IPE's United Kingdom Coverage – Page 256
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News
Third of FTSE 100 companies neglecting pension risk, says LCP
UK – Nearly a third of FTSE 100 companies are paying “insufficient attention” to their pension risks, according to LCP, the company formerly known as Lane Clark & Peacock.
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NewsAon warns on overfunding as UK DB schemes cut deficit by 25%
UK – The 200 largest defined benefit (DB) schemes cut their funding shortfall by £26bn between June and July, according to figures released by Aon Consulting.
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NewsInterest in UK debt rebounds following CPI-link announcement
UK – Interest in index-linked gilts returned this week, after the UK Debt Management Office successfully sold £6bn worth of bonds maturing in 2040.
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NewsUK roundup: default retirement, Local Government Pension Scheme
UK – The government today confirmed its plans to abolish the default retirement age, allowing workers to continue in their position beyond 65.
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NewsNew longevity model could entail 2% provision increase, Hewitt warns
NETHERLANDS – The average Dutch pension fund will have to make an additional 2% financial provision if the Actuarial Society (AG) endorses a new longevity model currently in development, Hewitt Associates has warned.
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News
JPMAM launches product aimed at smaller pension schemes
UK – JP Morgan Asset Management (JPMAM) has launched a segregated account aimed at making alternative investments more accessible to smaller and medium-sized pension funds.
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NewsFunding deficit for UK DB schemes jumps to £21.8bn
UK – Funding for final salary pension schemes took a turn for the worse last month, according to the Pension Protection Fund (PPF).
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NewsSwitching UK pension indexation to CPI may add complexity, experts warn
UK – Government plans to change the indexation of private sector defined benefit (DB) occupational pensions from Retail Price Inflation (RPI) to Consumer Price Inflation (CPI) in line with changes to public sector pensions could cause even more complexity to pensions.
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News
UK Pensions Regulator issues FSD against Nortel for £2.1bn deficit
UK – The UK Pensions Regulator (TPR) has confirmed it has issued a Financial Support Direction (FSD) against 25 companies in the Nortel Group in Canada, the US, the UK and Europe, requiring them to provide support to the UK pension scheme to cover a £2.1bn (€2.5bn) deficit.
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NewsCommittee recommends USS move to career average for new members
UK – The Joint Negotiating Committee (JNC) of the £28bn (€33bn) Universities Superannuation Scheme (USS) has agreed a package of reforms to be recommended to trustees after the chairman had to make a casting vote in favour of a move to a career average scheme.
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NewsSmiths Group sets up escrow account for pension deficit
UK – Smiths Group, the global technology company, has reached an agreement with the trustees of its two UK pension schemes to recover the combined deficit of £655m (€788m) over the next decade.
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NewsUK public sector pensions akin to 'unstable Ponzi' scheme
UK – The existing approach to UK public sector pensions has been compared to an "unstable Ponzi scheme" in an independent report from the Public Sector Pensions Commission.
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News
Lothian moves more equities in-house to make efficiency savings
UK – The £3.2bn (€3.9bn) Lothian Pension Fund has reduced its equity managers by four as it starts to increase the in-house management of its assets as part of its revised investment strategy and to save almost £1m in external management fees.
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NewsUK roundup: ONS, BBC, pension de-risking
UK – A third of UK pensioners rely solely on the state pension in retirement, according to figures from the Office of National Statistics, while the BBC has defended proposed changes to its defined benefit (DB) scheme.
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NewsBA completes £1.3bn buy-in with Rothesay Life
UK – British Airways has completed a £1.3bn (€1.57bn) pension buy-in transaction with Rothesay Life that will cover approximately 20% of the pensioner liabilities of its Airways Pension Scheme (APS).
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NewsDiageo pension scheme to plug £860m deficit with whisky
UK/IRELAND – Drinks giant Diageo has announced its UK pension fund will tackle a £862m (€929m) deficit by investing in maturing whisky.
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News
TPR issues first contribution notice against Belgian firm
UK – The Pensions Regulator (TPR) has issued its first contribution notice, ordering Michel Van De Wiele NV (VDW) to pay £5m (€6.2m) into the Bonas Group Pension Scheme.
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News
BBC to close scheme to new members as deficit hits £2bn
UK – The BBC has initiated a three month consultation on changes to its £8.23bn (€10.16bn) defined benefit (DB) pension scheme following a deficit increase to around £2bn in 2009 from £470m in 2008.
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News
Marine pilots ruling clarifies funding for multi-employer schemes
UK – A legal ruling clarifying the powers of trustees to recover deficits in a multi-employer pension scheme confirms that trustees can require employers to make greater contributions. It also outlines when an employer triggers a section 75 debt on leaving the scheme.
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News
BT Pension scheme cut deficit by £1.4bn last year
UK - The underfunded BT Pension Scheme (BTPS) has managed to reduce its deficit by 16% following strong returns in 2009.
