The Pensions and Lifetime Savings Association (PLSA) has appointed six members to its policy board as it lays down a defined benefit (DB) funding-centric priority list for 2021.
Tender Watch: GMC scheme reappoints Aon; Homes England hires Hymans; Civil Service appoints NTT Data for CSPS and RMSPS schemes
Professional Pensions rounds up some of the latest tender awards from across the industry.
The defined benefit (DB) scheme of Evonik Holdings UK has agreed a £544m full buy-in with Legal & General (L&G) Assurance Society.
The Pensions Regulator’s (TPR) long-term funding approach will put extra financial pressure on UK pension scheme sponsors, according to Aon.
The Marie Curie defined benefit (DB) scheme has entered into a circa £30m full scheme buy-in agreement with Legal & General (L&G) Assurance Society.
Between £30bn and £40bn of pension risk is expected to be transferred to insurers via buy-ins and buyouts this year, Aon says.
While the pandemic will obviously leave its mark on UK schemes, there are hopes for some positive moves in 2021, says Matthew Arends
PP takes a look at the most read interviews of 2020
The market events of 2020 could lead to a “fresh wave” of benefit reviews by UK companies and subsequent pension schemes closures, Aon says.
The Aon Retirement Plan has completed a £510m pensioner buy-in with Scottish Widows, insuring members in the Aon Bain Hogg Pension Scheme section.
The BBC Pension Scheme has completed a £3bn longevity swap deal with Zurich and Canada Life Reinsurance, covering the risk of pensioner and dependent members.
Aon has urged the pensions industry to avoid over-reacting to the impact of Covid-19, as it predicts another huge year for the UK risk settlement industry in 2021.
The National Grid UK Pension Scheme has completed an £800m buy-in with Rothesay, its second bulk annuity transaction with the insurer.
The winners of the Professional Pensions Investment Awards 2020 have been announced.
Pensions schemes with sponsors facing severe economic difficulties due to Covid-19 must prepare for the lifting of temporary protections from corporate insolvency at the end of the year, Aon says.
Stopping or reducing pensions contributions will begin to affect savers’ retirement outcomes if the habit is sustained too long amid the ongoing Covid-19 pandemic, Aon says.
This year has been one of the most turbulent periods for many pension scheme trustees. Those best able to navigate their way through it, have had strong governance in place, with their decision-making guided by a focus on achieving their long-term strategy. In the current market this is often easier said than done.
Aon has been re-appointed by the £400m ITN Pension Scheme to provide fiduciary management services.
Any move by the Bank of England (BoE) to cut interest rates to zero or move them into negative territory would have a limited impact on well-hedged schemes, the industry says.
UK collective defined contribution (CDC) schemes would have weathered 2020 market volatility and would not have needed to cut member benefits, Aon says.
Here they are - the winners of the UK Pensions Awards 2020...
Around £50bn of risk will be transferred to the bulk annuity and longevity swap market by the end of the year despite a slow start to the market, Aon says.
Aon has published a paper aiming to help UK pension schemes review their operations and move to more effective approaches.
Here they are – the winners of the second annual Professional Pensions Rising Star Awards...