Funding – Page 36
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News
Accounting body could drop hybrid scheme work, IASB warns
The international standard setter is looking for help from the European Financial Reporting Advisory Group to inform its work on accounting for hybrid pension funds
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USS assets hit £68bn as deficit climbs again [updated]
UK’s biggest pension scheme aims to improve communication policies as member dissatisfaction grows
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Experts voice concerns over planned Italian second-pillar fund
Aon and SSGA say Italy’s INPS is unsuited to run a proposed new pension fund and should focus on developing existing arrangements
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Biggest Dutch pension funds face imminent benefit cuts following new rules
Nearly 6m active, deferred and retired members of the Netherlands’ two largest schemes face cuts next year if funding levels fall further in 2019
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XPS: UK schemes sitting on £260bn accounting ‘black hole’
Difference between accounting numbers and long-term assumptions is increasing, according to XPS’s annual survey
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NewsDutch low-cost DC schemes approach €10bn in assets
PPIs managed €9.7bn in total at the end of March, marking a 20% increase in just three months
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PPF assets grow to £32bn but surplus hit by Kodak claim
A 5.2% investment return for 2018-19 helped boost assets but the lifeboat fund’s biggest claim dented its surplus
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Dutch schemes fail to improve funding ratios in June
Cuts to benefits are becoming increasingly likely to be imposed from January as conditions have not helped improve funding levels
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Chemical company scheme secures €820m insurance deal with NN Group
Chemours has transferred roughly 3,000 deferred members to insurer Nationale-Nederlanden, while active members will be moved to an APF
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Half of FTSE 100 companies could buy out DB funds in 10 years: report
Diverting an additional 6% of profits would let 70% of FTSE 100 schemes buy out within a decade, says Barnett Waddingham
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British Steel buyout ‘could affect pension insurance market capacity’
British Steel Pension Scheme trustees are reportedly in early stage talks regarding a pension risk transfer deal to secure the pensions of its 81,000 members
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Politician demands answers over regulator’s oversight of USS
Frank Field writes to the Pensions Regulator as dispute emerges between UK’s largest pension fund and a former trustee over valuation concerns
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Dutch pension system ‘in peril if interest rates remain low’, says minister
The government plans to address how low interest rates have affected the capital-funded system in a forthcoming ‘road map’ for pensions reform
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University staff threaten to boycott Cambridge college over USS withdrawal
Withdrawal from multi-employer scheme for the higher education sector will cost 2% of Trinity College’s assets; USS plays down impact on funding and covenant
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NewsAccounting roundup: Committee warns on DB-DC ‘blurred lines’
Plus: FRC maps out its plan to transition to the Audit, Reporting and Governance Authority; Change to accounting rules for multi-employer pension schemes
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NewsAuto-enrolment success masks inadequate savings rates, industry warns
More people are saving into a pension in the UK following auto-enrolment, but the amount they are saving is far short of what is needed
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UK government urged to revisit miners’ pension scheme surplus rules
Government has taken £4.4bn from excess pension assets since 1994, but MPs, trustees and scheme members have demanded changes
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Unions voice support for Dutch pensions agreement
The pensions sector can start implementing areas of the agreement after two of the Netherlands’ largest unions gave it their support
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Discount rate change to increase chances of pension cuts at Dutch schemes
Committee led by former finance minister Jeroen Dijsselbloem has recommended reducing both the ultimate forward rate and assumptions for returns
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Dutch pension sector cautiously positive about reform agreement
Low-funded schemes emphasise that danger of benefit cuts has not disappeared entirely despite this week’s progress
