Defined Benefit
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.
Tender watch: Enfield appoints Aon for investment consultancy
Professional Pensions rounds up some of the latest tender awards from across the industry.
Jon Bridger: A fresh look at the plumbing
Plumbing Pensions faces a watershed moment after a governance review and strong valuation, says trustee chairman Jon Bridger.
DB funding - January 2021: Deficits back to pre-pandemic levels, says PPF
Every month, several firms issue trackers of the aggregate defined benefit (DB) scheme funding position. See here for the January 2021 estimates on the various measures…
PPF consults on changes to actuarial assumptions
The Pension Protection Fund (PPF) has proposed several changes to its actuarial assumptions under various bases as part of a regular review, suggesting moves that would broadly improve scheme funding.
Working together to make a good bill better
While the progress of the Pension Schemes Bill is to be celebrated, says John Chilman, it is important to secure further consensus to ensure the best outcomes for open defined benefit (DB) schemes.
Treasury opts to give members deferred choice on McCloud remedy
The government has opted to proceed with its “deferred choice underpin” (DCU) route for implementing a remedy to the McCloud judgment for public sector workers.
'Stars align' to boost health of UK schemes to more than pre-Covid levels
The health of the UK’s defined benefit (DB) pension schemes has surpassed that of their pre-Covid levels as they continued to recover through final quarter of 2020, Legal & General Investment Management (LGIM) research reveals.
Hymans Robertson appointed for investment consultancy at Staffordshire LGPS
The Staffordshire Pension Fund has reappointed Hymans Robertson to a seven-year contract for investment consultancy services.
Prudence prevails in USS consultation
Michael Bromwich says USS’ 2020 valuation ramps up prudence, but perhaps unjustifiably, resulting in higher contributions.
Exclusive: DB sponsor profit warnings trend continues unwelcome escalation
Defined benefit (DB) pension scheme sponsors issued 249 profit warnings last year, 90% of which were specifically related to the coronavirus pandemic, according to EY.
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