Consolidation
PIC calls for creation of compulsory not-for-profit consolidator to take on smaller underfunded schemes
Pension Insurance Corporation has reiterated its call for the establishment of a new consolidation vehicle, run by a not-for-profit agency, to target smaller underfunded schemes with weak sponsors.
David Fairs: Why we have launched an interim superfund regime now
With the launch of an interim regime, the consolidation market is set to take off. But before superfunds begin taking on schemes, the regulator must have 'rigour and understanding' of the market, David Fairs tells James Phillips.
DWP to legislate for DC consolidation 'nudge'
Small defined contribution (DC) schemes will be “nudged” into consolidation under new government plans to ramp up governance.
Smart Pension to consolidate Welplan Pensions Master Trust
Smart Pension is set to take on all members and employers of the Welplan Pensions Master Trust, following its closure last year.
Nine in 10 people save into the largest master trusts
The Pensions Regulator (TPR) has revealed 90% of people are saving into the largest master trusts, creating a “safe and stable” workplace pension market.
PASA publishes master trust transition guidance
The Pensions Administration Standards Association (PASA) has published its first batch of guidance on defined contribution (DC) master trust transition, as further consolidation is expected.
Insurers are letting down small DB schemes
Without specialist help, smaller DB schemes are being left behind in a bulk annuity market increasingly focused on mega-deals, says Rob Dales.
Industry split on compulsory workplace pension membership
A narrow majority of this week's 108 Pensions Buzz respondents said there was no need to make workplace pension scheme membership mandatory.
Pensions bill possible as date set for Queen's Speech
Boris Johnson's government will deliver its first Queen's Speech on 14 October, the prime minister has announced.
Pension administration needs to be taken more seriously
KGC Associates' administration survey revealed the industry thinks administration is not taken seriously. Holly Roach looks at the survey findings.
Medicash transfers £20m DB scheme to TPT
Medicash has transferred its defined benefit (DB) scheme to TPT Retirement Solutions' DB Complete master trust, improving the security of member's benefits.
Webinar: Clara Pensions, KPMG and The Pension Superfund discuss DB consolidation
In this webinar, panellists discuss some of the key questions around defined benefit consolidation, including what it is trying to achieve and the suitability of various models.
10 weeks is appropriate for DB to DC transfer, say respondents
This week's Pensions Buzz respondents were mostly in agreement that 10 weeks is an appropriate length of time to conduct a full DB to DC transfer.
TPT consolidates £220m Coventry Building Society scheme
Coventry Building Society has transferred its £220m defined benefit (DB) scheme to TPT Retirement Solutions' DB master trust.
Exclusive: Smart Pension to consolidate Corpad Master Trust
Smart Pension has taken on over 20,000 active members from the £20m Corpad Master Trust, following a strategic review by the ceding firm's trustees.
Members failing to understand pension freedom tax issues
Scheme members are not equipped to deal with the tax implications of accessing their pension, last week's Pensions Buzz respondents said.
PLSA policy board sets inaugural priorities; addresses consolidation challenges
The Pensions and Lifetime Savings Association's (PLSA) policy board has agreed a four-year plan focusing on consolidation, adequate contributions, effective management and well-run schemes.
Trustees 'could miss chance' to boost member security from lack of superfund awareness
Three in five trustees have not heard of Clara Pensions, one of two defined benefit (DB) consolidators to have launched since last year's government white paper.
Charge cap should not be amended for illiquid assets
The default charge cap for defined contribution (DC) investment strategies should not be amended to make it easier to access illiquid assets, a majority of last week's 91 respondents said.
The problem with DB superfunds
As the consultation on defined benefit (DB) consolidation closes this week, PIC's Jay Shah sets out his concerns about the superfund model
Smart Pension absorbs £12.5m Corporate Pensions Trust; Will apply for authorisation 'imminently'
Smart Pension has absorbed more than 6,500 members from the Corporate Pensions Trust (CPT) after its trustees decided not to apply for authorisation.
David Fairs: Changing pensions for the better
Jonathan Stapleton speaks to TPR's David Fairs about the organisation's plans for the year ahead, its work around consolidation and the rationale behind one-to-one supervision
Industry split on whether TPR needs a new strategy
This week's Pensions Buzz respondents were almost equally split on whether The Pensions Regulator (TPR) needed a fresh strategy as its chief executive changes.
What does 2019 hold in store for DB pensions?
Buck's David Piltz says the industry was shaped by several developments in 2018, many of which will continue to influence the sector this year.
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