Newham mayor overrules council committee to push ahead with SPV spending
Up to £500,000 of public funds will be spent on setting up special purpose vehicle (SPV) for Newham Pension Fund despite the council's oversight and scrutiny committee (OSC) calling for the project to be shelved.
Mayor Robin Wales and his cabinet have decided not to follow the OSC's recommendations to hold off further spending of public funds on the alternative funding proposal, PP understands. Following a...
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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.
