Plumbing scheme to close to accrual after 40 years
The trustees of the beleaguered industry-wide Plumbing and Mechanical Services (UK) Industry Pension Scheme have confirmed it will close to accrual in June.
After extensive consultation with employers and members, launched last July, the 35,000-member scheme will cease accruing benefits, over 40 years after it was set up. Without closure, total contributions...
More on Defined Benefit
Pension transfer values end volatile year 8% up; Scam 'red flags' at record high
Pension transfer values ended 2020 at £259,000, 8% higher than the start of the year, according to XPS Pensions, after suffering periods of substantial volatility linked to the pandemic while potential scams reached record highs.
TPR's long-term funding approach 'will put extra financial pressure' on scheme sponsors
The Pensions Regulator’s (TPR) long-term funding approach will put extra financial pressure on UK pension scheme sponsors, according to Aon.
DB funding - December 2020: Deficit up £76bn over 2020, says PPF
Every month, several firms issue trackers of the aggregate defined benefit (DB) scheme funding position. See here for the December 2020 estimates on the various measures…
ECPA issues warning over changes to sponsor longevity assumptions
Schemes need to dynamically and closely monitor the position of their employer covenant and its corporate longevity, ensuring the assessment is not conducted in isolation, the Employer Covenant Practitioners Association (ECPA) says.
Hymans Robertson and Isio appointed to Scottish Enterprise Scheme
The Scottish Enterprise Pension & Life Assurance Scheme (SEPLAS) has appointed Hymans Robertson and Isio following a formal tender process.
