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Pension Funds Insider

Pension Funds Insider brings the latest pensions news and industry insights; from investment and governance updates to new mandate appointments and pensions regulatory information.

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Governance

Putting members at the heart of a bulk annuity transaction

Thursday, April 18, 2024

As a trustee, when selecting an insurer for a buy-in where you intend to move to buyout, you are effectively selecting a provider to whom you will be handing over the responsibility of looking after your scheme’s members for the rest of those members’ lives (as well as their spouses, children and financial dependants, depending on the scheme rules). This responsibility could last for 50 years or more.

Hello surplus my old friend? We’ve come to talk about you again…

Friday, April 5, 2024

Nearly a year after speaking at the LawDeb debate on the topic of whether DB surpluses should be returned to employers, the issue of surplus is attracting more attention than it has done since the 1980s.

Why Time is so Important for Our Economic Health

Friday, March 22, 2024

This article explains how the nature of money in an economy dramatically affects the time preference of both individuals and companies, which has huge implications for that country’s economic performance and health.

The prospects and challenges of AI in pensions administration

Thursday, March 14, 2024

Artificial Intelligence (AI) is rapidly becoming a focal point of interest among trustees, who are increasingly keen to understand its impact on pensions administration, its practical applications, and how they can leverage it to optimise service.

A Reflection on Team Building

Monday, March 11, 2024

Throughout my career I have built teams, sometimes starting with a completely new team and in other cases building on a long-established group. I have learnt a lot of lessons about what makes a team succeed, and for me it comes down to trust, diversity and feedback.

Last one out turns off the light - The responsibility of being the last trustee

Thursday, February 29, 2024

Were you ever the last person to leave a shared rental house? One of those big houses, which has seen occupants come and go, enjoyed good, bad and some definitely ugly times and had a rather, ahem, varied history in terms of maintenance and general housekeeping.

I’ll tell you what we want, what we really, really want!

Friday, February 16, 2024

The last few weeks have been interesting on the scams front. The release of the ITV drama, Mr Bates vs The Post Office, based on a true story of injustice, raised public anger at the callous treatment of sub-postmasters by those in charge.

All in favour say “aye” – How might board diversity change our decision-making process?

Thursday, February 8, 2024

The Pensions Regulator has made its position clear - diverse and inclusive boards make better decisions.

UK Pension Trustees: is switching advisers the right thing to do?

Thursday, February 1, 2024

Key advisers such as lawyers, actuaries and investment consultants play an important role in trustee decision-making. Given the complexity of pension funds and the need for trust in the relationship, adviser appointments are generally long-term affairs.

Change is afoot in the bulk annuity market

Friday, January 26, 2024

Following M&G’s (re)entry into the market in September 2023, announcing a £330m deal for their own scheme, the M&G pension scheme, commentators are predicting that there will be further new entrants into the market in 2024, and possibly some consolidation of existing insurers too.

Stewardship priorities

Wednesday, December 13, 2023

In June 2022, the Department for Work and Pensions (“DWP”) published guidance for Trustees of Occupational Pension Schemes, concerning stewardship policies, and specifically priorities.

Five takeaways from the DWP’s review of TPR

Thursday, November 30, 2023

Nigel Cayless of Sackers provides an overview of the key points from the Department for Work and Pensions review of the The Pensions Regulator.

The AI Revolution: How it could potentially transform the UK Defined Benefit Pensions landscape

Thursday, November 16, 2023

Artificial intelligence (AI) could be on the cusp of transforming the defined benefit (DB) pension sector in the UK; an area traditionally somewhat slow in embracing technological advancements.

How can non-experts challenge the experts?

Friday, October 20, 2023

As a trustee it’s your duty to take advice. It's also your duty to scrutinise and, where appropriate, to challenge that advice.

But some pensions advice is incredibly technical and complex.

Post buy-in for bulk annuities

Thursday, October 5, 2023

Unless you’ve been in hiding, it won’t have escaped you that the demand for bulk annuities has skyrocketed over the past year, primarily due to the increase in gilt yields and an increased willingness for sponsors to fund DB scheme deficits.

Enhancing Pension Fund Communication: Fostering Trust and Overcoming Challenges

Thursday, September 14, 2023

When it comes to retirement planning, effective communications between pension providers and their members are key to building trust, bolstering financial literacy, and ensuring a secure financial future.

Seven key lessons for schemes thinking that transacting with an insurer is the solution

Tuesday, September 5, 2023

ZEDRA Governance Client Director Alan Greenlees considers the crucial factors trustees should consider when contemplating buy-out for their schemes.

Discretionary decisions: Why do you need a lawyer when there is no one right answer?

Thursday, August 17, 2023

Many of the decisions that trustees make are discretionary decisions. Basically, as trustees, you have the power to decide what to do.

Cyber Security – An increasingly risky outlook

Thursday, August 10, 2023

Chris Heirene of Quantum Advisory provides some valuable advice with regards to how Trustees can protect themselves and prepare against cyber attacks

Stewardship in India: findings from a recent survey

Thursday, July 6, 2023

Ensuring that investment practitioners in emerging markets integrate responsible investing practices into the way they invest is critical to attracting and retaining global capital.

Six things every Chief Financial Officer can do to support their pension scheme

Friday, June 23, 2023

Dan Richards, Client Director, ZEDRA Governance explains key areas where CFOs can help to support good scheme governance and effective decision-making.

Don’t miss an opportunity - what should a good transition look like?

Friday, June 2, 2023

There is a growing trend in the market to switch administration providers. There are many reasons why a Scheme may look to move their administration from their existing third-party administrator to a new provider.

Governance in Emerging Markets

Friday, May 19, 2023

“Weak governance” is often cited as a reason for avoiding emerging markets, despite the diversification and return opportunities that investing there can bring to an institutional portfolio.

‘I’m late! I’m late! For a very important date!’

Friday, April 21, 2023

…but unlike the White Rabbit, we aren’t worried about that.

An evolving dashboard is better than none at all

Thursday, March 30, 2023

Following the announcement that the launch of the Pension Dashboard will experience further delays, Jaco Wasserfall argues that staggering its release could be beneficial.

Consumer Duty

Thursday, March 2, 2023

"I had an interesting conversation with a trustee the other day, in which I happened to mention the new FCA Consumer Duty coming into play from 31^st July. “Thank goodness that doesn’t apply to us” he said. I was taken aback but also intrigued as to why such a negative reaction."

Margaret Snowdon, Chair, PSIG

Pension Dashboard will shine a spotlight on the elephant in the room; the gender pension gap

Tuesday, February 21, 2023

An issue that has received lots of attention over recent years is the gender pay gap. However, that is only a drop in the ocean compared to a bigger issue, the pension gender gap. The upcoming release of the dashboard will hopefully result in the spotlight shining brighter on this increasingly important topic.

2023 - The year for kindness and common sense

Friday, January 13, 2023

2022 has been a turbulent year causing confusion and anxiety everywhere, even in pensions where we are often content to be boring. In fact, a bit more of boring wouldn’t go amiss sometimes!

I am, by nature, an upbeat soul – positivity and hope for change drives me. But 2022 was a challenge - some disappointing outcomes on the personal and professional front that sapped enthusiasm. - Margaret Snowdown

Mission Possible?

Monday, November 14, 2022

Isn’t it typical of Hollywood that Mission Impossible isn’t actually impossible after all. Rather, perfectly doable with a bit of daring, a bit of willing, a mild disdain for the rules and a winning way with prosthetics.

Creating engaging pension communications with impact

Wednesday, October 5, 2022

We know that pensions is a very complex subject. There’s a serious lack of confidence among large groups of members that can easily lead to the dreaded inertia. Which is why your approach to communicating the ins and outs of your scheme to those who need a little help is so important.

Pension scammers over the years

Tuesday, September 27, 2022

Scams have changed, but somehow remain the same. More and more people have joined the fight against pension scams - However we must pay attention and government, regulators, police and courts must act in lockstep.

How to put the ‘S’ in your ESG policy

Tuesday, September 27, 2022

The importance of good governance has been understood and assessed for many years, with investors paying close attention to the composition, behaviour, and running of corporate boards. Similarly, the full reality of climate change has become mainstream news, with the COP26 summit in Glasgow last year putting pressure on governments and investors around the world to limit the damaging effects of global warning.

Administrator, you shall go to the ball!

Thursday, May 26, 2022

Pensions administration is often described as the “Cinderella service”. While the ugly sisters go the ball in all their gaudy finery, Cinderella is left behind to clean the house and nibble on a few crusts. We make the comparison in jest, but behind the kindly humour there is a great deal of truth.

Is the buyout market capacity crunch here?

Wednesday, May 11, 2022

Insurers have the capital and appetite to write a vast amount of bulk annuity business each year and, to date, a lack of insurer capacity has never been an issue for pension schemes looking to purchase a bulk annuity.

And you thought equal pay was the issue?

Wednesday, May 11, 2022

Karen Partridge discusses how important it is to change how and when the pensions industry engages with women

Pensions dashboards – Lots of cooks but how do we avoid spoiling the Rice, Rice, Baby?

Monday, January 31, 2022

Our appetite for pensions dashboards has been well and truly whetted. Now they’re just around the corner, it’s worth considering the sheer number of ingredients needed to ensure they’re a resounding success.

‘Parents, schools, government; where does the responsibility lie when it comes to educating children about pensions?’

Monday, November 1, 2021

With the State Pension Age (SPA) and Minimum Pension Age (MPA) both set to rise respectively, and according to the Actuarial Post, two thirds of adults are unsure whether they will have enough money to retire, there has never been a greater emphasis on the need to begin to save from a young age.

Member engagement – the next generation

Thursday, September 2, 2021

It's essential for members to be engaged with their pension fund if they're to make informed, active decisions and value the benefit they're receiving. The tricky bit is how to obtain that engagement. At CEM we believe that appropriate engagement channels and timing are key to maximising member engagement.

Standing out in the crowd

Friday, August 27, 2021

The bulk annuity market is buoyant, but you might not realise it looking at recently published numbers on transaction volumes. The first quarter of 2021 was relatively quiet but since then the number of schemes approaching the insurance market has been very high.

Shifting the Balance

Tuesday, August 10, 2021

As we navigate our way out of the Covid-19 restrictions July 19 was hailed as Freedom Day. But, how free are we? We are surrounded by ‘freedoms’, but when is freedom really freedom?

Cost vs Performance

Thursday, July 15, 2021

One of the most interesting things about having lots of data is the unexpected things you discover when you start playing with it.

The Road Ahead is Under Construction

Thursday, July 15, 2021

We are all waiting for the expected regulations on transfers, bringing in the curbs to the statutory right to transfer. PSIG has battled long and hard for legislation to help trustees do the right thing by members tempted by dodgy offers, so we are fully supportive of the DWP regulations to come, and indeed, have helped form them.

Member engagement: Four simple tips for going beyond the tick-box approach

Wednesday, May 26, 2021

Pension scheme members have multiple choices to make along their retirement savings journey. Whether it’s how much to save, when to retire or how to take benefits, engaging members is key to helping them make informed choices and maximise their outcomes.

Will there be changes to bulk annuity affordability in 2021?

Wednesday, February 3, 2021

This is a complex question. The answer will come down to the combined effect of how a pension scheme’s asset portfolio performs and how insurer pricing moves...

How can fiduciary management help pension schemes?

Friday, November 13, 2020

Time is precious, and time is money.

ESG forever

Tuesday, October 27, 2020

First coined around a decade ago as an abbreviation for ‘Environmental, Social and Governance’, ESG only really entered common currency this year; yet confusion abounds as to what it’s all about.

Digital Pensions – What Future for DB?

Tuesday, September 29, 2020

Digital advancements over recent years meant, fortunately, pensions administration (like the whole of the pensions industry) was able to carry on successfully, in the main, during lockdown. However, the same cannot be said for pension scheme members themselves, particularly those of DB schemes, and that needs to change.

#NotAnotherTemplate

Thursday, September 10, 2020

There’s a growing demand for pension funds to justify their costs. The costs that are hardest to pin down relate to investments in private markets – and private equity in particular. They are also often the most material.

Is Fast Track the Right Track for buy-out?

Friday, August 28, 2020

The new funding regime is likely to make buy-out more attainable, but schemes need to be alert to avoid unintended consequences

Change

Wednesday, August 12, 2020

As Keane sang “Everybody’s changing and I don’t feel the same”.

Change is all around us, affecting everything. Our daily lives are unrecognisable from six months ago. We’ve been in lockdown and everyone is coping with change in every aspect of their lives. The way we communicate has never been more important.

Welcome news from the regulators

Wednesday, July 1, 2020

On 18 June, The Pensions Regulator (TPR) issued guidance on a regime that now allows defined benefit schemes to proceed to consider and ultimately transact with a commercial consolidator or “superfund”.

When good comms go bad

Tuesday, June 2, 2020

Leanne Taylor, AHC, discusses why it is important to consider the impact of campaign communications, as things can take a very different turn if not thought through...

D for Digital

Monday, May 11, 2020

It’s difficult not to pick up a document which doesn’t refer to Covid-19, but one of the things it’s served to highlight is the next letter in the alphabet – D for Digital.

The cost of everything, the value of nothing

Monday, May 4, 2020

John Simmonds looks at the current benchmarking trend and explains there is a difference between benchmarking and good benchmarking.

The Budget 2020

Wednesday, March 11, 2020

Claire Carey comments on the change in the taxation of pensions in todays budget.

Pension Schemes Bill 2020 - What do we want?

Tuesday, January 21, 2020

PSIG await the new Pension Scheme Bill 2020 hoping for stronger legislation against scams, and more power for Trustees. Margaret Snowdon explains why it is important to give Trustees more influence over transfer options.

To ESG or not to ESG, that is the question…

Monday, December 16, 2019

Following the DWPs new regulations on ESG matters, Melanie Cusack looks at ways trustees should address the issues.

What can we learn from the mistakes of others

Tuesday, November 26, 2019

AHC’s Roger Hattam looks to his experiences and explores what the pensions industry can learn from the mistakes and successes in other industries.

Dashboards - the lighthouse in a fog of fake news?

Monday, November 11, 2019

Kim Gubler explores the lead up and anticipation for the pensions dashboard, and how schemes should be preparing to ensure that members are met with a product they have confidence in.

Investment pathways and independent governance

Monday, November 11, 2019

With the increase in the use of drawdown options, the FCA has recently proposed governance remedies for issues centred on consumers who opt for drawdown without taking advice. These proposals are part of a wider drive for improved governance of workplace pensions and transparency for savers. So how did we arrive at this juncture, and what do providers need to do?

Investment governance is getting tougher

Monday, September 16, 2019

Trustees should start preparing for the new requirements in relation to fiduciary management (FM) and investment consultancy (IC) services they receive.

Combating pension scams – It’ll take a village

Thursday, August 15, 2019

It’s not our fault that scammers continue to find opportunity to prey on vulnerable pension scheme members, but we’re the only ones with a hope of spotting the rogues, because members certainly can’t. For the sake of members and ourselves, trustees and providers must do all they can to stop dodgy transfers.

Why is communication important?

Tuesday, July 23, 2019

In this interview with Roger Hattam, CEO of AHC, he explains why he feels tailored communications in a complex industry is vital.

Five top tips to guide a smooth transfer

Tuesday, July 9, 2019

Following the launch of the new DB Transfer Guide, released on the 8^th July 2019, PASA thought it would be helpful to cover five key elements which contribute to a positive member experience and outcome, focused unashamedly on the member perspective.

Learning with the World’s Top Funds – smarter, fairer, simpler

Monday, July 8, 2019

John Simmonds poses the question ‘where should we go in the world to find examples of really great pension funds?’ And his answer - Canada, Australia and Holland. There are unique characteristics in each that are worth reflecting on.

Tax and pensions – communicating system efficiency

Thursday, May 23, 2019

Karen Partridge draws upon recent experiences to understand how communications can be presented to pension members in a straightforward, user friendly way.

Web adoption in pension communications: separating fact from fiction

Monday, May 20, 2019

When considering online pension communications, there is a tendency for trustees and sponsors to make assumptions about the preferences of different membership demographics. However, recent research proves that many common assumptions about certain age groups or industries aren’t entirely accurate.

The 2019 annual funding statement: Five expectations, two to expect and three to be expected...

Thursday, April 25, 2019

This article takes a look at what The Pensions Regulator expects of trustees and how the funding statement is relevant to all DB pension scheme employers.

Getting ready for GMP equalisation

Friday, April 5, 2019

As schemes head towards completion of their GMP reconciliation, thoughts turn to the rectification process.

GMP Equalisation – Tempest in a teapot?

Friday, March 15, 2019

For those of you who have been living a pensions hermit’s existence these last 6 months (or just getting on with life) here is a brief recap on the Guaranteed Minimum Pensions (GMP) equalisation saga to date.

Does administration service consolidation really make things more efficient?

Wednesday, January 23, 2019

When it comes to administration, efficiencies from consolidation are extremely difficult to achieve. Toby Clark discusses the reality of where and how efficiency gains can be made.

Pension administration – the courage to ask for more

Friday, January 11, 2019

Working in UK pension administration is a bit like being stuck in a traffic jam. Everyone seems to be struggling to make progress, but one lane always seems to be moving faster...

Don’t burn out on data, the real mileage is in comparison

Tuesday, December 18, 2018

Richard Butcher explains why the the Cost Transparency Initiative is important but could be lost in translation without a comparative.

Consolidation – the future for defined benefit schemes?

Tuesday, December 18, 2018

With more DB schemes approaching maturity, and their sponsoring employers seeking to secure members’ benefits or to transfer risk, the DWP has published its latest consultation, setting out proposals for a new legislative framework for authorising and regulating defined benefit (DB) “superfund” consolidation vehicles

What should be on the agenda for Pension Managers and Trustees into 2019

Friday, December 7, 2018

PASAs Chris Tagg identifies the key issues facing trustees and pension fund managers now and in near future?

Creating a savings habit

Wednesday, December 5, 2018

Francis Goss looks at how we develop habitual behaviours and discusses how the industry can learn from this and help create a savings culture.

I want someone to help me

Friday, October 12, 2018

Peter Nicholas explains how important it is to receive quality guidance and assistant at the right time.

Cruising to good data

Friday, August 31, 2018

High quality data is a very, if not the most, important input to provision of a successful administration service. Geraldine Brassett identifies the key factors when is comes to providing quality service.

Climate Change – can actuaries actually save the world?

Thursday, July 26, 2018

Chris Mason tackles the climate change topic and debates if the industry can do more to help.

Time to talk

Thursday, July 5, 2018

Kim Gubler introduces the new Trustee Administration Governance Checklist which is designed to help trustees when it comes to evidencing engagement with administrators.

Old and new worlds meet

Wednesday, June 13, 2018

Active membership of defined benefit (DB) pension schemes has fallen by just over one million in the past seven years, with most predictions forecasting that the remaining 12% of still-active private sector DB schemes will close before the end of the next seven. While the pace of closures appears to be slowing, the outcome remains inevitable.

Emerging trade war?

Thursday, June 7, 2018

The President’s announcement to impose tariffs on $60 billion of Chinese imports has reignited these fears

The deadline has passed

Tuesday, May 22, 2018

Are trustees compliant?

Clearer, quicker, tougher

Monday, May 21, 2018

Clearer, quicker, tougher - why TPR's new mantra matters to you

Is your member communication fit for purpose?

Friday, May 18, 2018

PTL's Keith Lewis encourages providers and trustees to consider whether they can improve their communications to members.

Admin value for money – how do you judge?

Friday, May 11, 2018

Kim Gubler discusses the term 'value for money' and suggests guidance for Trustees to make sure they are getting it.

GDPR: are you ready for new data regulations?

Friday, May 11, 2018

What are the biggest issues you need to be aware of – and how should you tackle them?

Changing administrators? Here are 5 top tips for a smooth transition

Thursday, April 26, 2018

Changing your pension administrator is a big deal. Let’s face it, most trustees are at least a little resistant to change given the complexity and perceived risk involved. Even with meticulous planning and research, plenty of headaches await should you fail to get it right.

What does bowel cancer screening have to do with my pension?

Thursday, April 19, 2018

It’s all a matter of communication.

Retirement planning: challenges for pension providers and retirees alike

Friday, April 13, 2018

Today, pension providers like insurers and pension funds, face multiple challenges regarding pensions communication.

PPF Levy – Do you know the score?

Thursday, April 12, 2018

Ahead of the PPF levy deadline Robert Palmer explains how checking your data is correct could save more than just money.

“You’re fired”

Thursday, March 29, 2018

Alan Sugar has it easy.

We’re on a road to nowhere

Thursday, December 14, 2017

Are pension members given too much information or not enough?

No news is good news

Tuesday, May 1, 2018

Business as usual for pensions post-Budget

The Pensions Dashboard

Friday, October 20, 2017

The Pensions Dashboard is a government backed initiative which was first announced in the 2016 Budget.

PLSA launches assessment tool with KPMG

Thursday, September 21, 2017

The Pensions and Lifetime Savings Association (PLSA) has launched the 'Trustee Effectiveness Service' to help trustee boards review governance.

Now: Pensions to top up non-taxpayers' pension pots

Thursday, September 14, 2017

Now: Pensions has announced that for the 2016/2017 tax year, it will again make up the income tax relief shortfall for members of its scheme who are not tax payers.

PLSA paper published on good governance

Thursday, September 7, 2017

The Pensions and Lifetime Savings Association (PLSA) has published a discussion paper setting out its definition of good pension fund governance.

DWP announces new timetable

Friday, July 21, 2017

The government has published its review into the state pension age, proposing a new timetable for the rise to 68.

Trafalgar House calls for scheme literature update

Friday, July 7, 2017

Pensions administration specialist Trafalgar House has called for clearer guidance to update scheme literature it says is 'woefully out of date'.

New pensions minister after cabinet reshuffle

Thursday, June 15, 2017

Pensions minister Richard Harrington is moving to a new position in the Department for Business, Energy and Industrial Strategy as part of the post-election cabinet reshuffle.

PLSA appoints new DB policy lead

Thursday, June 15, 2017

The Pensions and Lifetime Savings Association (PLSA) has appointment Caroline Escott as Defined Benefit and Investment Policy Lead.

Pensions Europe launches two reports at annual conference

Friday, June 9, 2017

Two reports for pension schemes launched this week at the annual Pensions Europe conference in Brussels.

PLSA says 'affordability challenges' more significant, in response to DB Green Paper

Thursday, May 18, 2017

The Pensions and Lifetime Savings Association (PLSA) has published its response to the Department of Work and Pensions (DWP) Green Paper on Defined Benefit (DB) schemes

ABI to move Pensions Dashboard to next phase

Thursday, May 18, 2017

The Association of British Insurers (ABI) is taking the Pensions Dashboard project to the next phase, after successfully developing a prototype on behalf of HM Treasury.

Joanne Segars to leave the PLSA

Friday, April 28, 2017

The chief executive of the Pensions and Lifetime Savings Association (PLSA), Joanne Segars, has announced she is leaving after 12 years to pursue a portfolio career.

Pensions questions after snap general election announcement

Thursday, April 20, 2017

Pensions experts are speculating about the future, after the Prime Minister called for a general election in June this year, two years earlier than scheduled.

PLSA launches best practice guide for Government pension schemes

Friday, March 31, 2017

The Pensions and Lifetime Savings Association (PLSA) has launched a guide for employers participating in a Local Government Pension Scheme.

Qrops crackdown in spring Budget

Friday, March 10, 2017

A crackdown on moving a UK pension offshore, and cuts to the money purchase annual allowance, were the big-ticket items for the pensions industry in the 2017 spring Budget, announced earlier this week.

PLSA launches diversity initiative

Friday, March 3, 2017

The Pensions and Lifetime Savings Association (PLSA) has launched a campaign to improve diversity on trustee boards.

Government should postpone MPAA changes, says Fidelity

Thursday, February 16, 2017

Fidelity International has urged the Government to consider four key questions, ahead of a proposed cut to amount of money people can pay into their pensions.

Pensions minister to speak at Trustee event

Friday, February 3, 2017

The pensions minister will be the next speaker at an Association of Member Nominated Trustees (AMNT) member event.

Report shows gap in financial knowledge

Friday, February 3, 2017

A gap in financial knowledge could impact the retirement savings of a huge number of people, according to a new report from MetLife UK.

Holistic approach to pensions needed, says PTL

Thursday, January 12, 2017

The government has been urged to take a more holistic approach to pensions, by independent trustee and governance provider, Pitmans Trustees (PTL).

'No increase to state pension age' says PLSA

Friday, January 6, 2017

The Pensions and Lifetime Savings Association (PLSA) has responded to the Independent Review of the State Pension Age by calling for no further increase to the age people receive their state pension.

DB scheme operating costs up 37%

Thursday, December 8, 2016

New findings from the Pensions and Lifetime Savings Association (PLSA) show the cost of operating a Defined Benefit (DB) scheme is up by 37% year on year.

Brexit - the story continues

Tuesday, October 25, 2016

When will Brexit negotiations commence, how long will they continue, and will Britain even be able to look beyond the referendum debate?

PLSA announced three new council members

Thursday, October 13, 2016

The Pensions and Lifetime Savings Association (PLSA) has added three new members to its Defined Benefit and Defined Contribution councils.

ICI Pension Fund completes five buy-ins

Thursday, October 6, 2016

ICI Pension Fund has completed five buy-ins since March, insuring more than £2.5bn liabilities over the same period.

PASA call on industry to raise standards

Thursday, September 29, 2016

The Pension Administration Standards Association (PASA) has announced the launch of the campaign #GetInvolvedOctober.

DB pensions at risk from lack of sponsor default plan

Thursday, September 22, 2016

The second annual survey of independent trustees by pensions and benefits consultancy Hymans Robertson, has found 'covenant risk' is not being sufficiently accounted for by DB schemes.

Schemes lack independent advice for fiduciary managers, survey says

Friday, September 2, 2016

A survey of more than 100 pension scheme managers and trustees found a high proportion of schemes do not seek independent monitoring of their fiduciary manager.

Interest cut adds pressure to pension schemes

Monday, August 15, 2016

Pension funds are under increasing pressure following the Bank of England's announcement it is cutting the base rate of interest to 0.25%.

Record high pension freedom payments

Thursday, August 4, 2016

The number of people taking advantage of pension freedoms hit an all-time high between April and July this year, as 159,000 people accessed £1.7bn of their pension savings.

PPF in strong financial position

Thursday, July 28, 2016

The Pension Protection Fund (PPF) is in a strong position to face the future, according its latest figures.

Government report says leadership failures led to BHS collapse

Thursday, July 28, 2016

A report from the department of Work and Pensions, and Business, Innovations and Skills Committees blamed a "litany of failures" for the collapse of high street retailer BHS.

PLSA guidance on investment data

Thursday, July 21, 2016

The Pensions and Lifetime Savings Association (PLSA) has published a toolkit for pension schemes and investors.

The new cabinet is announced

Wednesday, July 20, 2016

Stephen Crabb steps down and Damian Green steps up as Work and Pensions Minister

PLSA responds to British Steel pension scheme consultation

Thursday, June 30, 2016

The Pensions and Lifetime Savings Association (PLSA) has published a response to the British Steel Pension Scheme (BSPS) consultation.

Trustees need to be nimble around Brexit vote

Thursday, June 9, 2016

Pension schemes need to prepare to move swiftly in the countdown to the EU referendum, according to investment consultants LCP.

Selling assets is biggest risk to DB schemes, say CFOs

Thursday, June 2, 2016

One in five CFOs say the biggest risk to their defined benefit (DB) scheme is having to sell assets at depressed prices to meet pension payments, according to new research.

PLSA launches guidance to support local authority schemes

Thursday, May 19, 2016

The Pensions and Lifetime Savings Association (PLSA) is publishing a series of guides to support employers and local authority funds participating in the Local Government Pensions Scheme (LGPS).

Pension freedoms: one year on

Thursday, April 28, 2016

As the Government marks the first anniversary of the most significant pension reforms for a generation, official figures reveal that 230,000 people have accessed their pension pots.

Exciting time for industry to innovate, says Baroness Altmann

Thursday, April 21, 2016

The UK is in the middle of a pensions and retirement revolution, according to pensions minister Baroness Ros Altmann.

Decline in number of DB professionals slower than predicted

Thursday, April 14, 2016

The number of individuals working in defined benefit (DB) roles has fallen by 4 per cent to 37 per cent over the past five years, according to new research from The Pensions Management Institute (PMI).

Think tank report looks at future of pensions

Friday, April 8, 2016

New analysis from the International Longevity Centre UK (ILC-UK) paints a "bleak picture" for future pensioners.

New qualification to help avoid advice trap

Friday, April 1, 2016

The Pensions Management Institute has launched a Certificate in Pension Scheme Member Guidance.

DC – Governance standards

Thursday, March 24, 2016

With more and more focus shifting toward DC schemes, trustees must be ready.

The countdown to the end

Thursday, March 24, 2016

DB – end of contracting out 6/4/16, HMRC registration ends 5/4/16

PLSA launches DB taskforce

Friday, March 11, 2016

A taskforce to tackle issues faced by defined benefit schemes was launched today by the PLSA.

PASA launches more guidance on GMP

Thursday, March 3, 2016

The Pensions Administration Standards Association (PASA) has released its second set of guidance on GMP reconciliation for pension schemes.

PMI and OPDU join forces

Thursday, March 3, 2016

The Pensions Management Institute (PMI) and The Occupational Pensions Defence Union (OPDU) have announced an alliance to promote good governance in UK pensions schemes.

Only 1 in 5 pension members will use a financial adviser

Wednesday, February 24, 2016

A research poll found that just 1 in 5 of people would ask an adviser about their pension, leaving a huge guidance gap.

Easier transfers after Government removes pension barrier

Thursday, February 11, 2016

The Government has outlined plans to remove "unjustifiable barriers" to allow people easier access to their pension pots.

Guide launched ahead of new DC Code of Practice

Thursday, February 11, 2016

A guide to help trustees explore the level of protection in place for DC assets has been launched.

PLSA looks at first six months of pension freedoms

Thursday, February 4, 2016

The Pension and Lifetime Savings Association has published the first major market-wide survey of who did what and why in the first six months of pension freedoms.

PASA issues guidance on GMP reconciliation

Friday, January 22, 2016

The Pension Administration Standards Association has released its first guidance for pension schemes on GMP reconciliation.

New mission statement for DC schemes

Friday, January 8, 2016

Pitmans Trustees (PTL) has created a mission statement for DC scheme trustees.

PLSA publishes new guidance on governance policy.

Thursday, December 17, 2015

The Pensions and Lifetime Savings Association has published an updated edition of its Corporate Governance Policy and Voting Guidelines.

PLSA launched new Made Simple Guide

Thursday, December 10, 2015

The Pensions and Lifetime Savings Association has published its latest Made Simple Guide on "at retirement services".

Skills academy says employers believe pensions education is important

Thursday, December 3, 2015

73% of employers believe that educating staff on pensions is an essential element of support they provide for employees, according to recent research by the National Skills Academy for Financial Services (NSAFS).

Autumn statement: Delay to rises in pension contributions

Thursday, November 26, 2015

The government is to save around £840m by delaying planned rises to pension contributions for millions of workers.

Companies pledge to make ageing economy more sustainable

Thursday, November 19, 2015

A group of major national and international companies have signed an open letter, pledging to work over the next five years to make the "aging society and economy" more sustainable.

Consultation on quality mark for retirement products

Thursday, November 19, 2015

The Pension Quality Mark (PQM) has asked stakeholders to respond to its consultation paper on developing a retirement quality mark.

Pensions administrators must improve

Tuesday, November 17, 2015

Pensions administrators need to "raise their game" in order to meet expectations of members in line with freedom and choice changes, according to the managing director of pensions specialist Trafalgar House.

Niel Gavin joins The Pensions Trust

Thursday, October 29, 2015

The Pensions Trust has appointed a new regional development manager for the South West, as part of its strategy to develop its DB Complete product.

Pension funds must protect against cyber criminals

Thursday, October 29, 2015

Pension funds must protect members from cyber security threats as the number of pension fraudsters rises.

Online auto-enrolment guide launched for small employers

Thursday, October 22, 2015

The Pensions and Lifetime Savings Association (formerly the National Association of Pension Funds) has launched an online service designed to guide small employers through auto-enrolment for the first time.

PMI members oppose radical change

Friday, October 16, 2015

Improving the current pensions system is better than significant change, according to the findings of survey from the PMI.

Transparency concern at Buck Consultants

Thursday, October 8, 2015

New research from Buck Consultants at Xerox found that despite a competitive market there are still concerns about transparency at UK pension schemes.

L&G calls for flat rate of pensions tax relief

Thursday, October 8, 2015

The chief executive of Legal & General Nigel Wilson says a flat rate of pensions tax relief of 20% should be introduced.

Under 30s thinking about retirement plans

Thursday, September 17, 2015

Generation Y - the so-called millennials - are thinking about retirement plans earlier than ever, according to new research from the National Skills Academy for Financial Services (NSAFS) and AXA Investment Managers (AXA IM).

Pensions Trust launches new website

Thursday, September 10, 2015

The new Pensions Trust website aims to provide more information to current and prospective clients about its services.

New service for trustees to assess value of DC Schemes

Friday, September 4, 2015

A new service from Buck Consultants at Xerox allows trustees to meet new governance standards laid out by the Pensions Regulator.

Ex-Barings director joins Momentum Global Investment

Thursday, August 20, 2015

Alex Garton has been appointed head of institutional sales at Momentum Global Investment Management (Momentum GIM).

Major review launched to improve financial advice to consumers

Friday, August 7, 2015

A major new review by economic secretary to Harriet Baldwin will examine how financial advice could work better for consumers.

Security firm calls for pension scheme safeguarding

Friday, July 31, 2015

Veratta has urged the government to do more to help protect pension scheme members and their sensitive information from scammers.

10million pension pots 'not checked'

Thursday, July 30, 2015

An 'alarming proportion' of UK pension pots are being left unmonitored, new figures suggest.

ONS auto-enrolment figures send clear message to government

Thursday, July 23, 2015

Latest figures released by the ONS show that since 2012, total contributions are increasing, but median contribution rates are lower.

Chancellor announces pensions measures in Summer Budget

Friday, July 10, 2015

The July Budget has been met with a mixed response after the Chancellor George Osbourne announced a range of measures that will impact the pensions industry.

One in three pension holders to leave larger inheritance

Friday, July 3, 2015

More than a third (36%) of private pension holders are more likely to leave an inheritance or larger amount to their children following the introduction of new rules on pension assets.

£6bn will be withdrawn from pensions in first year of freedoms, says Hymans Robertson

Friday, July 3, 2015

The government is set to make GBP 1.2billion in tax revenue this financial year after GBP 6billion is withdrawn from pension pots.

NAPF launches new financial education service

Thursday, July 2, 2015

A new education service will offer seminars across the country for pension schemes and individuals approaching retirement.

PASA announces GMP Working Group members

Tuesday, June 16, 2015

The Pensions Administration Standards Association (PASA) has announced the members of its GMP working group.

New minister must tackle local government deficits, says Joanne Segars

Thursday, May 21, 2015

Priorities for the new local government minister include tackling deficits, according to findings of a recent survey by the NAPF

BlackRock launches new fund for DC schemes

Friday, May 15, 2015

BlackRock has launched a new fund to help defined contribution schemes construct default solutions that comply with the new regulations around charge caps.

AON conference outlines key pensions issues

Thursday, May 14, 2015

Pension fund members need extra support and a one-size fits all approach is no longer enough, according to experts from global insurer and risk manager, AON.

New auto-enrolment service for SMEs launched

Thursday, May 7, 2015

Pensions specialist Johnson Fleming has launched two new solutions for the UK's small and medium enterprises (SMEs) as increasing numbers reach their auto-enrolment staging dates this year.

PMI announces new council members for 2015

Thursday, April 30, 2015

The PMI election results are as follows...

Political parties need long term pension plans, says NAPF

Friday, April 24, 2015

The National Association of Pension Funds (NAPF) has urged the major political parties to consider the long term when it comes to pensions.

Trade association appoints Now: Pensions to oversee auto enrolment

Thursday, April 23, 2015

The NFRN chooses Now: Pensions to provide high quality low cost pensions

Deloitte draws up seven-point Trustee checklist

Wednesday, April 1, 2015

With less than a week to go before the pension reforms come into force on 6 April, Deloitte has drawn up a checklist for pension scheme trustees.

Newton appoints non-executive board directors

Thursday, March 19, 2015

Newton Investment Management, part of BNY Mellon, has announced the appointment of Henrietta Jowitt and Susan Noble as independent non-executive directors to its board.

MPs call for independent pensions commissions

Thursday, March 12, 2015

The Work and Pensions Committee, the group of MPs appointed by the House of Commons to examine the Department for Work and Pensions, has recommended establishing an independent pensions committee to advise on future policies.

Pension Schemes Bill receives Royal Assent

Friday, March 6, 2015

The Pension Schemes Bill has received Royal Assent to become official legislation ahead of freedom and choice taking effect from 6 April.

AXA Wealth launched new planning model

Friday, February 27, 2015

AXA Wealth is to launch a new financial planning model in response to the planned pension reforms in April.

Pensions commission needed to tackle pension uncertainty

Thursday, February 26, 2015

A new report has called on the government to introduce a new independent pensions commission to help savers to secure adequate retirement income.

UK Pensions Minister calls for new pensions department

Thursday, February 19, 2015

The government should form a new department to incorporate pensions, long-term savings and care, according to pensions minister Steve Webb.

Lancashire fund to administer fire fighters pension schemes

Thursday, February 12, 2015

A pension scheme for Merseyside fire fighters will be administered by the Lancashire Pension Fund from April this year.

Largest African pension fund chooses Standard Bank

Thursday, February 12, 2015

Africa's largest pension fund, GEPF, has chosen Standard Bank to provide a full range of investor services for its R1.5-trillion of assets under management.

New pension freedoms are "chaotic" says deVere CEO

Thursday, February 5, 2015

The chief executive of the deVere Group has raised concerns about the implementation of the Freedom & Choice agenda, announced by the Chancellor George Osbourne in 2014.

Trade union trustee adopts FTSE benchmark

Thursday, February 5, 2015

An independent trustee of Lighthouse Pensions Trust, which provides pensions schemes designed for auto-enrolment for employers including major trade unions, has announced it is to formally adopt the FTSE UK DC benchmarks.

End of the line for NAPF and PMI merger

Thursday, February 5, 2015

The National Association of Pension Funds (NAPF) and the Pensions Management Institute (PMI) have announced that the two organisations will not be merging

4.8m at risk after pension reforms, says NAPF

Thursday, January 29, 2015

A new report from the National Association of Pension Funds has found uncertainty prevails around what to do with pension savings after pension reforms begin in April.

F&C Investments expands emerging markets debt team

Thursday, January 22, 2015

F&C Investments has hired two senior members to its now eight-strong emerging markets debt (EMD) team.

Prudential Retirement completes fifth reinsurance transaction with Rothesay Life

Thursday, January 22, 2015

Prudential Retirement has announced a transaction with Rothesay Life that will provide reinsurance of longevity risk to eight pension schemes.

Cutting edge DB service helps trustees simplify process

Thursday, December 18, 2014

A new fully-integrated and tailored scheme management service for Defined Benefits (DB) pension schemes has been announced by Spence & Partners, a UK pensions actuaries and administration specialists.

Industry body announced new board

Thursday, December 11, 2014

The Pensions Administration Standards Association (PASA) has announced one new board member and retained three directors after this year's election.

NAPF publishes global withholding tax relief guide

Friday, December 5, 2014

A plain-speaking guide to global withholding tax and tax relief on cross-border securities investments has been launched by the National Association of Pension Funds (NAPF).

NAPF survey shows shift towards stewardship

Friday, November 28, 2014

Pension schemes are placing more importance on stewardship when it comes to the selection of asset managers, an annual survey from the National Association of Pension Funds (NAPF) has found.

PMI launches guide on pension administration agreements

Thursday, November 13, 2014

The Pensions Management Institute has launched a best-practice guide for pension administration agreements.

Pensions minister outlines vision for future

Thursday, October 30, 2014

Next year's pension reform is a beginning and not an end, according to Pensions Minister Rt Hon Steve Webb.

NAPF announces six-point manifesto

Thursday, October 23, 2014

The creation of an independent retirement savings commission, commitment to automatic enrolment, and a reduction of tick-box regulation will form part of the NAPF agenda for the forthcoming year.

Poor IT to blame for Government deadline preparation shortfall

Thursday, October 16, 2014

Two out of three pension professionals blame poor IT for the lack of preparation to meet the Government's Guaranteed Minimum Pension (GMP) deadline, according to new research.

BlackRock tie up with Aon Hewitt to target defined contribution plans

Thursday, October 16, 2014

Investment consultancy Aon Hewitt is partnering with BlackRock to target defined contribution plans.

LPFA backs public sector pensions merger

Thursday, October 9, 2014

One of the UK's largest public sector pension funds has spoken out in support of London Mayor Boris Johnson's calls for a merger of all public sector pension funds.

So much change, so little time

Monday, September 22, 2014

With many of the Budget's pensions reforms coming into force in April 2015, the heat is on to be properly prepared, as Louise Farrandreports.

NAPF names repeat offenders on remuneration

Thursday, September 18, 2014

Eight companies have been named by the National Association of Pension Funds (NAPF) for failing to address concerns from investors regarding remuneration packages.

The end of pensions

Friday, September 12, 2014

Louise Farrand considers whether the Budget will create a retirement revolution.

Altmann urges closer collaboration between public pension funds

Friday, September 12, 2014

UK public pension funds should work closer together to reduce deficits and mitigate against recent monetary and political decisions that have negatively impacted the industry, a pensions expert has said.

Schemes increasingly adopt fiduciary management despite "myths"

Monday, September 1, 2014

Pension schemes are continuing to take up fiduciary management despite some of the myths that still surround it, says Aon Hewitt.

Pension schemes face busy end to 2014

Wednesday, August 27, 2014

UK pension professionals face an "exceptionally" busy period as they return from the summer holidays to deal with the consequences of the 2014 Budget changes, Aon Hewitt has said.

Guidance guarantee not enough, say 62% of pension schemes

Thursday, August 14, 2014

Most pension schemes believe that the guidance guarantee that was announced in Budget 2014 will not provide adequate support for defined contribution (DC) members ahead of retirement, research by Mercer has revealed.

Four million workers have auto-enrolled, says TPR

Thursday, August 14, 2014

More than four million workers have now been auto-enrolled into a workplace pension, The Pensions Regulator (TPR) has revealed.

Top firms spend 37p out of every £1 on DB deficits

Thursday, August 14, 2014

FTSE 350 firms pay 37p out of every £1 they spend on pension provision on reducing existing defined benefit (DB) pension deficits, Barnett Waddingham has found.

Transatlantic DC members' retirement confidence remains low

Tuesday, July 29, 2014

Retirement confidence remains alarmingly low among defined contribution (DC) scheme members in the US, UK and Ireland, State Street Global Advisors (SSgA) has found.

PPF "sails smoothly" towards self-sufficiency goal

Wednesday, July 23, 2014

The Pension Protection Fund (PPF) is 90% likely of being financially self-sufficient by 2030, the lifeboat fund said as it reported a £2.4bn and a funding ratio of 112.5%.

Charity sector's largest pension liabilities rose by 14.5% in 2012/13

Wednesday, July 23, 2014

The charity sector's largest pension liabilities grew by 14.5% in 2012/13, according to data from a UK charity financial information provider.

FTSE 100 pension scheme deficit falls by £16bn

Wednesday, July 16, 2014

The total deficit in FTSE 100 pension schemes has decreased by £16bn to £60bn in the year to 31 March 2014, JLT Employee Benefits has said.

Companies are overpaying pension schemes, says PwC

Wednesday, July 9, 2014

Companies are overpaying into their pension schemes by £9bn a year because they are not taking advantage of improving market conditions, PricewaterhouseCoopers (PwC) has said.

Stewardship important to scheme members despite higher cost

Thursday, July 3, 2014

Most (53%) pension scheme members would prefer their employer to choose a provider demonstrating strong stewardship activity, even if it is 10% more expensive, the National Association of Pension Funds (NAPF) has said.

UK DB scheme deficits increase

Tuesday, July 1, 2014

The deficit of all UK private sector defined benefit (DB) pension schemes has increased by £71bn over the last 12 months, JLT Employee Benefits has said.

Pensions discount rate increases to 4.5%

Wednesday, June 25, 2014

The average accounting discount rate for FTSE 100 pension obligations increased by 0.1% to 4.5%, Barnett Waddingham has revealed.

Dutch pension funds' average funding ratio reaches three-year high

Tuesday, June 24, 2014

The average funding ratio of Dutch pension funds increased to 112% in May 2014, the highest level since April 2011, De Nederlandsche Bank (DNB) has said.

DB schemes' self-sufficiency targets are unreliable

Tuesday, June 24, 2014

UK defined benefit (DB) schemes may need to find new strategies as current self-sufficiency targets do not provide the required degree of stability and certainty, Aon Hewitt has said.

NAPF calls for immediate action to help DB schemes transition smoothly

Tuesday, June 17, 2014

The National Association of Pension Funds (NAPF) has called for immediate action to help defined benefit (DB) schemes and their sponsors navigate the DB transition as smoothly as possible.

Pension deficits fall to near pre-recession levels

Tuesday, June 10, 2014

FTSE 350 defined benefit (DB) pension obligations have "dramatically improved" and are close to reaching pre-recession levels, PricewaterhouseCooper (PwC) has said.

Total UK Plan completes £1.6bn buy-in

Tuesday, June 10, 2014

Total UK Pension Plan has secured a £1.6bn buy-in with Pension Insurance Corporation (PIC) in the second largest bulk annuity deal in the UK to date.

Positive views on DC schemes to cause rise in contributions

Tuesday, June 10, 2014

Nearly half (43%) of employers look more favourably on defined contribution (DC) schemes as a result of pension rules changes announced in the Budget, Towers Watson has said.

Global risk transfer market will "thrive" in 2014

Thursday, June 5, 2014

The risk transfer market will grow in 2014 globally as companies with defined benefit (DB) schemes in the UK, the Netherlands, Germany, Ireland, US and Canada become more ambitious in their efforts to eliminate pension risk, Mercer has said.

PPF proposes new insolvency risk model

Thursday, May 29, 2014

The Pension Protection Fund (PPF) has launched a consultation on the introduction of a new PPF-specific insolvency risk model for determining levy payments for the next three years.

Funding of small Irish DC schemes is too low

Wednesday, May 28, 2014

Many workers in small defined contribution (DC) schemes in Ireland may not retire comfortably due to low contribution levels, the Irish Association of Pension Funds (IAPF) has found.

PPF 7800 deficits increase over April

Wednesday, May 14, 2014

The aggregate deficit of UK defined benefit (DB) schemes within the Pension Protection Fund (PPF) 7800 index increased by £42.3bn to £112.3bn over April 2014.

FremantleMedia secures £47m buy-in

Tuesday, May 13, 2014

The Fremantle Group Pension Plan has secured a buy-in with Pension Insurance Corporation (PIC), covering around £47m of pensioner and deferred liabilities.

Budget pensions overhaul could increase buyouts

Wednesday, May 7, 2014

Buyouts may become more affordable for pension schemes as a result of the pensions overhaul in Budget 2014, JLT Employee Benefits has said.

FTSE 350 pension scheme deficits reach 12-month high

Wednesday, May 7, 2014

UK pension scheme deficits reached a 12-month high of £111bn in April, according to research from Mercer.

Royal Mail has best funded pension scheme of FTSE 100

Thursday, May 1, 2014

The Royal Mail Group has the best funded company pension scheme within the FTSE 100 index, JLT has said.

Firms should adopt broader approach when segmenting employee communications

Thursday, April 24, 2014

Employers should think more broadly when approaching segmentation in their employee communications, a pensions specialist has said.

DC schemes need to revise investment options

Wednesday, April 16, 2014

Defined contribution (DC) pensions schemes will need to reconsider the investment options offered and the default funds used following the Budget 2014 changes, Mercer has said.

Pensions industry supports increased flexibility for DB members

Tuesday, April 15, 2014

Two-thirds of pensions professionals said that the same flexibility offered to defined contribution (DC) schemes should be extended to defined benefit (DB) scheme members, Aon Hewitt has said.

Pension guidance already offered by most FTSE 100 companies

Thursday, April 10, 2014

Most FTSE 100 employers already offer retirement guidance while FTSE 250 companies are less likely to offer support, Towers Watson has found.

Scheme deficits increase over March

Wednesday, April 9, 2014

The aggregate deficit of the 6,150 schemes within the Pension Protection Fund (PPF) 7800 index rose to £70bn over March 2014.

Good DC governance requires more trustee control

Wednesday, April 9, 2014

Trustees should take more control and rely less on their providers to ensure good governance of their defined contribution (DC) schemes, a consultant has urged.

FTSE350 DB pension deficits remain around £100bn

Monday, April 7, 2014

FTSE350 defined benefit (DB) pension deficits have remained steady around the £100bn level since September 2013, Mercer has said.

PPF selects new assessment period panel

Tuesday, April 1, 2014

Six firms have been appointed to the Pension Protection Fund's (PPF) newly created Assessment Period Legal Panel (APLP).

"Guidance guarantee" proposal creates tight timeframe for DC trustees

Tuesday, March 25, 2014

The Government's Budget has created a timeframe nightmare for defined contribution (DC) trustees, Pitmans Trustees Ltd (PTL) has said.

Budget changes should not affect opportunities in bulk annuities

Tuesday, March 25, 2014

Bulk annuities remain a good option for pension schemes despite the announcement on annuities in last week's Budget, Aon Hewitt has said.

Church of England fund secures £100m buy-in

Tuesday, March 11, 2014

The Church of England Pensions Board has completed a £100m buy-in with Prudential.

Pension schemes remain exposed to interest-rate risk

Tuesday, March 11, 2014

UK pension schemes are still running too much interest-rate risk, Aon Hewitt has warned.

NAPF hires head of external affairs

Tuesday, March 11, 2014

The National Association of Pension Funds (NAPF) has appointed a new head of external affairs.

GeoPost secures £30m buy-in with PIC

Wednesday, March 5, 2014

The trustees of GeoPost UK Limited Pension Scheme have completed a £30m buy-in with Pension Insurance Corporation (PIC).

DB and DC schemes remain satisfied with investment consultants

Wednesday, March 5, 2014

Over 80% of both defined benefit (DB) and defined contribution (DC) schemes would recommend their investment consultancy to a scheme with similar needs, the National Association of Pension Funds (NAPF) has found.

DB deficits decrease over the year

Tuesday, March 4, 2014

UK private sector defined benefit (DB) scheme assets have improved by £18bn over the year due to the performance of equities.

Employers prioritise market competitiveness in DC pension provision

Tuesday, March 4, 2014

Most employers provide a defined contribution (DC) scheme to ensure the employer competes in the market, rather than ensure their employees have an adequate income retirement, Towers Watson has revealed.

Mortality rate differences cause global firms to underestimate pension liabilities

Friday, February 21, 2014

Global FTSE 100 companies are underestimating their pension liabilities by tens of billions of Euros, a report by LCP has found.

Rothesay Life acquires MetLife Assurance

Tuesday, February 18, 2014

Pensions insurance provider Rothesay Life will acquire MetLife Assurance.

Decline of DB schemes is a global phenomenon

Tuesday, February 18, 2014

The "death" of defined benefit (DB) schemes has become a global phenomenon as companies struggle to tackle legacy liabilities, PricewaterhouseCoopers (PwC) has said.

Employers should consider collective DC ahead of 2016 changes

Tuesday, February 18, 2014

UK employers should start considering collective defined contribution (CDC) as a viable arrangement ahead of the end of contracting-out in 2016, Aon Hewitt has said.

PPF 7800 deficits increase over January

Tuesday, February 11, 2014

The aggregate deficit of defined benefit (DB) schemes within the Pension Protection Fund (PPF) 7800 index increased by £48.9bn over January 2014.

Industry group to tackle pension liberation scams

Tuesday, February 4, 2014

An industry group of trustees, administrators, legal advisors, insurers, regulators and consumer representatives has formed to tackle the growing problem of pension liberation scams.

£100bn capacity available for longevity swap market

Wednesday, January 29, 2014

A "significant" increase in the number of longevity swaps will take place during 2014 and 2015 as a result of additional capacity and better pricing from the reinsurance market, Aon Hewitt has said.

Partnership Assurance completes £33m buy-in with unnamed scheme

Monday, January 27, 2014

Partnership Assurance has completed a £33m medically underwritten buy-in with the trustees of an undisclosed pension plan.

BT and BBC schemes top responsible investment table

Monday, January 27, 2014

The BT and BBC pension schemes have the best occupational schemes in the UK for responsible investment, a charity has found.

Fiduciary duties should be clarified, not codified, says NAPF

Thursday, January 23, 2014

Fiduciary duties in pension scheme management should be further clarified through guidance, rather than through statute, the National Association of Pension Funds (NAPF) has said.

Greater transparency needed for fiduciary management fees

Wednesday, January 22, 2014

The fees charged by fiduciary managers need to be more transparent, Aon Hewitt has argued.

Barriers cause schemes to miss opportunities to de-risk

Tuesday, January 21, 2014

A lack of quick access to accurate information is causing pension schemes to miss opportunities to reduce their risk, PricewaterhouseCoopers (PwC) has found.

Pension fund trustees should focus on scheme specific objectives

Tuesday, January 21, 2014

Trustees should focus on pro-active strategies, rather than judging their own situation on non-fund-specific judgements or in comparison to other schemes, a pension consultant has said.

BACB scheme completes first tendered underwritten buy-in

Wednesday, January 15, 2014

The Trustees of the British Arab Commercial Bank (BACB) Pension Scheme have completed a medically underwritten buy-in contract for £12m with Partnership.

Deficits decrease for UK DB schemes

Wednesday, January 15, 2014

The aggregate deficit of more than 6,000 UK defined benefit (DB) schemes in the Pension Protection Fund (PPF) 7800 index decreased by £32.1bn over December 2013.

JLT completes £85m buy-in with Prudential

Tuesday, January 14, 2014

The Jardine Lloyd Thompson (JLT) UK Group Pension Scheme has completed a further £85m buy-in contract with Prudential.

UK pension scheme deficits increase over 2013

Tuesday, January 7, 2014

The FTSE 350 pension scheme accounting deficits increased by over £25bn over 2013, despite higher contributions from employers and strong UK stock market returns.

LPFA appoints new CEO

Monday, January 6, 2014

The London Pensions Fund Authority (LPFA) has appointed a new chief executive officer (CEO).

AstraZeneca secures £2.5bn longevity swap

Tuesday, December 17, 2013

The AstraZeneca Pension Fund Trustee has secured a £2.5bn longevity swap with Deutsche Bank.

Improved funding levels for UK schemes

Tuesday, December 17, 2013

UK pension scheme funding level improved "significantly" during the second and third quarters of 2013 with more than 40% of schemes survey seeing triggers activated by improving investment returns, Aon Hewitt has found.

Carillion completes £1bn longevity swap deal

Wednesday, December 11, 2013

Carillion defined benefit (DB) Pension Trustee (the Trustee) has secured a longevity swap between Deutsche Bank and five DB pensions schemes sponsored by the company.

Pension scheme recovery has stalled despite economic upturn

Tuesday, December 10, 2013

Support for defined benefit (DB) schemes from FTSE 350 companies has stalled and the situation will not improve anytime soon, PricewaterhouseCooper (PwC) has said.

Leaf UK Pension Scheme secures £35m buyout

Tuesday, December 10, 2013

The Leaf UK Pension Scheme has completed £35m buyout with Pension Insurance Corporation (PIC), insuring more than 700 members.

Scheme deficits increase despite strong growth assets performance

Wednesday, December 4, 2013

Strong returns and "record levels of deficit contributions" in UK defined benefit (DB) schemes have been overshadowed by an increase in scheme deficits over the year, JLT Employee Benefits (JLT EB) has said.

Firms should get advice about pension charge cap now

Friday, November 29, 2013

Medium-sized firms that are due to start auto-enrolment in April 2014 should speak to providers now about the pension charge cap, Towers Watson has said.

Scheme consultants need to embrace their stewardship responsibilities

Tuesday, November 26, 2013

The pension fund advisor community is failing to demonstrate their commitment to the stewardship code, the National Association of Pension Funds (NAPF) has said.

PIC reinsures £1.4bn of longevity exposure

Tuesday, November 26, 2013

The Pension Insurance Corporation (PIC) has completed reinsurance transactions covering £1.4bn of its own longevity exposure.

ABCs increasingly used to fund small pension scheme deficits

Tuesday, November 26, 2013

Asset-backed contributions (ABCs) are being increasingly used by companies to fund smaller pension scheme deficits, according to research from Deloitte.

LGPS needs to reform to stop "death spiral"

Tuesday, November 26, 2013

The Local Government Pension Scheme (LGPS) is in "crisis" and is "woefully inefficient", the Centre for Policy Studies has said.

NCR insures scheme with PIC

Wednesday, November 20, 2013

The NCR Pension Plan has transferred around £670m of assets to the Pension Insurance Corporation (PIC) in a pension insurance buy-in transaction.

Lloyd's Superannuation Fund insures section of scheme

Thursday, October 31, 2013

The Lloyd's Superannuation Fund (LSF) has completed a pension insurance buyout transaction covering £40m of liabilities with Pension Insurance Corporation.

PPF's surplus increases

Tuesday, October 29, 2013

The Pension Protection Fund (PPF) has revealed that it had a funding level of 109.6% and a £1.8bn surplus at the end of 2012/13.

NAPF publishes Stewardship Disclosure Framework

Wednesday, October 16, 2013

The National Association of Pension Funds (NAPF) has launched a Stewardship Disclosure Framework to help funds hold their asset managers to account over how well they apply the Stewardship Principles on the fund's behalf.

Pension schemes should review VAT status

Wednesday, October 16, 2013

All sponsoring employers should review their pension scheme VAT processes with their tax advisers, Xafinity has said.

Pension scheme fraud risk needs to be actively considered

Wednesday, October 16, 2013

Trustees should actively consider fraud risk as one in five pension schemes has reported fraud within the past two years, Baker Tilly has urged.

UK pensions "not fit for purpose", warns Ros Altmann

Monday, October 14, 2013

Defined contribution (DC) pensions in the UK are "out of date" and "not fit for purpose", independent pensions expert Dr Ros Altmann has warned in a report.

UK pensions are fragile, but all is not lost

Monday, October 14, 2013

The assets for all of the UK's corporate defined benefit (DB) pension funds will probably run out by around 2044, risk manager Cardano has warned.

NAPF joint corporate governance services licensing agreement to end

Wednesday, October 9, 2013

The National Association of Pension Funds (NAPF) announced that its joint licensing agreement with Institutional Shareholder Services Inc. on UK corporate governance services will not be extended once it expires.

Pension deficits remain unchanged in September

Friday, October 4, 2013

Defined benefit (DB) deficits of FTSE350 companies remained unchanged during September, but only after reaching an intra-month low of £78bn and a funding level of 89%, Mercer has revealed.

Pension schemes have healthy appetite for de-risking in 2013

Thursday, October 3, 2013

De-risking deals in 2013 are on track to exceed last year's total of £4.5bn, JLT Employee Benefits has said.

PQM appoints 3 board members

Wednesday, October 2, 2013

Three new people have been appointed to join the Pension Quality Mark's (PQM) board of directors.

Good DC governance is hindered by time constraints

Tuesday, September 24, 2013

Time restraints are the major impediment to good defined contribution (DC) governance, a survey by the Pensions Management Institute (PMI) has revealed.

Partnership completes £22m enhanced buy-in

Tuesday, September 24, 2013

The largest enhanced bulk annuity transaction to date was completed when Partnership secured a £22m medically underwritten buy-in with an unnamed scheme.

Companies should use cash reserves to de-risk DB schemes

Wednesday, September 18, 2013

FTSE 100 firms have been urged to use corporate cash reserves to de-risk defined benefit (DB) schemes, Capita Employee Benefits has said.

Pensions Institute publishes 16 principles for modelling DC schemes

Tuesday, September 17, 2013

A set of 16 "good practice" principles for modelling defined contribution (DC) schemes have been published by the Pensions Institute at Cass Business School.

Proposals for improving retirement outcomes include decommissioning DB schemes

Tuesday, September 17, 2013

Decommissioning defined benefit (DB) schemes has been has been included as one of the key recommendations to improve future retirement outcomes.

GMP reconciliation should be higher on trustee agendas

Monday, September 16, 2013

Pension schemes are under-estimating the issue of Guaranteed Minimum Pension (GMP) reconciliation and trustees need to put the issue higher up their agendas, a consultant has warned.

DC scheme shortfalls will put pressure on employers and employees

Wednesday, September 11, 2013

The shortfalls of defined contribution (DC) schemes will force employers to deal with an ageing workforce or provide a pensions incentive to retire, a consultant has warned.

Better design and governance for DC default funds

Tuesday, September 10, 2013

Defined contribution (DC) default funds are reviewing and overhauling their design and governance to deliver good retirement outcomes for members, the National Association of Pension Funds (NAPF) has said.

Denholm Pension Scheme completes buy-in within six weeks

Tuesday, September 10, 2013

The Denholm Pension Scheme has completed a pensioner buy-in transaction worth just under £8m within six weeks with JLT Employee Benefits (JLT EB).

UK DB schemes increasingly use fiduciary managers

Monday, September 9, 2013

UK pension schemes are increasingly committed to delegated investment strategies as trustees and sponsors are being put under increasing pressure, an Aon Hewitt survey has found.

Trustees secure InterContinental Hotels UK Pension Plan with £440m buy-out

Tuesday, September 3, 2013

The InterContinental Hotels UK Pension Plan's trustee has secured a £440m full buy-out transaction with Rothesay Life.

Schemes reconsider de-risking as deficits decrease over the year

Tuesday, September 3, 2013

Many schemes are reconsidering if it is the right time to secure liabilities with an insurer, as deficits decreased over the year, JLT Employee Benefits (JLTEB) has said.

PASA elects new board members

Thursday, August 29, 2013

Four new people have been elected to sit on The Pensions Administration Standards Association's (PASA) board.

Schemes should take steps to avoid data protection fines

Thursday, August 29, 2013

More schemes should be auditing their data controls to avoid data protection fines, a pensions actuaries and administration specialist has said.

Schemes are unprepared for de-risking challenge

Tuesday, August 27, 2013

Despite nearly one in four pension professionals believing that the level of de-risking will increase dramatically, many schemes may be unprepared to de-risk themselves, research commissioned by EDM Group has revealed.

John Lewis' holiday pay error will increase pension liabilities

Thursday, August 22, 2013

John Lewis' future pensions liabilities are expected to increase by around £7m after a recent discovery of a holiday pay blunder.

Unite rejects Royal Mail pensions cuts

Wednesday, August 21, 2013

Around 7,000 Royal Mail and Post Office managers have voted against cuts to their pensions in consultative ballots.

Cobham Pension Plan agrees to £280m bulk annuity deal

Thursday, August 15, 2013

The Cobham Pension Plan's trustees have agreed to a £280m bulk annuity transaction with Rothesay Life.

PPF selects 2 non-executive board members

Wednesday, August 14, 2013

The Pension Protection Fund (PPF) has appointed two new non-executive board members.

Deficits decrease during July

Tuesday, August 13, 2013

The Pension Protection Fund (PPF) has revealed that the aggregate deficit of the defined benefit (DB) schemes in the PPF 7800 index have decreased over the month of July.

PQM looks into raising default fund standards

Monday, August 12, 2013

The National Association of Pension Funds' (NAPF) Pension Quality Mark (PQM) is calling for industry views on what pensions schemes should consider when setting the investment strategy for their default fund.

PPF sets-up new trustee advisory panel with four firms

Tuesday, August 6, 2013

The Pension Protection Fund (PPF) has appointed four firms to its new Trustee Advisory Panel.

Leading the technological revolution: How the pensions industry is uniting to improve efficiency and risk management

Monday, August 5, 2013

Technology is starting to infiltrate the pensions industry, with significant implications for sponsors, trustees, members and advisers. But is it also having the effect of bringing together disparate industry stakeholders to focus on the key goals – managing deficits and providing better service to schemes and members?

Current UK pension system is "sub-optimal"

Wednesday, July 31, 2013

Current pension scheme solutions are "sub-optimal" and the pensions industry should be seeking structures and systems that can deliver better outcomes, a poll has revealed.

Possible "capacity crunch" for UK longevity hedging market

Wednesday, July 31, 2013

The UK pension fund longevity hedging market could triple over the next three years, however new analysis has raised concerns over the capacity of reinsurers to take on the risks of this growing market.

FTSE350 scheme contributions have little effect on deficits

Tuesday, July 30, 2013

Over £35bn has been paid by FTSE350 firms into their schemes over the last three years, but with very little effect on overall deficits, according to new research.

Detroit's demise provides "cautionary tale" for UK schemes

Thursday, July 25, 2013

A Detroit-style pension scheme catastrophe could potentially happen in the UK, a consultant has warned.

DB legacy issues will continue for longer than predicted

Thursday, July 25, 2013

Industry predictions around defined benefit (DB) legacy issues, especially involving buy-out, being completed within 25-30 years are wildly over optimistic, the Pensions Management Institute (PMI) has said.

NEST Corporation hit by fraud

Thursday, July 25, 2013

NEST Corporation, the trustee of the National Employment Savings Trust (NEST) scheme, has been hit by an incidence of fraud, which has resulted in a loss of more than £1.4m.

French pharma hires Aon Hewitt for its UK hybrid pension scheme

Monday, July 15, 2013

Servier Laboratories has appointed Aon Hewitt to provide a full range of services for its £60m hybrid scheme in the UK.

Shadow LGPS advisory board elects NAPF chief exec

Monday, July 15, 2013

The National Association of Pension Funds' (NAPF) chief executive has been elected chair of the shadow local government pension scheme (LGPS) advisory board.

Renold merges UK DB schemes

Wednesday, July 10, 2013

Renold has merged three of its UK defined benefit (DB) schemes in an attempt to reduce costs.

UK Coal scheme enters PPF

Tuesday, July 9, 2013

UK Coal's pension scheme has now entered the Pension Protection Fund (PPF), the company announced.

Citi secures £1.5bn EMI pension buyout

Tuesday, July 9, 2013

The EMI Pension Fund together with Citi have completed the largest ever pension insurance buyout with Pension Insurance Corporation (PIC).

Auto-enrolment is causing the pensions market to change

Thursday, July 4, 2013

The UK pensions market is changing as developments such as auto-enrolment are altering the type and range of services that schemes are seeking from providers, Aon Hewitt has said.

UK private sector DB assets increase over June

Tuesday, July 2, 2013

The assets of all UK private sector pension schemes increased by £109bn to £1,135 at the end of June 2013, while liabilities also increased by £36bn to £1,213 over the same period last year.

L&G buys closed annuity provider

Wednesday, June 26, 2013

Legal & General (L&G) has acquired Lucida, a closed annuity buy-out company, for around £151m.

Employers should provide more support to DC members

Wednesday, June 26, 2013

Trustees and employers need to support members more when it comes to helping them choose their annuity, the National Association of Pension Funds (NAPF) has said.

Companies make little progress in reducing pensions burden

Monday, June 24, 2013

Little progress has been made by companies to reduce the financial burden of their pension obligations as they fail to adapt to the new economy, according to PricewaterhouseCoopers (PwC) analysis.

"Negative spiral" in interest rates impacted Swiss schemes in 2012

Thursday, June 20, 2013

The latest study on the pension liabilities of the 30 largest Swiss companies revealed that the "negative spiral" in interest rates had a major impact on pension plans in 2012.

Imperial Home Decor secures enhanced buyout deal for DC scheme

Monday, June 17, 2013

The Imperial Home Decor scheme has completed a £5m enhanced buyout deal with Partnership for its defined contribution (DC) section.

Schemes are increasingly outsourcing pensions administration

Wednesday, June 12, 2013

A growing number of private sector schemes are outsourcing their pensions administration, according to an Aon Hewitt survey.

Deficit decreases over May, says PPF

Wednesday, June 12, 2013

Scheme deficits within the Pension Protection Fund's (PPF) 7800 index have decreased by £71.1bn over May, according to its latest research.

More accurate calculations can lead to smaller pension liabilities

Tuesday, June 11, 2013

More accurate accounting calculations can lead to smaller pension liabilities in company accounts, according to a Towers Watson study.

NAPF appoints new chairman

Tuesday, June 11, 2013

The National Association of Pension Funds (NAPF) has appointed the head of Tesco's pension scheme to become its chairman.

Auto-enrolment at risk of becoming pensions' 'five-a-day' campaign

Monday, June 10, 2013

Employers need to encourage members to contribute more than the minimum requirement by emphasising this in their auto-enrolment communication, a pensions specialist has said.

LAPFF recommends members to oppose WPP pay

Friday, June 7, 2013

The Local Authority Pension Fund Forum (LAPFF) is advising its members to oppose WPP's remuneration report and long-term incentive plan because of concerns about the scale of executive reward.

FRC announces revised auditing standard

Wednesday, June 5, 2013

The Financial Reporting Council (FRC) has made a "significant" change to the UK's auditing standards to enhance the transparency of financial reports.

Market movement impacts fee increases more than manager performance

Tuesday, June 4, 2013

Financial markets performance has a 2.5 times greater impact on the investment fee than the performance of the manager, consultancy firm LCP has said.

NEST's membership more than doubles since April

Tuesday, June 4, 2013

The National Employment Savings Trust's (NEST) membership has more than doubled since April and its assets under management have increased to around £8m, it announced.

PPF reappoints chairman

Monday, June 3, 2013

The Pension Protection Fund's (PPF) chairman has been reappointed for a further three years, the Department for Work and Pensions has announced.

Two Smith & Nephew pension plans insured for £190m

Wednesday, May 29, 2013

Rothesay Life has entered into bulk annuity transactions with two Smith & Nephew pension plans for £190m.

LPFA welcomes findings on pension fund fees

Wednesday, May 29, 2013

New research, which shows that Local Government Pension Scheme (LGPS) funds could be paying hundreds of millions of pounds more than necessary to City fund managers, has been welcomed by the London Pensions Fund Authority (LPFA).

Effective governance can help schemes reach full funding

Tuesday, May 28, 2013

Defined benefit (DB) schemes should strengthen their governance in order to achieve a more risk-controlled and cost-effective path towards full funding, BlackRock has said.

PASA launches administration providers transfers code of conduct

Friday, May 24, 2013

The Pensions Administration Standards Association (PASA) has launched a code of conduct on administration provider transfers to help raise standards in the industry.

PIC agrees £160m buy-in with First Quench Pension Fund Trustee

Wednesday, May 22, 2013

Independent Trustee Services Limited (ITS), on behalf of the First Quench Pension Fund, has agreed to a £160m buy-in deal with Pension Insurance Corporation (PIC).

Smaller schemes should grab attractive medically underwritten annuities

Wednesday, May 22, 2013

Smaller UK pension schemes have been urged by Aon Hewitt to look closely at current opportunities with medically underwritten annuities.

NAPF welcomes call to restructure local authority pensions

Tuesday, May 21, 2013

The Government plans to look at restructuring local authority pension funds, and the announcement has been welcomed by the National Association of Pension Funds (NAPF).

NSPCC Pension Scheme secures buy-in with PIC

Monday, May 20, 2013

The Pension Insurance Corporation (PIC) has completed a £63m buy-in with the trustees of the National Society for the Prevention of Cruelty to Children (NSPCC) Pension Scheme.

PPF publishes three-year plan

Monday, May 20, 2013

The Pension Protection Fund (PPF) has unveiled its strategic objectives for the next three years to reflect a "mature organisation".

Advisers hide data issues from trustees

Friday, May 17, 2013

Data problems suffered by schemes are down to advisers withholding information and issues from trustees in fear of it jeopardising their appointment, a pensions actuaries and administration specialist has said.

LAPFF backs JP Morgan chair/CEO separation

Thursday, May 16, 2013

The Local Authority Pension Fund Forum (LAPFF) has called for JP Morgan to split the roles of chairman and CEO.

FTSE350 DB pension deficits rise over £100bn

Monday, May 13, 2013

The defined benefit (DB) pension scheme accounting deficits for FTSE350 companies were £108bn at 30 April 2013, which corresponds to a funding ratio of 84%, according to data published by Mercer.

Roger Edwards to leave Royal London

Monday, May 13, 2013

Royal London, a mutual life and pensions company, has announced that Roger Edwards, managing director of UK protection brands Bright Grey and Scottish Provident, will be leaving the company.

Pensions Policy Institute announces new director

Friday, May 3, 2013

The Pensions Policy Institute (PPI) has appointed a new director.

More focus on lifestyling and dynamic governance for DC schemes

Thursday, May 2, 2013

More work is required to help defined contribution (DC) scheme members build their funds, experts said at a Pension Investment Academy (PIA) seminar.

NEST's membership increases

Wednesday, May 1, 2013

Over 300 large employers have signed up to the National Employment Savings Trust (NEST), the organisation has announced.

Political conflict of interests in local government schemes

Thursday, April 25, 2013

Concerns have been raised by the pensions industry regarding conflicts of interest within local government pension schemes (LGPS).

PMI elects new president

Tuesday, April 23, 2013

The Pensions Management Institute (PMI) has elected Paul Couchman as its new president, who will take over from Susan Andrews at PMI's annual general meeting in July.

ABP funding ratio increases to 101% in Q1 2013

Thursday, April 18, 2013

The latest financial report from Dutch fund ABP has revealed that its funding ratio increased five percentage points to 101% in the first quarter of 2013 from the forth quarter of 2012.

Mercer launches forum on UK DC provision

Tuesday, April 16, 2013

Mercer has launched an interactive forum, which aims to stimulate debate about the challenges surrounding defined contribution (DC) provision.

Delayed pensions payments rise sparks fears

Monday, April 15, 2013

A rise in the number of late payments made into company schemes could be indicative of "economic problems laying ahead", said Pinsent Masons lawyers.

PPF 7800 Index reveals deficit increase in March

Tuesday, April 9, 2013

The Pension Protection Fund's (PPF) latest 7800 Index has revealed that the deficit of defined benefit (DB) schemes has increased to an estimated £236.6bn in March 2013.

Buyout activity to exceed £6bn in 2013

Friday, April 5, 2013

Insurers expect total buyout activity to exceed £6bn during 2013, according to the latest analysis of the pension fund buyout market from an employee benefit provider.

UK pensions deficit will rise to £100bn+

Thursday, March 28, 2013

UK pension scheme deficits will rise to over £100bn at the "critical" 31 March company accounting date, according to analysis from an employee benefits firm.

Pensions Institute launches DC good practice principles

Wednesday, March 27, 2013

The Pensions Institute has published a set of "good practice" principles for modelling defined contribution (DC) schemes.

Fujitsu makes "special payment" to UK DB schemes

Wednesday, March 27, 2013

Fujitsu UK and Ireland has received £800m from Fujitsu Limited to "substantially" improve the funding position of its defined benefit (DB) schemes.

Cautious optimism as pension deficits decrease

Monday, March 18, 2013

Pension deficits fell by £70bn to £551bn in February wiping out the previous month's increase, according to research from a pensions and employee benefits specialist.

Expect more longevity swap transactions, says report

Friday, March 15, 2013

More longevity swap transactions are expected to take place this year as the larger schemes get ready to de-risk, according to a report.

PPF appoints new CIO and head of restructuring and insolvency

Friday, March 15, 2013

The Pension Protection Fund (PPF) has appointed a new chief investment officer (CIO) and a new head of restructuring and insolvency.

NAPF launches assessment guide for good investment stewardship

Wednesday, March 13, 2013

The National Association of Pension Funds (NAPF) has published a guide to help trustees assess the stewardship skills of prospective investment managers.

Pensions risk for charities highlighted to ministers

Tuesday, March 12, 2013

Growing pension liabilities are creating a time bomb within the charity sector that could explode at any moment, say charity membership organisations.

PQM guide to tackle poor pension communications

Thursday, February 28, 2013

The Pension Quality Mark (PQM) has launched a new guide to help employers communicate more effectively with staff about pensions.

UK credit downgrade could impact discount rates

Tuesday, February 26, 2013

Moody's decision to downgrade UK sovereign debt from AAA to AA1 could increase pressure on accountants to reduce balance sheet pension liabilities, warn consultants.

UK schemes are falling behind their long-term targets

Tuesday, February 26, 2013

UK pension schemes are falling further behind their long-term objectives, warns Aon Hewitt.

ONS figures reveals decline in membership of DB schemes

Friday, February 22, 2013

The decline in the number of employees with a workplace pension has been driven mainly by the fall in membership of defined benefit (DB) schemes, says the Office for National Statistics (ONS).

L&G agrees insurance deal with BAE Systems

Thursday, February 21, 2013

Legal & General has agreed to a longevity insurance arrangement for the defence and aerospace company BAE Systems' 2000 Pension Plan.

"There's a lot to do in 2013," says NAPF chairman

Tuesday, February 19, 2013

The National Association of Pension Funds' (NAPF) chairman Mark Hyde Harrison comments on the challenges that the pensions world will face in the year ahead, and says that "more needs to be done".

Pension deficits fall in January, says PPF

Wednesday, February 13, 2013

The Pension Protection Fund (PPF) has revealed that the deficit of defined benefit pension schemes has decreased in January.

Pension deficits rise

Thursday, February 7, 2013

The deficit of the UK's biggest defined benefit (DB) pension schemes increased by £13bn in January despite a 6.5% rise in the UK stock market, according to data collected by Mercer.

Medically underwritten buy-ins could save DB schemes 10%

Monday, February 4, 2013

Savings of 10% or more could be secured by trustees of defined benefit (DB) schemes when they de-risk, due to the introduction of health and lifestyle techniques in the bulk purchase annuity (BPA) market, a report says.

Calls for evidence on impact on DB growth

Monday, January 28, 2013

The Department for Work and Pensions has published a call for evidence by the Chancellor on the impact of funding defined benefit (DB) pensions on investment and growth.

DB schemes are buckling under the pressure

Monday, January 28, 2013

A new National Association of Pensions Funds (NAPF) survey reveals that defined benefit pension funds are closing their doors to new staff at the fastest rate on record.

PPF appoints new executive director

Wednesday, January 23, 2013

The Pension Protection Fund (PPF) has appointed Andy McKinnon, chief financial officer, as an executive director to its board.

Corporates good model for pension schemes admin, says PASA

Tuesday, January 22, 2013

The Pensions Administration Standards Association (PASA) has said that when it comes to handling administration, pension schemes should operate more like corporates.

Barnardo's to close DB scheme

Thursday, January 17, 2013

"Our pension strategy is prudent and fair." Kevin Barnes, director of finance at Barnardo's said, when he announced that the children's charity is to close its DB scheme to further contributions.

All-in-one approach has the future

Thursday, January 17, 2013

A new report published by investment manager BNY Mellon has identified administration, risk control and competitive fees as the three key critical considerations for DC pension schemes selecting a platform provider in the UK.

Australian pension fund to withdraw from News Corp

Friday, January 11, 2013

Australian pension fund First Super will sell down its £4.6m stake in News Corp after Rupert Murdoch's failed to comply with the governance standards set by the scheme.

A New Year, with old and new challenges for DC pensions

Wednesday, January 9, 2013

Mercer has prepared a watch-list of 10 challenges facing companies involved in the auto-enrolment process.

More organisations to reduce DC contribution levels

Thursday, January 3, 2013

A new Aon Hewitt survey confirms that more organisations expect to reduce DC contribution levels for auto-enrolment. Few, however, expect to change their DC vehicle.

PPF confirms new levy estimate

Wednesday, December 19, 2012

Following a consultation launched in September, the Pension Protection Fund (PPF) has confirmed the 2013/14 pension protection levy estimate.

Edmund Truell appointed new chair of London Pensions Fund Association

Tuesday, December 18, 2012

Edmund Truell has been appointed the new chairman of the London Pensions Fund Authority (LPFA) by London mayor Boris Johnson.

UK Coal's new business structure spares scheme from the PPF

Thursday, December 13, 2012

Twenty five hundred jobs and the pension savings of 6800 people have been spared due to the new structure under which UK Coal will operate.

Invensys' trustees look at deal that will save scheme

Tuesday, December 4, 2012

The trustees of the Invensys Pension Scheme can look forward to the £1.7bn sale of Invensys' rail division to Siemens, a move which will wipe out most of the engineering group's bulky pension deficit.

Scottish Life launches automatic enrolment solution

Tuesday, December 4, 2012

Scottish Life, the pensions branch of the Royal London Group, has launched an automatic enrolment (AE) proposition this week.

PMI offers way for efficient trustee boards to cut insurance premiums

Wednesday, November 21, 2012

The Pensions Management Institute (PMI) is collaborating with a trustee liability insurance provider to improve governance and reduce risk for trustee boards through training and development.

Joanne Segars selected as new EFRP chair

Tuesday, November 13, 2012

Joanne Segars, chief executive of the National Association of Pension Funds (NAPF), has been elected as chair of the European Federation for Retirement Provision (EFRP).

New Archbishop will be faced with huge pension deficit

Monday, November 12, 2012

The former Archbishop of Canterbury has seen his fair share of problems in the Church, but one thing seems to have remained largely unaddressed; its ever-rising pension deficit. Hopefully Etonian and former oil executive Justin Welby, the new Archbishop of Canterbury, is good with numbers.

Master Trust Association brings unified voice

Thursday, November 8, 2012

The Master Trust Association (MTA) has been launched this week in order to promote best practice within master trusts and to ensure UK providers get a unified voice.

NEST will be more popular than current predictions indicate

Wednesday, October 31, 2012

Atkin & Co, the pension scheme administrator and actuarial consultant, has today argued that the National Employment Savings Trust (NEST) could be a more popular choice than currently being predicted, particularly for smaller employers.

UK schemes' funding ratio improved in 2012

Monday, October 29, 2012

The funded status of defined benefit (DB) pension schemes in the US, Canada and the Netherlands has declined since December 2011, says consultancy firm Mercer. However, an improvement is seen in the UK.

AT&T will boost pension fund with equity stake

Monday, October 22, 2012

Multinational telecommunications corporation AT&T have announced it will contribute a stake in its wireless business worth $9.5bn to the company's pension plan in an effort to secure the fund, according to Reuters.

NAPF explores 'defined ambition' pensions

Thursday, October 18, 2012

With the help of a group of industry experts the National Association of Pension Funds (NAPF) has published a new essay examining what a 'defined ambition' (DA) pension might look like.

Many companies remain undecided on auto-enrolment arrangements

Tuesday, October 16, 2012

Around a third of companies due to start auto-enrolment in the first half of 2013 are still considering their strategic response to the new regulations, according to a new survey by Mercer.

"Stop default funds with toxic charges," says Pensions Institute

Thursday, October 11, 2012

Default funds with high charges should not be permitted in the new auto-enrolment market; otherwise millions of employees will suffer, the Pensions Institute has concluded in a new report.

Global investors demand independent News Corp chair

Tuesday, October 9, 2012

Members of the Local Authority Pension Fund Forum (LAPFF) and US-based Christian Brothers Investment Services (CBIS) have co-filed a resolution which seeks the appointment of an independent chair at News Corporation.

Pay should be linked to long term performance, says L&G

Thursday, October 4, 2012

Legal & General Investment Management (LGIM) said that this year's "shareholder spring" highlights a need for a stronger correlation between chief executive pay and long term performance.

Accounting deficit of UK's DB schemes reduced over September

Wednesday, October 3, 2012

FTSE350 pension schemes funding levels hit 2012 high after deficits reduce by 33% in September, says Mercer.

Low-risk pension strategy should keep young saving

Friday, September 28, 2012

A low risk approach to defined contribution (DC) pension investment could be an appropriate strategy for use by young employees who have accumulated relatively small investment pots, according to Mercer.

Aviva launches auto-enrolment solution

Wednesday, September 26, 2012

Insurance company Aviva has launched an online automatic enrolment modelling and compliance solution for employers to manage their pension responsibilities.

PPF sets pension protection levy at £630m

Wednesday, September 26, 2012

The Pension Protection Fund (PPF) announced that the pension protection levy estimate for 2013/14 will be £630m.

Unite warns for more strikes in Argos pension dispute

Monday, September 24, 2012

More strikes could hit retail giant Argos unless the company goes to the conciliation service Acas to resolve a dispute over the closure of the final pension scheme, Unite has warned.

Dutch pension funds slowly make their way to recovery

Friday, September 21, 2012

Increasing share prices have resulted in a higher average coverage ratio of Dutch pension funds.

Occupational schemes see slow but steady decline in active membership

Thursday, September 20, 2012

The total membership figure of occupational schemes in the UK is estimated to be 27.2 million, the same as in 2010, according to figures from the Office for National Statistics (ONS).

Uncertainty about future RPI continues, says Cardano

Wednesday, September 19, 2012

Investment advisor and fiduciary manager Cardano believes that last week's Consumer Prices Advisory Committee (CPAC) meeting has created further uncertainty about how RPI inflation will be calculated in future.

Capita Hartshead and Bluefin become Capita Employee Benefits

Tuesday, September 11, 2012

After the acquisition of Bluefin Corporate Consulting by Capita Hartshead in April, the companies are to combine forces and rebrand as Capita Employee Benefits. The new name comes into effect from November.

Pension schemes' deficits decreased during August

Tuesday, September 11, 2012

The aggregate deficit of the 6,432 schemes in the PPF 7800 index is estimated to have decreased over the month to £280.3bn at the end of August 2012, from a deficit of £283bn at the end of July, the Pension Protection Fund (PPF) says.

The Pensions Trust to launch multi-employer scheme for third sector

Monday, September 10, 2012

Pension provider The Pensions Trust has announced its intention to launch a defined contribution (DC) multi-employer offering for the voluntary sector.

UK companies need to take action to limit impact of IAS 19

Monday, September 3, 2012

"While companies continue to be focused on working with trustees to tackle their pension scheme funding deficits, we suspect the introduction of the revised IAS 19 in January 2013 is slipping under the radar of many financial directors," said Simon Robinson, principal at Aon Hewitt, this week.

Local government employers back pension changes

Friday, August 31, 2012

Employers have joined the main trade unions in supporting the planned pension scheme changes which are due to take effect from 2014.

AGA takes drastic measures to rescue pension fund

Wednesday, August 29, 2012

Shares in AGA Rangemaster, the cooker and kitchen specialist, dropped as it scrapped its dividend payouts to save its pension fund.

ABI presents action plan on clearer pension charges, industry reacts

Thursday, August 23, 2012

In a letter to the regulators, the Association of British Insurers (ABI) has set out an action plan for clearer pension charges and costs.

Four risk areas for DC schemes during Eurozone crisis

Tuesday, August 21, 2012

Consultancy firm Mercer has highlighted four potential risk areas from the Eurozone crisis that have direct implications for defined contribution (DC) pension plans, along with some suggested actions that could help scheme sponsors and trustees mitigate these risks.

BBC pension deficit almost doubles

Friday, August 17, 2012

The latest interim funding report of the BBC has revealed that the scheme's shortfall has risen to £2.6bn at 1 April 2012, an increase of more than a billion pounds from last year's figures.

Dawson International in administration due to pension deficit

Thursday, August 16, 2012

Cashmere clothing maker Dawson International has gone into administration after the Pension Protection Fund (PPF) and Pensions Regulator rejected its request to put its pension plans into a protection fund.

Pension schemes deficits increase during July

Tuesday, August 14, 2012

The aggregate deficit of the 6,432 schemes in the PPF 7800 index is estimated to have increased over the month to £283.0bn at the end of July 2012, from a deficit of £267.0bn at the end of June, the Pension Protection Fund (PPF) says.

UK Coal reports £450m pension deficit but strikes deal with trustees

Tuesday, August 14, 2012

Britain's biggest coal producer, UK Coal, has reached an agreement with its pension trustees that will see them extend a support package worth £90m up to the end of 2015.

PPF launches specialist administration panel

Thursday, August 2, 2012

The Pension Protection Fund (PPF) has launched a new specialist administration services panel (SASP) as part of the ongoing development of its Assess & Pay programme.

2012 pension fund buyouts analysis released

Thursday, August 2, 2012

JLT Pension Capital Strategies (JLT PCS), which specialises in corporate consulting and pension scheme de-risking, has released its latest analysis of pension fund buyouts in 2012.

Kay Review publishes final report

Monday, July 23, 2012

The Kay Review published its final report this Monday urging asset managers and other participants in the equity investment chain to adopt a more long-term vision and put their clients' interests first.

CalPERS and CalSTRS pension funds report small returns

Tuesday, July 17, 2012

The California public employee and teacher pension funds both posted small annual returns this week and might call for higher contributions.

Pension schemes saw deficits go down in June

Tuesday, July 10, 2012

The aggregate deficit of the 6432 defined benefit (DB) schemes in the PPF 7800 index is estimated to have decreased over the month to £267.0bn at the end of June 2012, from a deficit of £312.1bn at the end of May, the Pension Protection Fund (PPF) says.

Pension schemes of FTSE 100 companies face tough times

Tuesday, July 10, 2012

Firms in the FTSE 100 share index paid an extra £11bn into their pension schemes last year in a bid to reduce the schemes' deficits, a report by actuaries LCP claims.

ING saves €300m due to new pension scheme

Thursday, July 5, 2012

ING and Dutch trade unions today announced they have finalised plans for a new pension scheme for the firm's employees in the Netherlands.

UK's DB pension scheme liabilities reach historic highs

Tuesday, July 3, 2012

Aon Hewitt has said that the liabilities of the FTSE 350's final salary pension schemes, as shown in their company accounts, are now equal to 35% of their sponsoring companies' combined market capitalisation. This, Aon Hewitt says, is "the highest level this proportion has ever reached".

Fiduciary management: Debunking the myths

Friday, June 29, 2012

The Pensions Regulator is increasingly turning up the heat when it comes to scheme governance, which is understandable given the past few years of economic turbulence and the amount of money involved. On top of that, scheme members need to be protected. So how can trustees ensure they adhere to all of these demands and still keep on top of the long term goals and day-to-day chores?

Co-operative Group extends pensions offering for auto-enrolment

Friday, June 29, 2012

Following a widespread review of its retirement benefits ahead of auto-enrolment, the Co-operative Group, the UK's largest mutual business owned by its customers, announced it will offer its career average 'Pace' scheme to all of its workers.

NAPF's PQM scope extended in light of auto-enrolment

Friday, June 29, 2012

Adapting to the changes that are sparked by auto-enrolment, the National Association of Pension Funds' (NAPF) Pension Quality Mark (PQM) is including a new standard for pension schemes that use a different type of charge.

UK pensions fraud up 55%, warns Baker Tilly

Friday, June 22, 2012

Nearly one in five pension schemes in the UK have suffered fraud in the past 2 years, Baker Tilly's Pensions Fraud Risk survey 2012 reveals. This is an alarming rise of 55% on the same period last year.

FSA reduced scheme deficit by £7.4m over 2011

Friday, June 22, 2012

The Financial Services Authority (FSA) has reduced the deficit in its defined benefit (DB) pension scheme by £7.4m over 2011, the firm announces in its annual report this week.

Massive surge in UK pension deficit, says PPF

Friday, June 22, 2012

The collective deficit of the UK's private sector final salary pension schemes have gone up with £104.5bn during the month of May, new figures from the Pension Protection Fund (PPF) show.

House of Fraser closes final salary pension schemes to future accrual

Tuesday, June 12, 2012

Department store House of Fraser has closed its two defined benefit (DB) pension schemes to future accrual.

New Local Government Pension Scheme (LGPS) plans revealed

Friday, June 8, 2012

The Local Government Association (LGA) and trade unions have announced their new LGPS proposals which will take effect from 1 April 2014.

ABP produces annual results after a tumultuous year

Thursday, May 24, 2012

The Netherland's pension fund for public employees, ABP, published its annual results after a turbulent year revealing a positive return but falling coverage ratio due to low interest rates.

Swiss pension funds alter asset allocation after negative results

Wednesday, May 23, 2012

A new survey of Swiss pension funds shows that over the year 2011, schemes did not manage to achieve the positive results they had hoped for.

Report calls for better active governance of DC schemes

Monday, May 21, 2012

At a seminar for leading industry professionals, the Defined Contribution Investment Forum (DCIF), a group of organisations formed to exchange ideas and develop initiatives to promote investment excellence in DC pensions, launched a new White Paper setting out the benefits of an active governance approach.

Half of UK employers confirmed pension provider ahead of auto-enrolment

Friday, May 18, 2012

New research from NEST shows around half of the UK largest employers and medium-sized employers have confirmed their provider for auto-enrolment and are expecting pension providers to support them through the process of change.

DB pension schemes in UK see total deficit increase with £100bn

Friday, May 11, 2012

The UK's defined benefit (DB) private pension schemes saw their accumulated deficit grow nearly two-fold in the last year, figures released by JLT Pension Capital Strategies (PCS) revealed.

JP Morgan's pensions and benefits rebrand plans pay off

Tuesday, May 1, 2012

Financial services firm J.P. Morgan announced impressive results from a recent rebrand of their employee benefits scheme which saw the take up of their various benefits packages, including pensions, go up with 26% compared to the previous year.

Biggest Dutch pension schemes efforts seem futile despite growing assets

Thursday, April 26, 2012

The top five biggest pension schemes in the Netherlands published their first quarter results revealing a growth in total assets but a continued problem with coverage ratios due to low interest rates.

CalSTRS faces $65bn shortfall

Thursday, April 26, 2012

America's second biggest public pension scheme, which provides for the retirement of half a million California-based teachers, will face a shortfall of $64.5bn over the next three decades, its deputy chief executive, Ed Derman, told reporters.

Dutch film industry pension scheme to transfer to PNO Media

Tuesday, April 17, 2012

The Dutch Central Bank (DNB) has given permission to the pension fund for the film and cinema industry (BPF Film) to go into liquidation and transfer its assets and members to the bigger media scheme PNO Media.

Top 100 US corporate pension funds see record underfunding as liabilities soar

Friday, April 13, 2012

The 100 largest corporate pension funds in the US saw their funding levels drop to an all time low in 2011 due to a combination of falling stock prices, low interest rates and increased liabilities, pension consulting firm Milliman said.

Blog: Could pensions longevity risk sink UK?

Thursday, April 12, 2012

It's been an even more exciting week than usual for actuaries.

LAPFF welcomes Murdoch's decision to step down as Chairman of BSkyB

Wednesday, April 4, 2012

James Murdoch's decision to step down as chairman of BSkyB has been welcomed by the Local Authority Pension Fund Forum (LAPFF).

Zurich could hold referendum on scandal BVK pension fund recovery plan

Friday, March 30, 2012

A plan to inject 2 billion Swiss francs (£1.38bn) into a struggling public sector pension fund might trigger a referendum over accounting techniques used in the recovery plan.

QinetiQ agrees with pension fund trustees to reduce deficit

Thursday, March 29, 2012

Defence technology company QinetiQ has announced it has reached an agreement with the pension fund trustees of its UK defined benefit (DB) pension scheme to reduce its pension deficit and improve the security of the scheme.

New B&CE CEO slams NEST 'favouritism'

Thursday, March 29, 2012

New B&CE CEO Patrick Heath-Lay has complained of the "confusion that for some people auto-enrolment equals NEST" in a frank interview with Pension Funds Insider.

Webb praises Tesco pension scheme, defines risk-sharing aspiration

Thursday, March 22, 2012

Pensions minister Steve Webb has praised supermarket group Tesco for proposing changes to its pension scheme designed to allow it to continue offering a defined benefit plan.

UK stewardship code set for changes after Kay criticism

Tuesday, March 20, 2012

The UK stewardship code on shareholder engagement is set for changes this April after criticism of its apparent ineffectiveness were made in the interim findings of the Kay review.

Pension funds are not absentee owners, says NAPF Investment Chair

Wednesday, March 7, 2012

Martin Mannion, the Investment Council chairman at the National Association of Pension Funds (NAPF) opened the industry body's annual investment conference in Edinburgh today, and criticised the UK Government for not doing enough to save workplace pensions.

Dutch Minister calls for more expertise on pension fund boards

Thursday, March 1, 2012

The Dutch minister for Social Affairs, Henk Kamp, has said in a statement that pension funds will be able to select boards that consist entirely of external professional members.

BAE Systems to close hybrid scheme to new members

Wednesday, February 29, 2012

BAE Systems has announced that it will be closing its UK-based defined benefit pension scheme (including its large hybrid scheme) to further accrual after its pension deficit increased from £3.8bn last year to £5.2bn in December 2011.

Pension fund trustees happier with companies but taking a back seat on covenant monitoring

Friday, February 24, 2012

Increasing numbers of pension fund trustees have faith in the company backing their scheme, although trustees are less frequently testing the strength of the same companies' commitments to the scheme – the so-called employer covenant.

103 Dutch funds slash pensions

Wednesday, February 22, 2012

7.5 million employees and pensioners will see their pensions drop over the next couple of years after 103 Dutch pension funds announced yesterday that they will have to slash benefits

QE bad for pension funds; bad for the economy too?

Tuesday, February 14, 2012

The Bank of England is to inject another £50bn into the UK economy in order to restore consumer spending levels and increase corporate lending, but many pension funds will be wringing their hands at the decision

Is Steve Webb reaching for the stars?

Friday, February 10, 2012

Last Tuesday (7 February), UK Pensions Minister Steve Webb called for a middle-ground 'defined aspiration' pension in a speech delivered to the National Association of Pension Funds (NAPF) chairman's dinner.

Government's executive pay plans put pension funds in reluctant control

Friday, February 3, 2012

The government has called on pension funds and other shareholders to keep 'fat cat' executive salaries in check in its recently announced remuneration voting reform plans.

National Australia Bank to inject £130m into Clydesdale DB scheme

Friday, February 3, 2012

National Australia Bank (NAB) announced last week it will transfer £130m into its Glasgow-based Clydesdale Bank pension scheme in order to reduce its deficit.

APG and ABN AMRO team up to offer new DC pension offering

Tuesday, January 31, 2012

The Dutch Central Bank (DNB) has approved a joint venture between asset manager and pension administrator APG and ABN AMRO's pensions department, to create a premium pension institution (PPI). The new PPI will be called Pensional.

Mean DC returns 'will lead to social and economic chaos' claims Barnett Waddingham

Monday, January 23, 2012

Consulting actuary firm Barnett Waddingham has warned that the erosion of defined benefit (DB) pension provision in favour of defined contribution (DC) schemes will lead to "massive social and economic problems" in the future

EMI pension trustees in £200m talk with Citigroup

Friday, January 20, 2012

According to UK daily newspaper the Independent, Citigroup has started talks with EMI's pension trustees regarding a £200m injection into the scheme.

Kodak bankruptcy might mark beginning of UK pension battle

Thursday, January 19, 2012

Iconic photography firm Kodak has filed for bankruptcy protection in the US, leaving its UK pension scheme facing an uncertain future

Swiss debate tightening early access rules to shore up pension funds

Thursday, January 12, 2012

Politicians in Switzerland have launched a consultation to consider tightening the country's liberal laws on savers' early access to their pension pots.

Boom in liability insurance deals and swaps sees record '£11bn plus' of business in 2011

Wednesday, January 11, 2012

A record-breaking fourth quarter saw the combined value of pension fund buy-in, buy-out and longevity swap deals smash the £10bn mark in 2011, consultants LCP have calculated.

Last FTSE 100 firm closes DB scheme to new members

Friday, January 6, 2012

Royal Dutch Shell has announced that it is to close its DB scheme to new members.

Picking through the public sector pensions deal

Wednesday, December 21, 2011

The UK Government has announced a deal with a large number of public sector unions that is set to end a series of strikes over changes to pension arrangements.

New Swiss pension administration fee study challenges scheme rip-off reports

Tuesday, December 13, 2011

A Swiss government study of pension fund administration fees has concluded that they are "reasonable" and that any reduction in administration service costs would require "simplifying" the occupational pensions system in Switzerland

DC costs expected to rise significantly over next few years

Friday, December 9, 2011

Nearly half of pensions industry experts expect the costs of defined contribution (DC) governance to rise in the coming years, according to RPMI, the pension service provider.

Trustees not challenging their advisers enough

Friday, December 9, 2011

Many pension scheme trustees are giving their advisers an easy ride and are not confronting issues that may be harming a scheme's overall performance, according to a former UK civil servant

Webb: We need to agree on a solution for small pension pot consolidation

Tuesday, December 6, 2011

UK Pensions Minister Steve Webb has announced a consultation on the transfer of individual pension pots - and offered a few possible solutions to the problem

Finance directors taking the lead on DB de-risking

Thursday, December 1, 2011

Finance directors in the UK are taking on more responsibility for managing the risk of their company defined benefit (DB) schemes, and are driving discussions with de-risking solution providers ahead of trustees, according to Metlife Assurance.

LGPS faces "destruction threat" - union

Thursday, November 17, 2011

A union representing civil servants has reiterated its claims that a wave of opt-outs after proposed changes to public sector pensions would "destroy" the UK's Local Government Pension Scheme (LGPS).

Rosy PPF figures boosted by bond holdings

Tuesday, November 15, 2011

The UK's Pension Protection Fund (PPF) has reported an increased surplus of £678 million at the end of the financial year to 31 March 2011, pleasing pension funds which rely on it to absorb them if their sponsor company goes to the wall.

How asbestos scheme completed biggest ever buyout with L&G

Friday, November 11, 2011

Legal & General has announced the signing of a £1.1bn bulk annuity contract with the pension scheme of bankrupt asbestos producer Turner & Newell

'Overworked and under-rated' Pensions Managers need support

Friday, November 11, 2011

Pension Managers in the UK feel they are 'under-rated' and need further support from their employers as they face an increased workload in the run up to auto-enrolment

JP Morgan: our consultants are now turning into clients

Friday, November 11, 2011

JP Morgan's managing director of worldwide securities services Benjie Fraser has told Pension Funds Insider that the consultants the firm is working with are now turning into clients of the firm

BA owners and Lufthansa yet to agree on BMI pension scheme

Friday, November 11, 2011

Despite going public with an agreement to buy BMI from Lufthansa, British Airways' owners have confirmed to Pension Funds Insider they still need to settle the fate of the BMI pension scheme.

Pension managers gather to discuss NEST alternatives

Tuesday, November 8, 2011

Earlier this week a group of pension scheme managers came together to discuss alternatives to NEST and establish what, in their eyes, a good pension provider should offer to employers. Pension Funds Insider reviewed the outcome with the meeting's host, Darren Jefferson from independent trustee and governance services provider Pitmans Trustees.

Dropping interest rates see ABP announce loss of €7bn

Wednesday, October 26, 2011

ABP, ranked by Pension Funds Online as the second largest pension scheme in the world, today announced its assets have decreased by €7bn in the last quarter due to dropping yields on German sovereign bonds hitting its discount rates.

A million Zurich taxpayers to get bill for 'scandal pension fund' rescue

Wednesday, October 26, 2011

Reports coming out of Switzerland suggest that the Canton of Zurich will levy an extra 4% on local taxes to pay a 2.6bn Swiss franc (£1.83bn) recovery bill for a scandal-ridden local civil servants' pension fund that is pushing the Canton into posting a record deficit.

How asbestos scheme completed biggest ever buyout with L&G

Wednesday, October 26, 2011

Legal & General have announced the signing of a £1.1bn bulk annuity contract with the pension scheme of bankrupt asbestos producer Turner & Newell.

Asset transfers - toxic timebombs or miracle cures?

Wednesday, October 26, 2011

Lloyds Bank pension scheme members are said to be unhappy that their defined benefit (DB) plan could have been saddled with 'toxic' assets after the company became one of the latest sponsor to transfer non-cash assets into its pension scheme. Are trustees really at risk of being duped into taking unwanted assets into funds? Pension Funds Insider investigates.

Pension funds to News Corp: "Overhaul your corporate governance"

Tuesday, October 25, 2011

News Corp must change its structures and overhaul its corporate governance in response to unprecedented investor dissent, the Local Authority Pension Fund Forum (LAPFF) said today.

Doctors Pension Fund Services and PGGM to team up

Tuesday, October 25, 2011

The Dutch pension fund for general practitioners, Stichting Pensioenfonds voor Huisartsen (SPH), and their administrator Doctors Pension Fund Services (DPFS) have signed an agreement with pension provider PGGM to join forces and provide a better service for their members.

LGPS could save up to 39% through service-sharing

Friday, October 21, 2011

Capita Hartshead has claimed that UK local government pension schemes (LGPS) could make significant savings by joining up to a new framework which sees schemes sharing service providers for their administration.

Defined benefit optimists speak up amidst market gloom

Friday, October 21, 2011

Pension fund trustees have been a thoroughly frustrated lot this summer. Sliding equity markets have widened many scheme deficits, in some cases unwinding years of careful reduction work.

Capita Hartshead appointed in UK local authority cost-sharing initiative

Wednesday, October 19, 2011

Two London borough pension schemes have joined forces and appointed the same pension administrator in order to save costs

Pensions administrators should be free to give advice

Wednesday, October 19, 2011

The UK's Pensions Administration Standards Association (PASA) has called for pension administrators to be able to talk to scheme members and employees about the advantages of paying into a pension without the fear that they will be accused of having given financial advice

ATP's rival offering to NEST launches in the UK

Wednesday, October 19, 2011

Denmark's largest pension scheme, ATP, has announced that it will launch a new multi employer trust, called NOW pensions, in the UK on 1 January 2012.

Polarisation in UK investment consultant market 'set to continue'

Wednesday, October 19, 2011

The UK's pension fund investment consultancy market is set to further polarise between a handful of major international firms and a larger number of successful specialist boutiques and middle players, leading figures in the business have told Pension Funds Insider

ETVs 'being considered by half of all DB schemes'

Wednesday, October 19, 2011

The controversial practice of offering members of defined benefit (DB) schemes Enhanced Transfer Values (ETVs) to leave their fund is set to be offered by half of all such schemes over the next decade, claims a recent KPMG report

UK Coal buries DB scheme

Wednesday, October 19, 2011

Long-term inflation and interest rate assumptions were a decisive factor in UK Coal planning to close its DB scheme despite shedding £50.8 million from its deficit over the past 12 months

Pension fund boards 'not fit for purpose'

Wednesday, October 19, 2011

Many UK pension trustee boards are not fit for purpose and cannot meet the demands of 21st century pensions governance

Collective pensions better for UK, says APG

Wednesday, October 19, 2011

The final report from the UK's Workplace Retirement Income Commission (WRIC) has called for the Government and the Pensions Regulator to develop new structures that would "allow bigger, low-cost pension schemes to operate". In light of the report, Pension Funds Insider spoke to APG, the Dutch pension provider, to find out how sponsors and members could benefit from the adoption of the successful Dutch collective model

Zurich Airport cites secret agreement to avoid pension deficit contributions

Wednesday, October 19, 2011

Its banks may be infamously secretive about their client lists and several James Bond villains chose its Alpine valleys as perfect hideaways, but Switzerland's pension funds are not known to shroud themselves in secrecy

German pension schemes back Euro

Wednesday, October 19, 2011

While their countrymen seem to be increasingly concerned at the cost of propping up the Eurozone, a new survey claims that German pension investors back the politicians who want to see the single currency kept together

Buyouts 'on the up' for funds

Tuesday, October 18, 2011

The increasing popularity of insurance companies taking on UK pension funds' assets and insuring their liabilities via buyouts and buy-ins appears to have pushed longevity swaps to one side. Are UK pension fund trustees now looking at the option in a new light?

Creating certainty in DC – the impossible dream?

Tuesday, October 18, 2011

An independent trustee in the UK is the latest to attempt to provoke a debate on whether DC funds can create a sense of certainty for savers by removing some of the investment risk borne by members

Unique TUI plan gains approval

Tuesday, October 18, 2011

TUI's innovative new pension fund recovery plan, which makes use of intellectual property, has won the approval of its trustees and unions, the firm has told Pension Funds Insider.

Visit London scheme rescued by GLA

Tuesday, October 18, 2011

Mayor Boris Johnson has approved a Greater London Authority (GLA) deal which will see it take up £3m in costs to guarantee full pension rights to former Visit London staff.

Food giant 'starves its own staff', says Unite

Tuesday, October 18, 2011

Unilever workers from across UK sites took their pension dispute to London on 5 July to campaign against the food and household giant's plans to scrap their defined benefit pension scheme.

'Take leadership on stewardship', Minister tells trustees

Monday, October 17, 2011

The Minister of Employment Relations, Edward Davey, earlier this week told trustees that they needed to "provide proper leadership by asking the questions of the stewardship code" as calls continue for greater engagement from pension funds with the Financial Reporting Council's voluntary corporate governance guidelines.

Unilever pension campaign 'has history on its side' claims Union

Monday, October 17, 2011

150 Unilever staff have walked out of a Warrington factory in an effort to keep one of the last private sector schemes in the country open, with their union, Unite, telling Pension Funds Insider that the company can expect to face more anger in the weeks ahead for what it claims is a betrayal of its historic principals.

Consultant's nature too fleeting for current problems

Monday, October 17, 2011

This week Pension Funds Insider caught up with the spiritual father of fiduciary management Anton van Nunen about the rise of fiduciary management and the changes the concept has brought to the consulting market.

Employer covenant warning as firms approach debt 'mountain'

Thursday, October 13, 2011

Pension fund trustees should redouble their efforts to monitor the strength of their employer covenant to avoid their funds becoming neglected in a possible massive wave of refinancing over the next few years, Punter Southall claim.

Is web revolution about to shake up pension schemes?

Thursday, October 13, 2011

Modern communications technology is clearly making its mark in the pensions industry. Pension Funds Insider asks whether the web may be about to facilitate a fundamental change by bringing together the most loosely connected group in the industry – the scheme members?

Member communication: in perspective

Thursday, October 13, 2011

NEST, the UK's national pension scheme, due for implementation in 2012, has come under fire from all angles. Now its communication strategy is being questioned as well. Pension Funds Insider assesses the criticism and how other schemes are progressing when it comes to taking to members.

Shedding pensions liabilities: No money to Visit London

Thursday, October 13, 2011

A 'loophole' in the pension system has been used again to shed pension liabilities as the question over who should stop the practice continues to rise. This time, however, it's a public body, not a private equity firm in the spotlight. Pension Funds Insider reports how, in an effort to promote London, City Hall leaves some of its own Londoners without a pension

"Collective DC could increase pensions by 45%"

Thursday, October 13, 2011

Earlier this week independent pensions consultant Hamish Wilson told Pension Funds Insider that a new structure of collective defined contribution (CDC) could increase members' pension pots by between 35-45%.

Five years on, is the UN's PRI project making progress?

Thursday, October 13, 2011

In April 2006, United Nations Secretary-General Kofi Annan came together with a group of some of the largest institutional investors in the world to launch the Principles for Responsible Investment (UN PRI) in New York. The aim was to provide a framework for achieving "better long-term investment returns and more sustainable markets". Five years later Pension Funds Insider looks at the uptake by pension schemes

Double pension fund 'divide' opening up

Wednesday, October 12, 2011

A Barnett Waddingham report has revealed new evidence that a number of large UK companies are facing significant operational challenges due to their defined benefit (DB) pension deficits

BA scheme meeting fails to solve CPI dispute, legal dispute looms

Tuesday, October 11, 2011

The chairman of trustees at British Airways' Airways Pension Scheme's (APS) this week told thousands of disgruntled members that their pension payment increases are to be switched to the lower consumer price index of inflation (CPI) in order to preserve the long-term health of the fund.

Behind the mask

Tuesday, October 11, 2011

One of Europe's largest pension providers, APG, which is responsible for more than €277m in managed assets, first revealed its interest in the UK savings market last November. Six months later, Pension Funds Insider recently caught up with Stephan Schuller, associate director for institutional clients, to find out if the Dutch firm is ready to reveal its plans for UK savers

A waiting game for Prudential pension scheme members

Tuesday, October 11, 2011

Members of the Prudential Staff Pension Scheme in the UK will have to wait another two weeks to see if they can continue their fight to keep their pension increases as closely in line with inflation as possible

Fighting for good corporate governance

Tuesday, October 11, 2011

The corporate governance director of Aviva Investors has told Pension Funds Insider that pension funds "don't seem to understand what corporate governance is about or what to do about it."

Trustees 'gambling' over economy

Tuesday, October 11, 2011

Pension fund trustees in the UK are putting members savings at risk by gambling on a stable economic recovery that is far from certain, claims Cardano

BBC staff muddled by scheme changes

Monday, October 10, 2011

BBC staff are worried that they will not receive appropriate financial advice from their employer as they are told to pick from a three-part pension menu by the end of the year, the head of the media and entertainment union BECTU has told Pension Funds Insider

Not quite running like clockwork

Friday, October 7, 2011

Despite being the 45th biggest pension fund in Europe, a wave of mismanagement and a corruption scandal has exposed an overall deficit of 15bn Swiss Francs at the BVK fund, according to a leading academic

Dutch schemes slow off the mark with results

Friday, October 7, 2011

Dutch pension schemes score low when it comes to the speed at which they publish their annual results, according to annual research conducted by KPMG

Falling like dominoes: Are final salary schemes really finished?

Friday, October 7, 2011

The fierce debate in the UK over public sector pension reform continues, as the Hutton report recommends phasing out final salary schemes for state employees. But could scrapping them have a negative overall economic effect?

ING calls for help to unlock indexation deadlock

Friday, October 7, 2011

ING's decision to freeze pension increases for ex-employees in line with inflation for the second year in a row has resulted in its pension scheme trustees calling in three external experts to decide whether the decision is fair

Ford RPI dispute heads into impasse

Friday, October 7, 2011

Ford claims it is powerless to avoid switching UK pension payments from an inflation linkage to the Retail Price Index (RPI) over to the Consumer Price Index (CPI). With 40,000 members of its fund affected by the change, the firm could now face strike action

Member communication made easy

Friday, October 7, 2011

Earlier this month, the Dutch financial watchdog AFM published its first communication guidelines for pension funds in the Netherlands. Pension Funds Insider explores the benefits of the guiding principles for Dutch pension schemes

Pretty picture for German painters' pension fund

Wednesday, October 5, 2011

A study of German pension funds' financial health and performance claims that a fund for painters and decorators is the best in the country

Scheme concerns need addressing before they become wrap fans

Wednesday, October 5, 2011

The corporate wrap is emerging to offer a way of cushioning an unpredictable outcome for DC retirement benefits. Pension Funds Insider investigates what this means for existing UK schemes

A £5 per-year pension fee in the UK?

Wednesday, October 5, 2011

The introduction of low-cost flat-pack furniture to the UK from Sweden in 1987 rapidly changed the face of the British hardware retail market. Today, some 24 years later, a firm from neighbouring Denmark is hoping to shake up the pensions market in a similarly dramatic fashion with a firm 'no thrills' approach to pension provision

Old assumptions on life expectancy - hurting balance sheets?

Wednesday, October 5, 2011

A prominent financial services firm sent out a warning last week to Scottish pension schemes saying they could be inflating deficits due to the use of UK-wide life expectancy figures, which are higher than the Scottish average. But schemes and advisers have questioned whether these accusations are a fair reflection of actuarial work in Scotland

Fiduciary management: The right balance?

Wednesday, October 5, 2011

Fiduciary management is at the heart of an ongoing debate taking place in board rooms and investment firms all over Europe. Is it time to re-think the whole concept? Pension Funds Insider recently (10 March 2011) asked two authors from KPMG on a report on the service, as to why its popularity seems to be diminishing in the Netherlands

Employer covenant monitoring levels may be worse than some fear

Wednesday, October 5, 2011

The number of trustee bodies carrying out formal covenant monitoring could be a lower number than believed, particularly amongst trustees of smaller schemes, according to Richard Bryant, Head of Trustee Services at Atkin Trustees

German pension crisis is 'over'

Tuesday, October 4, 2011

Strong annual returns for pension assets of companies listed on Germany's major Frankfurt stock exchanges, have prompted Towers Watson's Dr. Thomas Jasper to claim that the pensions 'crisis' in Germany is over.

Dutch provider looks to co-operative scheme communication

Monday, October 3, 2011

Towards the end of 2011 the Dutch pension provider PGGM will be the first to start direct co-operation with a bank to better inform its members. With a state-led pension register going online just over a month ago in the Netherlands, is this sort of co-operation welcome?

Rational pension saving 'highly unlikely'

Monday, October 3, 2011

New research from Cass Business School's Pensions Institute suggests clued-up defined contribution (DC) pension savers would be best served by avoiding saving for their retirement until the age of 35 as well as continuing a high-risk approach of holding equities after retirement

British Airways' CPI rebels backed by scheme members

Monday, October 3, 2011

Members of British Airways' Airways Pension Scheme (APS) have overwhelmingly backed the campaign of three rebel trustees to have their inflation-linked pension increases realigned to the Retail Price Index (RPI) measure of inflation