Defined Benefit
Ineffective regulation breeds inequitable outcomes
Costly DB scheme regulations can result in abuses of equitable relations among stakeholders, say Iain Clacher and Con Keating.
FTSE 100 schemes in 'best position' for 20 years before onset of Covid-19
Almost three-quarters of FTSE 100 defined benefit (DB) pension schemes were in surplus on an accounting basis as the coronavirus crisis hit, according to Lane Clark & Peacock (LCP).
LGPS slashes deficit by £31bn in three years
The Local Government Pension Scheme (LGPS) cut its deficit by £31bn over the course of three years, its latest annual report shows.
Struggling DB schemes avoid putting extra cash pressure on sponsors
Defined benefit (DB) schemes are looking for alternatives to seeking additional cash contributions from sponsors to manage payouts in the wake of the Covid-19 market disruption, according to Willis Towers Watson (WTW).
Lockdown easing could relaunch DB transfer market, says LCP
The easing of the UK’s lockdown could mean a steady rise in defined benefit (DB) transfers, as the ‘lockdown effect’ on the sector weakens, research from Lane Clark & Peacock (LCP) finds.
Coronavirus crisis underscores urgent need for superfunds
As new figures from the Pension Protection Fund show the shortfall of final salary schemes in deficit grew to £256.4bn during April, Joe Dabrowski examines how the superfund structure could help…if only we had one.
Covid-19 impact on survivor mortality rates to be 'modest', study finds
Pension schemes and life insurers should be prepared for a modest change to their assumptions for mortality rates in the post-Covid-19 world, an academic study suggests.
Steve Webb claims HMRC will 'over-tax' pension freedom users during crisis
Lane Clark & Peacock (LCP) has called out HM Revenue & Customs' (HMRC) tax policy on flexible drawdown as "unacceptable", claiming it could lead to draconian tax penalties during Covid-19.
From the Barber judgment to needing a barber
30 years after the infamous Barber judgment, Tom Yorath looks at how the GMP equalisation problem has progressed against advances in technology
PPF may seek second opinion on Laura Ashley collapse amid pension struggles
The Pension Protection Fund (PPF) will look to appoint a new administrator to oversee an investigation into the collapse of Laura Ashley, according to reports.
Tyne & Wear and Northumberland schemes to merge
The £9bn Tyne & Wear Pension Fund and the £1.4bn Northumberland County Council Pension Fund are set to merge following a consultation by the government.
Covid-19 puts brakes on DB pension transfer activity
Down again from March
DB funding - April 2020: Deficit falls by £7bn, says PPF
Every month, several firms issue trackers of the aggregate defined benefit (DB) scheme funding position. See here for the April 2020 estimates on the various measures…
Wales Pension Partnership selects Robeco for voting and engagement
The Wales Pension Partnership (WPP) has appointed Robeco to run its voting and engagement services following a comprehensive procurement process.
DB funding falls by 5.1 points during first quarter, says LGIM
The economic crisis provoked by Covid-19 led to a 5.1 percentage point fall in the average defined benefit (DB) funding position in the first three months of 2020, according to Legal & General Investment Management (LGIM).
Scheme support of new funding code sliding on closer review
A poll of UK defined benefit pension schemes shows many are no longer in support of The Pension Regulator’s (TPR) proposed funding code after a second look at its implications, according to Aon.
Majority of sponsors have 'no need' to suspend contributions
The Society of Pension Professionals (SPP) estimates only 5-10% of scheme sponsors will suspend or reduce contributions during the coronavirus pandemic while majority have no need to alter their payment schedules.
Trustees warned of DB contribution deferral agreements without 'switch-on' plans
Pension scheme trustees considering requests by employers to delay contributions into defined benefit (DB) schemes need more stringent plans for how contributions will be ‘switched on’ again, according to Lane Clark & Peacock (LCP).
Covid-19 widens divergence in scheme funding
The proportion of defined benefit (DB) schemes closed to future accrual has increased by 18 percentage points over the last five years, according to Barnett Waddingham.
TPR's transfer warning 'not enough' to prevent mass DB exodus
The ongoing coronavirus pandemic will encourage many people to reconsider their pension benefits and The Pensions Regulator’s (TPR) warning to stay put in defined benefit (DB) schemes is likely to be ignored by many, Premier says.
'Minimal impact' on levy bills this year, says PPF
Pension schemes should be unconcerned that Pension Protection Fund (PPF) levy bills will rise drastically this year as a result of the Covid-19 crisis, the lifeboat fund says.
Updated: Firefighters launch fresh legal battle against government pension benefits delay
The Fire Brigades Union (FBU) has filed court proceedings over the government’s withholding of improved pension benefits for its employers, citing it a ‘dirty trick’.
50 firms drop DB transfer 'gold standard' after PI renewal problems
Around 50 advice firms have surrendered their pension transfer ‘gold standard’ status after running into issues renewing professional indemnity insurance (PII) on pension transfers, according to the Personal Finance Society (PFS).
Half of schemes set to reach buyout by 2040; Demand to average £37bn annually over decade
The coronavirus pandemic is unlikely to curb pension scheme enthusiasm for buy-ins and buyouts, says Hymans Robertson.
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