Defined Benefit
More than £70m of pension savings at risk to scams - XPS Pensions Group
There has been a significant increase in the number of 'red flags' reported on pension transfers in the last 12 months by the XPS Pensions Group, which it said leaves millions of pounds at risk.
DB funding - May 2019: PPF 7800 deficit soars after gilt yield collapse
Every month, several firms issue trackers of the aggregate defined benefit (DB) scheme funding position. See here for the May 2019 estimates on the various measures…
Aon: UK pension schemes face new challenges when fully funded
Defined benefit (DB) schemes are facing fresh challenges around dividends and de-risking as they reach fully-funded status, according to Aon.
People should not use their pension to buy a house, says industry
This week's Pensions Buzz respondents rejected James Brokenshire's suggestion that savers should be able to use their pensions to fund deposits for house purchases.
IFS: Pensions system places too much risk on individuals
Workplace pensions look more like individual savings pots as too much risk is loaded onto members, Institute for Fiscal Studies (IFS) director Paul Johnson warns.
Arcadia delays CVA vote over landlord qualms
Arcadia has postponed votes on its seven company voluntary arrangement (CVA) proposals in order to "conduct further dialogue with a few landlords" in a bid to save the business from collapse.
Pension participation rises to 87% of eligible workers
AE has had 'truly staggering' impact
Sainsbury's scheme surges into surplus after PIE and mortality assumption update
Liabilities slashed by £1.2bn
How trustees can react to the regulator's DB funding code
Matthew Harrison looks at what the forthcoming defined benefit funding code of practice means for pension schemes
Philip Green agrees £25m Arcadia pensions deal with TPR and PPF
Sir Philip Green has agreed with The Pensions Regulator (TPR) to plunge an additional £25m into Arcadia's pension funds, paving the way for a restructure of his empire.
TPT consolidates £220m Coventry Building Society scheme
Coventry Building Society has transferred its £220m defined benefit (DB) scheme to TPT Retirement Solutions' DB master trust.
'High earning' NHS doctors to be given flexible pensions
Senior NHS clinicians could be offered an option to halve their pension contributions in exchange for also halving the rate of pension growth.
De La Rue scheme gains £80.5m after indexation swap
De La Rue's defined benefit (DB) pension scheme gained £80.5m after swapping the index used to revalue benefits, but lost £0.5m to rectify discrepancies identified in the scheme's rules.
Arcadia pension schemes offered additional £185m of security
Arcadia's two defined benefit (DB) pension schemes have been offered an extra £185m of security over property by Sir Philip Green in the event that it is needed in the future.
DB funding - April 2019: Bond yield growth boosts funding positions
Every month, several firms issue trackers of the aggregate defined benefit (DB) scheme funding position. See here for the April 2019 estimates on the various measures…
Plumbing scheme to close to accrual after 40 years
The trustees of the beleaguered industry-wide Plumbing and Mechanical Services (UK) Industry Pension Scheme have confirmed it will close to accrual in June.
Mothercare schemes gain £1.6m from pension increase exchange exercise
Mothercare's two schemes gained £1.6m after a pension increase exchange (PIE) exercise, one year after a company voluntary agreement (CVA) stopped the schemes entering the Pension Protection Fund (PPF).
Royal Mail cash-balance scheme records £9m surplus after first full-year
The Royal Mail Defined Benefit Cash Balance Scheme (DBCBS) has ended its first full-year with a £9m actuarial surplus, the company says.
LCP: FTSE 100 scheme funding to fall by £100bn if accounting rules change
Potential changes to accounting standards and increased pressure on companies to accelerate contributions could worsen FTSE 100 scheme funding by up to £100bn, according to Lane Clark and Peacock (LCP).
USS 'obstructed whistleblower' in quest over 2017 valuation
The Universities Superannuation Scheme (USS) allegedly obstructed a whistleblower as she tried to discover the true value of the deficit in its defined benefit (DB) section, according to reports.
John Lewis to close 44,000-member DB scheme in bid to save £80m a year
The John Lewis Partnership has announced plans to close the defined benefit (DB) section of its combined pension scheme.
MPs offer FCA compromise on DB transfer contingent charging ban
The Work and Pensions Select Committee (WPC) has called on the FCA to explore the case for setting an upper limit for the amount of a DB transfer fee that can be received via contingent charging.
How the declarations of intent regime could prove to be a mixed blessing
The government's proposed framework could hamper good corporate deals, which could affect the sustainability of DB sponsoring employers, writes Stephanie Baxter
GAD: LGPS employers should not feel 'queasy' about contribution increases
There will be "ups and downs" for employers in the Local Government Pension Scheme (LGPS) as it carries out its 2019 valuation against the backdrop of the cost cap suspension and the McCloud judgment.
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