Mike Smedley
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.
Third way needed in DB funding code; 'Evolution not revolution' urged on covenant
Oversimplification must be avoided in The Pensions Regulator’s (TPR) proposed revision of the defined benefit (DB) scheme funding code, and a third way might be necessary, the industry has said.
EXCLUSIVE: Superfunds could complete multi-billion deals this year
Superfunds could be on course to complete multi-billion-pound transfers of defined benefit (DB) funds by the end of this year, Isio says.
Reaction: TPR superfund guidance welcomed against cautious backdrop
Consultants, trade bodies, and professional societies across the pensions industry have responded relatively positively to guidance from The Pensions Regulator (TPR) that has today signalled a clear start for defined benefit (DB) scheme consolidation...
Isio: One in five sponsors may end up suspending DRCs
Just over 10% of sponsors have requested the suspension of deficit reduction payments – a number that is likely to rise around 19% over the coming months.
Reaction: Annual funding statement retains pressure on trustees to secure cash
The Pensions Regulator’s (TPR) annual funding statement aims to keep up pressure on schemes but tries to avoid putting undue strain on employers at a time of crisis, the industry says.
DB deficits 'could rise by £100bn' with new funding code, predicts KPMG
A revised funding code for defined benefit (DB) schemes could have a £100bn impact on pension schemes and employers when published, KPMG analysis has found.
Use of asset-backed arrangements spreads to smaller firms in £500m boom
Asset-backed funding arrangements became more prevalent in 2012 as a wider variety of companies used a greater array of assets to fund deficits, says KPMG.
DWP mulls unilateral DB powers for employers
Sponsoring employers could be given unilateral powers to amend defined benefit scheme rules without trustee consent to offset a £4.2bn spike in National Insurance costs.
GMP equalisation: Time to sit up and take notice
Grasping the nettle of guaranteed minimum pensions
Asset-backed contribution tax relief crackdown to net £2.6bn
The government will save more than £2.5bn through a clampdown on "complex asset- backed funding structures" that allow firms to over-claim tax relief, says George Osborne.
Asset backed contributions to top £10bn
Asset-backed pension scheme contributions could exceed £10bn in the next five years, latest research finds.
Pension Increase Exchange Offers - Five things pensioners need to know
Schemes conducting pension increase exchange exercises must provide personalised statements and a helpline to help members understand their choice, a consultant argues.
£70bn FTSE100 deficit can be cleared in three years
Pensions deficits have become more affordable to blue chip companies despite almost doubling in size this year to £70bn, research finds.
Comment: Remember the member in ETVs
Jenna Towler comments on the rise of the ETV
IASB publishes final IAS19 standard
The International Accounting Standards Board has published the final IAS19 standard, confirming key changes that could see £10bn wiped off UK company profits.
Indexation switch will cut liabilities by £60bn this year
The move to CPI for pension indexation will reduce defined benefit liabilities by about £60bn by the end of the year, KPMG says.
OTS urges Treasury to scrap contracting out relief for DB schemes
Tax relief on contracting out should be scrapped for all pension schemes by 2012, the Office of Tax Simplification recommends.
CPI-linked pensioners face significant pot reduction in retirement
The ‘small print lottery' over RPI/CPI usage in company pension schemes means some pensioners will see their income reduced by 20% over 20 years, KPMG says.
Industry blasts RPI-CPI announcement
A large part of the industry has slammed the government's announcement preventing private sector schemes the power to override scheme rules enabling a shift from RPI to CPI indexation.
Asset-backed funding surge set to continue
Trustees have been handed more than £4bn from scheme sponsors through asset-backed funding structures, research from KPMG reveals.
Ignorance is headline news
My first morning back at work following a two-week break in the sun started with a bump - with Radio 4 talking about three separate pensions stories.
FTSE100 firms plough £11bn into deficit repairs
More than a third of FTSE100 firms cannot plug their pension scheme deficits using current discretionary cash flow, KPMG warns.
Up to 80% of schemes affected by move to CPI
Majority of schemes polled claimed deferred members would be hit by move
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