LCP
Pensions minister sets out timetable for Pension Schemes Act regulations
Pensions minister Guy Opperman has set out a timetable for secondary legislation to bring Pension Schemes Act provisions into force.
Net-zero Britain target creates anchor for £350bn of investment
Up to £350bn of investible assets could be found within the energy sector over the next 30 years as investment in opportunities to decarbonise the economy by 2050 increases, Lane Clark & Peacock (LCP) finds.
Rothesay agrees £120m buy-in with Reach
Rothesay has concluded a £120m buy-in with the West Ferry Printers Pension Scheme, covering all remaining pensioner and deferred liabilities.
LCP calls for 'fundamental rethink' on DC chair's statements
Defined contribution (DC) chair’s statements need a major re-think as part of the Department for Work and Pensions’ five-yearly statutory review on the rules around scheme governance in 2021, LCP says.
Deutsche Bank agrees £570m buy-in with L&G
Deutsche Bank AG has agreed a £570m pensioner buy-in with Legal & General for the defined benefit (DB) (UK) Pension Scheme.
Government sets out plans to raise normal minimum pensions age to 57 by 2028
The normal minimum pension age (NMPA) is set to increase to 57 under plans unveiled in a government consultation today (11 February).
Treasury opts to give members deferred choice on McCloud remedy
The government has opted to proceed with its “deferred choice underpin” (DCU) route for implementing a remedy to the McCloud judgment for public sector workers.
Aegon and Mobius Life team up for DC property fund
Aegon Asset Management and Mobius Life have partnered to launch an active beta property fund for UK defined contribution (DC) pension schemes.
UPDATED: The UK's biggest pension consulting firms by revenue
PP has analysed the accounts of the biggest pension consulting firms and recorded the turnover (revenue) in their most recent accounts. The full leaderboard is below…
ICSWG launches trustee guide for assessing consultants' climate competency
The Investment Consultants Sustainability Working Group (ICSWG) has launched a guide to help trustees assess their investment consultants’ climate competency.
OTS pension tax proposals risk further hike in costs to government
Proposals put forward by the Office for Tax Simplification (OTS) to pass pension data directly to HMRC will likely help savers but add millions more to the cost of pension tax relief, Lane Clark & Peacock (LCP) says.
L&G agrees £400m deal with own scheme
The Legal & General (L&G) Group UK Senior Pension Scheme has agreed an assured payment policy (APP) deal with its insurer sponsor.
Pension Schemes Bill gets final approval and waits for Royal Assent
The long-debated Pension Schemes Bill has received parliamentary approval, guaranteeing its place on the statute book.
Evonik scheme completes £544m full buy-in with L&G
The defined benefit (DB) scheme of Evonik Holdings UK has agreed a £544m full buy-in with Legal & General (L&G) Assurance Society.
Trustees will need to be corporate finance experts under new TPR powers
Pension trustees will have much more involvement in business discussions and corporates will need to think more about pensions when the watchdog’s increased powers come into force, LCP says.
Opperman: New TPR powers will not be backdated
New Pension Schemes Bill powers given to The Pensions Regulator (TPR) to issue contribution notices will not be backdated, pensions and financial inclusion minister Guy Opperman has confirmed in a written parliamentary statement.
Updated: The biggest buy-ins and buyouts announced since 2007
There have now been a total of over 50 buy-in and buyout deals of over £500m announced since 2007. The full list is as follows...
Five stories you may have missed this week
This week’s top stories include a buy-in from National Grid, a buyout from Aviva, and calls for vital automatic enrolment reforms to support pension savings in a coronavirus-damaged economy.
Consultant news: LCP partners boost stake with private equity buy out; Barnett Waddingham posts 9% rise in revenues to break £100m milestone
Professional Pensions rounds up some of the latest news from two major pension consulting firms.
LCP partners and Charterhouse buy out Inflexion minority stake
Lane Clark & Peacock (LCP) partners are set to own a larger stake in the firm after buying out Inflexion Private Equity’s minority stake with the support of Charterhouse Capital Partners.
GMP equalisation ruling causing 'headache' for many companies
Lane Clarke & Peacock (LCP) has warned that an “unwelcome year-end headache” is looming following last month’s GMP equalisation ruling, as XPS Pensions Group revealed schemes owe members up to £32,000.
A third of DB benefits to be insured by middle of 2020s, says LCP
The number of defined benefit (DB) scheme members with benefits protected by an insurer will double by the middle of the decade, according to Lane Clark & Peacock (LCP).
'Unanswered questions' remain around DB scheme funding
Questions remain unanswered around defined benefit (DB) scheme funding, according to analysis by Lane Clark & Peacock (LCP).
Chappell faces fourth bankruptcy to pay BHS contributions
Former BHS owner Dominic Chappell potentially faces his fourth personal bankruptcy in order to pay £9.5m of contributions he owes to the failed retailer’s pension schemes.
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