Defined Benefit

Mike Taylor hits back in the row over merging local government pension funds

Most contributors thought the failure of the Wheels test case would not have a big impact in schemes. The bid to secure tax relief on VAT paid on investment management charges was rejected by the European Courts of Justice earlier this month.

Pensions minister Steve Webb has said the abolition of contracting out, brought forward to 2016, does not mean defined ambition proposals must be finished earlier.

The industry has called on pensions minister Steve Webb to publish guidance on defined ambition schemes as the abolition of contracting out has been moved from 2017 to 2016.

The Pension Protection Fund has changed its guidance on certifying contingent assets to increase the value placed on employer guarantees in last man standing schemes.

The Church of England has warned clergy they will "likely" face higher diocesan pension contributions following an increase in the scheme deficit at the latest valuation.

The average FRS17 funding level of university schemes has fallen from 81% to 77% in the year to 31 July 2012, Barnett Waddingham research says.

Liability assumptions have wiped out higher than expected asset returns and a de-risking exercise for the Johnston Press Pension Plan, its final year accounts show.

Naomi Rainey looks at the arguments for and against merging local government pension scheme funds

Jonathan Stapleton looks at the implications for asset allocation