Covid-19
Mirror and Express publisher seeks deficit contribution suspension
Newspaper publisher Reach has requested discussions with the trustees of its pension funds to defer deficit recovery contributions (DRCs) to shore up finances during the coronavirus pandemic.
Debenhams fails to make pension payment as it prepares for administration
Debenhams has missed its April deficit recovery contribution (DRC) to its staff pension schemes as the struggling high street retailer files a notice of intent to appoint administrators amid the Covid-19 crisis.
How to maintain high levels of scheme governance while working remotely
High levels of scheme governance are more pressing than ever during the Covid-19 pandemic. Jonathan Hazlett looks at how trustees can maintain this while working remotely.
Coronavirus Blog: How to maintain high levels of scheme governance; Reach asks to suspend DRCs; Debenhams misses contribution payment
In this live blog, Professional Pensions brings together all the latest news on the industry's response to the coronavirus pandemic, as well as regulatory and legal updates.
Market Movers Blog: FTSE bounces in early trading
In this live blog, Professional Pensions' sister title Investment Week collates all the breaking market news, analysis and opinion on equity, bond and currency movements as well as the impact of trade wars, tightening monetary policy and the Brexit negotiations....
TPR issues Covid-19 guidance for administration and extends DB funding code consultation
The Pensions Regulator (TPR) has issued another set of guidance for coping with the Covid-19 pandemic, with trustees urged to act work flexibly with administrators.
Covid-19 has changed the world, not TPR's focus on protecting savers
As the Covid-19 outbreak brings new threats from scams, it is important the message to members about avoiding knee-jerk reactions isn't lost in the panic, says David Fairs.
B&CE furloughs 140 staff and changes charging structure
B&CE, the provider of The People’s Pension, has furloughed just under a quarter of its members of staff in response to pressures from the Covid-19 crisis.
HMRC pushes back deadline for GMP data cuts
HM Revenue and Customs has extended the deadline for the issue of final reconciliation data cuts due to the coronavirus outbreak.
Coronavirus-driven capacity crunch to leave DB members flailing
Retirees looking to access additional income from their defined benefit (DB) scheme during the Covid-19 crisis will be victims of a “capacity crunch” as suitable financial advisers flee the market, according to Barnett Waddingham.
Covid-19: Six actions for scheme sponsors to consider
Against a Covid-19 backdrop of deteriorating funding positions and reduced ability to pay DRCs, Alistair Russell-Smith looks at key actions for scheme sponsors.
DB funding - March 2020: Covid-19 drives volatile funding levels
Every month, several firms issue trackers of the aggregate defined benefit (DB) scheme funding position. See here for the March 2020 estimates on the various measures…
Government withdraws 10% general levy increase
The Department for Work and Pensions (DWP) has cancelled a planned rise to the general levy amid the ongoing Covid-19 outbreak.
PASA issues Covid-19 guidance for administrators
The Pensions Administration Standards Association (PASA) has issued special guidance for administrators as they grapple with the Covid-19 crisis.
TPR deficit contribution guidance welcomed but 'hidden implications' arise
The Pensions Regulator (TPR) is “pulling out all the stops” to help struggling employers during the Covid-19 crisis, although latest guidance may put trustees in a “challenging” position, the industry says.
Covenant most pressing issue amid Covid-19, say Buzz respondents
Any weakening of the sponsor covenant arising from the Covid-19 crisis is likely to have the most challenging impact for pension schemes, according to March's Pensions Buzz respondents.
A DC coronavirus checklist for trustees
In these unprecedented times, it is more important than ever that DC schemes have the right processes in place for governance, communications, and administration. Rona Train looks at what you need to be checking for.
Consider suspending DRCs for three months if necessary, TPR says
Defined benefit (DB) scheme trustees should be open to employer requests to reduce or suspend deficit recovery contributions (DRCs) if there is a good reason to do so, The Pensions Regulator (TPR) has said.
Trustees urged to prepare for Covid-19 'material consequences' to DB schemes
Trustees “must be confident” they can continue to take care of members despite the ongoing financial fallouts caused by the spread of coronavirus, says Dalriada Trustees.
TPR extends late payment reporting deadlines
The Pensions Regulator (TPR) has temporarily relaxed the timeframe for schemes which need to report late payments from employers for workplace pension schemes.
Coronavirus investment considerations for pension schemes
Susannah Young looks at how pension schemes should be reacting to impact of the coronavirus crisis on investment-related considerations and discusses steps trustees can take.
Coronavirus job retention scheme will cover AE contributions
Furloughed workers will continue to receive pension contributions under the government’s coronavirus job retention scheme, HM Revenue & Customs (HMRC) has confirmed.
Bank of England holds rates at 0.1%; warns of 'sharp' UK downturn
The Bank of England has maintained the historic low 0.1% base rate and predicted a gloomy economic outlook for the UK in the face of the Covid-19 pandemic.
Self-isolating pension professionals and their pets
Pension professionals show us their new 'work colleagues' as their turn their homes into offices.
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