This week’s top stories include the Bank of England recommending further regulatory action on liability-driven investment, and the Barclays UK Retirement Fund completed a £7bn longevity deal.
Regulatory action should be taken by The Pensions Regulator, in co-ordination with the Financial Conduct Authority and overseas regulators, to improve the resilience of liability-driven investment funds, the Bank of England's Financial Policy Committee said.
The trustee of the Barclays Bank UK Retirement Fund has insured £7bn of its liabilities against longevity risk, with reinsurance provided by an insurance subsidiary of Prudential Financial.
The Pensions Regulator has called for increased regulation for superfunds and defined benefit master trusts and says there is a "strong case" for an authorisation regime to be introduced for professional trustees.
The Pension Protection Fund has announced the final levy rules for 2023/24 and confirmed that the overwhelming majority of schemes can expect to see a substantial reduction in the levy they pay.
The bank section of the Co-operative Pension Scheme has completed a £1.2bn full scheme buy-in with Rothesay.
