Defined Benefit
PIC invests £40m in London property development
Pension Insurance Corporation (PIC) has invested £40m in debt issued by the Royal College of Surgeons in England to finance the redevelopment of its London headquarters.
FCA issues data request to 65 advisers over Rolls Royce DB pension scheme
The Financial Conduct Authority (FCA) has issued a data request to 65 financial advisers who advised on transfers from the Rolls-Royce defined benefit (DB) scheme.
'Mothballing': A guide for trustees
Jo Myerson looks what trustees should be considering if their sponsor decides to temporarily shut its doors.
How should trustees consider climate risks to sponsor covenants?
UK pension schemes are working hard to counter climate risks across investment portfolios, but the assessment of climate risks to sponsor covenant must be a key focus of schemes’ broader risk assessment, says Michael Bushnell.
Two-in-three DB sponsors issue profit warnings in 2020
“Mounting red flags of financial stress” have meant almost two-thirds of listed companies with defined benefit (DB) schemes have issued profit warnings this year, EY says.
Recovery end plan dates lengthened by just one third of DB schemes
Only one third of defined benefit (DB) schemes lengthened their recovery plan end dates in 2019, according to research by Hymans Robertson.
Hargreaves Lansdown remains slowest on pension transfers
Hargreaves Lansdown has been named as the slowest provider to switch pensions through the Origo transfer service.
Regulator's gateway guidance could set 'too high a hurdle' for superfunds
Regulatory guidance “could set too high a hurdle” for superfunds, Lane Clark and Peacock (LCP) warns.
TPR: Just 4% of schemes have agreed DRC deferrals
Around one in 25 pension schemes have made use of regulatory easements to deficit recovery contribution (DRC) payment schedules, according to The Pensions Regulator (TPR).
Justin Corliss: Making the case for partial DB transfers
Half-way house
DB funding - September 2020: PPF 7800 records £26bn deficit increase
Every month, several firms issue trackers of the aggregate defined benefit (DB) scheme funding position. See here for the September 2020 estimates on the various measures…
The unstoppable force paradox: Supply and demand in the DB transfer market
Philip Dickinson looks at the impact of Covid-19 on the transfer market and how schemes and advisers can support members.
PPF probability of success drops to lowest ever level as reserves plummet by 16%
The Pension Protection Fund (PPF) has an 83% probability of success for its target of being self-sufficient by 2030 as of March this year, a six percentage point drop from 2019.
PPF drops multi-year approach to cut levy to lowest since 2006/07
Around 2,000 small schemes could see their levies cut as the Pension Protection Fund (PPF) consults on introducing a tapered approach to its risk-based levy while temporarily dropping its multi-year approach.
Mothercare forced to backtrack on pension payments after Covid-19 pressures
Mothercare has negotiated an extension to its scheme contributions schedule with a significant level of deficit expected following the offloading of its UK business last November.
Why schemes must avoid overreacting to disrupted CMI Model
While the CMI Model of longevity improvements has proved reliable, Covid-19 threatens to cause it to show an unrealistic falls in life expectancy. Tim Gordon explains why the industry should not overreact
Ultra-low interest rates and QE 'broke 4% drawdown rule'
The 4% rule of thumb often used to define a sustainable approach for drawdown in retirement is no longer fit for purpose due to prevailing and sustained market conditions, says Lane Clark & Peacock (LCP).
Pension scheme members owed as much as £25,000 in GMP equalisation back payments
Pension scheme members could be owed as much as £25,000 in back payments from GMP equalisation, according to research by XPS Pensions.
A Covid-19 tax relief raid could exacerbate generational pensions divide
With rumours once again swirling around the future of pensions tax relief in the run up to this year's Budget, any reduced incentive for long-term savers could risk further exacerbating the generational divide in pensions, says Tom Selby
Ditch gilts-based valuations to generate £40bn of value, TPR urged
Pension schemes have been “shoehorned” into valuing liabilities against gilts, creating a “herd mentality” that does not reflect scheme funding accurately, says PwC.
Scheme valuations in a Covid-19 economy
As over 1,000 DB schemes seek to agree a valuation amid the crisis, Hope William-Smith looks at the considerations.
94% of industry backs increased trustee power to halt potential scam transfers
Trustees should have the ability to pause suspected scam transfers, respondents agreed in a Professional Pensions poll.
DB members with weak employers face 50% chance of benefits cut
Defined benefit (DB) scheme members with weaker employers face a 50% chance of a cut in benefits due to sponsor insolvency, according to Hymans Robertson.
Mercer launches DB master trust as scheme pressures grow
Mercer has launched a defined benefit (DB) master trust in a bid to offer a “best-in-class solution” that recognises the shrinking universe.
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