Defined Benefit
Is self-sufficiency a good measure for DB funding?
Professor Michael Bromwich explores the key differences between technical provisions and self-sufficiency, and how they can relate to a long-term objective.
A new DB code on the horizon
Nigel Cayless looks at TPR's proposed funding regime and whether a more objective approach is on the way
Planning in a pandemic: The effect of Covid-19 on pension schemes
Schemes need to be prepared for the potential longer-term health impacts on those who contract Covid-19, says Steve Leake.
The waking market for sole trustees
Sole trustee appointments are featuring more often in tender proposals as schemes seek nimbleness and expertise. James Phillips looks at a Kempen white paper on the burgeoning market.
DB funding - August 2020: Strong markets return £59bn deficit reduction
Every month, several firms issue trackers of the aggregate defined benefit (DB) scheme funding position. See here for the August 2020 estimates on the various measures…
Nearly half of advisers could exit DB market in 12 months, say Royal London and LCP
Nearly half of financial advisers currently operating in the defined benefit (DB) transfer market could exit by this time next year, with issues surrounding professional indemnity (PI) insurance appearing to be the main driver of change, research has...
Trustees told to step up as FCA contingent charging ban takes effect
Trustees are set to have an increased duty of care to ensure employees and members make informed choices when accessing their pension, according to Wealth At Work.
Plumbing Pensions launches governance review
The Plumbing and Mechanical Services (UK) Industry Pension Scheme has appointed independent consultant Pi Consulting to conduct a review of its governance.
Recovery plans fall by 2.2 years as schemes expect target within ten years
The average recovery plan length for schemes in deficit has fallen by 2.2 years compared to three years ago, according to an Aon study.
Third way needed in DB funding code; 'Evolution not revolution' urged on covenant
Oversimplification must be avoided in The Pensions Regulator’s (TPR) proposed revision of the defined benefit (DB) scheme funding code, and a third way might be necessary, the industry has said.
PFS warns of post-lockdown pension transfer request 'spike'
A potential surge in pension transfer requests as a result of the economic fallout from lockdown could see demand for advice rocket, putting increased pressure on the profession, the Personal Finance Society (PFS) has warned.
Fast track DB rules in danger of 'mission creep' and 'levelling down' scheme objectives
The Pensions Regulator’s (TPR) proposal for a ‘fast track’ approach to defined benefit (DB) scheme funding regulation is being “used too broadly” and in danger of suffering from “mission creep”, says Aon.
USS scheme valuation date delayed
The publication date of the Universities Superannuation Scheme’s (USS) 2020 valuation has been pushed back until September.
RPI reform to cost schemes and investors up to £130bn
Potential changes to the way the Retail Prices Index (RPI) is calculated and reported could cause assets to fall by between £60bn and £130bn, according to various estimates.
Family Building Society DB scheme moves into TPT master trust
The Family Building Society’s 250-member defined benefit (DB) scheme has transferred into TPT Retirement Solutions’ master trust, DB Complete.
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.
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