Defined Benefit
TPR crackdown on scheme funding will see contingent strategy use grow
A number of regulatory and economic factors including a tougher line on scheme funding from The Pensions Regulator (TPR) means interest in the use of contingent strategies will grow, Lane Clark & Peacock (LCP) finds.
'True flexibility' in bespoke DB funding code proposal questioned
The true level of flexibility for defined benefit (DB) schemes that take the ‘bespoke’ option laid out in the proposed DB funding code needs further clarification, the industry has said.
Coats Group defers DRCs for remainder of 2020
Coats Group has agreed with its UK pension trustees to defer the payment of its remaining deficit recovery contributions (DRCs) for 2020.
DB transfer values jump to record high in July - XPS
Defined benefit (DB) transfer values continued to increase to yet another record high during July but the number of people opting to exit final salary schemes remains steady, according to XPS Transfer Watch.
Surplus success for tranche 13 schemes
Over a third of defined benefit (DB) schemes with valuations between September 2017 and September 2018 were in surplus, according to data from The Pensions Regulator (TPR).
Quilter doubles redress provision for British Steel pension transfers
Advice giant Quilter has set aside £24m to compensate British Steel workers advised to transfer out of their defined benefit (DB) pensions by Lighthouse, doubling its previous redress provisions.
DB funding - July 2020: PPF 7800 deficit grows another 14%
Every month, several firms issue trackers of the aggregate defined benefit (DB) scheme funding position. See here for the July 2020 estimates on the various measures…
Covid-19 pushes endgame back by 18 months
Defined benefit (DB) schemes will have to wait an extra year and a half on average to agree a buyout compared to their pre-Covid-19 endgame journey plans, Barnett Waddingham estimates.
ITV offers £31m to support Box Clever Pension Scheme
ITV has submitted a £31m offer to The Pensions Regulator (TPR) for the Box Clever Pension Scheme after being forced to set out how it would financially support the scheme following a lengthy court process.
A history and the rationale for DB schemes: Where they came from
In the first feature of a three-part series, Iain Clacher and Con Keating look back at the UK’s defined benefit universe, exploring why the schemes were set up, how they have changed, and the case for their creation.
What to do if your scheme hits the media spotlight
Patrick Foster draws on his experience supporting trustees through insolvency events to set out what trustees need to prepare for.
No change in plans for Covid-19, say three-in-four DB schemes
The majority of defined benefit (DB) schemes have taken no material action to change their investment strategy or journey plan during the coronavirus pandemic, say Lane Clark & Peacock (LCP).
Extra employer rooted in botanical scheme following TPR intervention
A second employer has been appointed to stabilise the National Institute of Agricultural Botany (NIAB) pension scheme after intervention from The Pensions Regulator (TPR) when trustees failed to agree a valuation in 2015.
David Fairs: Four weeks left to influence the future of DB funding
As TPR’s consultation on the principles underlying the revised code of practice for DB funding enters the final straight, David Fairs set outs why you should give the watchdog your views.
NHS scheme pays deadline further extended to March 2021
NHS Pension Scheme members in England and Wales have been given a further six months to take advantage of the voluntary scheme pays process for the 2018/19 deadline.
Exclusive: Industry hesitant to second guess mortality rate changes
The industry does not expect future mortality improvements to change despite the 60,000 excess deaths from the Covid-19 pandemic, a Society of Pension Professionals (SPP) poll finds.
Revised DB funding regime could be 'too rigid' and 'have damaging effects'
The Pensions Regulator’s (TPR) proposed revisions to the defined benefit (DB) funding code could reduce member security, Lane Clark & Peacock (LCP) has warned.
Tideway stops DB pension transfer business
Adviser firm Tideway was told to cease all pension transfer advice business from 3 July 2020, after first being visited by the Financial Conduct Authority (FCA) about its defined benefit (DB) transfer operations in 2017.
XPS: Covid-19 could slash scheme liabilities by £90bn
Defined benefit (DB) scheme liabilities could reduce by as much as 5% as a result of Covid-19, XPS Pensions forecasting reveals.
Exclusive: Hymans Robertson launches DB funding early warning tool
An “early warning” tool has been launched by Hymans Robertson to help defined benefit (DB) schemes understand which potential regulatory approach will be more suitable for their current funding strategy.
McCloud consultation launches; Treasury resumes cost control mechanism for public sector schemes
HM Treasury has announced it will resume the cost control mechanism for public sector pension schemes, noting the concern that the 18-month suspension has caused.
PP Live: Covid-19 crisis has not changed TPR's view that funding principles are 'right'
The economic crisis caused by Covid-19 has reinforced The Pensions Regulator’s (TPR) view that its defined benefit (DB) funding principles are “right”, says David Fairs.
LGPS funds urged to begin McCloud work
Local Government Pension Scheme (LGPS) funds must carry out assessments urgently to understand the impact of the McCloud judgment, says Aon.
DB funding - June 2020: PPF index sees small deficit reduction
Every month, several firms issue trackers of the aggregate defined benefit (DB) scheme funding position. See here for the June 2020 estimates on the various measures…
