News

Local Government Pension Scheme (LGPS) teams are under more administration pressure than ever with the raft of regulation and legislation such as McCloud, according to a Pensions and Lifetime Savings Association (PLSA) panel.

This week’s top stories include Lane Clark & Peacock’s acquisition of Aon’s German business and XPS Pension Group’s promotion of six new partners.

While the short-term impact of Covid-19 on liabilities in the Local Government Pension Scheme (LGPS) is likely to be relatively modest, the long-term impact is likely to be greater, according to the Scheme Advisory Board (SAB).

Schemes must understand how they shape up and develop a strategy for recovery as it becomes “apparent that 2021 will continue to be a challenge for pension schemes”, Aon says.

The Pensions Dashboards Programme (PDP)’s update outlining its breakdown of what will take place in the next six months of development is unlikely to be feasible, PP readers say.

The Co-op has launched a ten point plan to achieve net zero by 2040 and will partner with ethical pensions campaign Make My Money Matter (MMMM) on its commitment.

Many trustees are not fully aware of the new requirements of The Pension Regulator’s (TPR) combined code of practice, giving them little time to prepare for change, Barnett Waddingham says.

April’s activity in the defined benefit (DB) transfer market fell to the lowest level since September last year, dropping by almost a quarter, while the number of transfers showing ‘red flags’ for scams increased to a three-month high, according to XPS...

The deficit of Royal Mail’s defined benefit (DB) cash balance scheme increased over the year as the company awaits secondary legislation for collective defined contribution (CDC), according to its annual results.

Legal & General (L&G) has completed a £55m full scheme buy-in with the Chartered Insurance Institute (CII) Pension Scheme.