Defined Benefit
PPF weathers the storm but challenges lie ahead
The lifeboat fund is in a good position despite reserves taking a £0.6bn hit. But the ramifications of the EU judgment on member compensation is an area of concern for CEO Oliver Morley, writes Stephanie Baxter
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.
10 weeks is appropriate for DB to DC transfer, say respondents
This week's Pensions Buzz respondents were mostly in agreement that 10 weeks is an appropriate length of time to conduct a full DB to DC transfer.
Treasury confirms discriminatory rules to be fixed across all public sector schemes
The government has confirmed the Supreme Court ruling that changes made to the firefighters' and judges' pension schemes in 2015 were discriminatory will now apply to all public sector schemes.
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.
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.
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.
Industry Voice: Regulatory pressure to bring forward the DB pensions endgame?
Corporates must place greater emphasis on their schemes' endgame target, says Barnett Waddingham.
Boris Johnson vows to fix NHS pension tax issue if he wins leadership race
Conservative leadership contender Boris Johnson has promised to fix the pension tax relief rules that are causing senior doctors and highly-paid staff in the NHS to work fewer hours leading to longer waiting lists.
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.
DB funding - June 2019: PPF 7800 deficit falls on back of equity gains
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…
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.
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.
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.
Trustees should focus on journey, not just the goal, says LCP
The journey to endgame for defined benefit (DB) schemes can be just as important on focusing on long-term funding targets, according to Lane Clark and Peacock (LCP).
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.
Half of FTSE 100 DB schemes could buyout within 10 years, finds Barnett Waddingham
Over half (55%) of FTSE 100 defined benefit (DB) schemes could buyout with an insurer within the next 10 years, according to Barnett Waddingham.
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.
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.
Frank Field writes to TPR chief executive over USS valuation dealings
Work and Pensions Committee (WPC) chairman Frank Field has written to The Pensions Regulator (TPR) over its influence on the Universities Superannuation Scheme's (USS) 2017 valuation.
