DB schemes likely to be 'marginal'
The financial impact on defined benefit (DB) schemes from the Covid-19 pandemic is “likely to be marginal”, and only in the event of continued substantial additional deaths for many years would there be a significant reduction in UK DB scheme liabilities,...
What TPR's reports tell us about pre-pack deals
Luke Hartley looks at recent cases involving House of Fraser, Silentnight and Johnston Press
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.
