Defined benefit – Page 35
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Country ReportFunding code: Deciphering the new code
With the Pensions Regulator consulting on a new code of practice for defined benefit (DB) scheme funding, trustees are advised to take a long-term view of investment, covenant and liabilities
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Country ReportRisk Management: LDI strategy at a time of pandemic
Wild swings in UK bond yields caused by COVID have triggered a surge in hedging activity
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NewsFormer pensions minister warns retired workers’ income set to fall dramatically
‘We have been living in a fool’s paradise when it comes to incomes at retirement,’ says Webb
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News
DB attribution project prompts warning from IFRS IC chair
The IFRS IC voted to confirm its tentative agenda decision concerning the attribution of periods of service under IAS 19
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News
Dutch pension fund wins court case against Booking.com
The verdict could mean the Amsterdam-headquartered travel company will be forced to join Reiswerk, the pension fund for the travel sector
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News
UK pension funds seek judicial review of inflation measure reform
BT, Ford and Marks & Spencer pension schemes believe ’far-reaching implications not fully considered’
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USS rejects employer request for review of 2020 valuation approach
‘No justifiable basis for review until alternative proposals made or new information materialises’
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FeaturesDB accounting: Lump-sum benefits
Service-defined lump-sum payments are causing accounting attribution problems
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News
Nearly half of UK DB schemes closed to future accrual
In 2012 28% of schemes were closed to future accrual
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NewsUK pensions regulator consults on criminal sanctions policy
TPR keen for industry feedback as ‘important our approach is clear and understood’
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NewsDB schemes race to meet fiduciary management retender deadline
There is now ‘little time’ and ‘fiduciary managers will struggle to respond to all tender requests’ by the June deadline
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NewsMost tax reforms can cause significant cost for employers, schemes, PLSA warns
Some experts believe a reform of this magnitude would result in the ‘end of defined benefit provision in the private sector’
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News
IASB to seek views on future workplan; FRC sets out budget, priorities
The FRC said its projected spend for the coming year amounts to £52.2m (€60.7m). DB schemes are expected to contribute £1.2m under the pension scheme levy
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News
Dutch pension fund proposes pooling grandfathered pension rights
PGB’s proposal was introduced in its response to the consultation on the new Dutch pension law, which cements a transition from DB to DC arrangements
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NewsNordics roundup: PFA generates DKK31bn in 2020
Plus: Ilmarinen boosts solvency after 7.1% investment return; Alecta’s total assets rise to SEK1.04trn
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NewsMajor UK pensions bill becomes law
Much detail to be sorted out in secondary regulation and guidance, talk of further bill soon, too
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NewsATP’s investment portfolio return slips in 2020
Overall, ATP made a 10.8% return before pension returns tax, down from 16.2% in 2019
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NewsUK roundup: Smart Pension to provide platform to Barclays clients and employees
Plus: PPF launches consultation on actuarial assumptions; UK DB schemes’ health surpasses pre-COVID-19 levels
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InterviewsExit interview: EIOPA’s Bernardino on industry defensiveness and where to take IORP II
The chair of EIOPA will be stepping down in March after 10 years in office
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Opinion PiecesInfra must adapt to meet pension goals
Looked at collectively, or even individually, the cashflow needs of Europe’s defined benefit (DB) and hybrid pension schemes are huge and potentially challenging given the scale of income generating assets needed to help service them.
