IPE's United Kingdom Coverage – Page 259
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News
Trustees need to prepare covenant arrangements, says UK Pensions Regulator
UK – Trustees should prepare plans to access employer support to the scheme, such as contingent assets, ahead of time, instead of waiting to ask for extra security when it would weaken the sponsoring employer, The Pensions Regulator (TPR) has said.
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UK funding roundup: DB deficit reaches £41.5bn in May
UK – The funding position of UK defined benefit schemes deteriorated in May, with the aggregate deficit increasing to £41.5bn (€50.1bn) at the end of the month, according to figures from the Pension Protection Fund (PPF).
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UK roundup: West Sussex, Coca-Cola, Ernst & Young, Tax relief
UK – West Sussex County Council is seeking a transition manager for its local government pension scheme, while trade unions are threatening Coca-Cola with strike action over changes to the final salary pension scheme.
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UK roundup: PIRC, Hammersmith, BAE, Tate & Lyle
UK – Revisions to the UK Corporate Governance Code requiring the annual re-election of directors of FTSE 350 companies has been welcomed by an independent corporate governance adviser, despite concerns from pension funds.
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NewsCost of de-risking remains a barrier for UK trustees
UK – Trustees see cost issues as the biggest barrier to reducing risk in a pension scheme, leading a significant number to make deficit funding programmes a priority, a study has revealed.
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NewsUK government to tackle Royal Mail pensions deficit
UK – The Royal Mail defined benefit (DB) pension deficit is one of the areas that will be tackled by the Conservative-Liberal coalition government in a new Postal Services Bill announced in the Queen's Speech.
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NewsInflation fears sustain large FTSE350 deficits
UK – Growing long-term inflation expectations have offset the effects of equity market gains, causing the aggregated pension deficit of FTSE350 companies to be valued at £160bn (€187bn) at the end of March 2010.
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NewsUnited Utilities slashes deficit with DB changes
UK – United Utilities claims it reduced its pension deficit by approximately £90m (€104m) through a number of changes to its defined benefit (DB) schemes.
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NewsDWP to face a £535m spending cut ahead of new Pensions Bill
UK – The Department for Work and Pensions (DWP) will be expected to make savings of more than half a billion pounds this financial year, according to HM Treasury.
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News
Auto-enrolment still on track as new UK government rings changes
UK – The new coalition government in the UK has confirmed it will continue with existing plans for incoming auto-enrolment regulations, while its intentions to part-privatise Royal Mail has raised questions over the future of the organisation’s pension deficit.
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News
UK roundup: Hewitt Associates, DWP statistics, CIPFA
UK – Hewitt Associates has estimated a £1.2trn personal pension shortfall in individual retirement income, while the Department of Work and Pensions (DWP) has revealed occupational pension benefits made up a quarter of UK pensioners' income in 2008-09, and the Chartered Institute of Public Finance and Accountancy (CIPFA) has warned ...
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News
LGPS must adapt to avoid spending cuts – Mayer
UK – Public sector pension schemes will have to accept changes if they are to survive potential funding cuts, the London Pension Fund Authority (LPFA) has warned.
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NewsUK roundup: Marks & Spencer, J Sainsbury, BT Group
UK – Marks & Spencer and J Sainsbury have announced agreements to help cut the deficit in defined benefit pension schemes through property partnerships. Elsewhere, BT has reported an increase in its pension deficit on an accounting basis.
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News
Increased de-risking may drive up buyout costs
UK - Pension funds could face soaring costs for buyouts as interest in pension scheme de-risking increases, an actuarial consultancy has warned.
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NewsUK funding update: April put DB schemes into deficit
UK – The funding position of around 7,400 defined benefit (DB) schemes deteriorated by approximately £2.5bn (€2.91bn) in April, according to latest figures from the Pension Protection Fund (PPF).
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NewsUK roundup: Environment Agency, Merseyside, Aviva
UK – The Environment Agency Pension Fund is seeking one or more managers to run an emerging market equity portfolio for the scheme.
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NewsUK trustees must engage with overseas parents
UK – British pension funds with sponsoring employers owned by an overseas parents need to engage directly with the latter on funding issues instead of relying on The Pensions Regulator (TPR) to bail them out, Lane Clark & Peacock (LCP) has warned.
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News
USS review group fails to agree pension changes
UK – The Joint Review Group (JRG) of the £28bn (€33bn) Universities Superannuation Scheme (USS) has been disbanded after it failed to reach an agreement to changes to the pension scheme, including a move to a career-average structure.
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NewsLPFA says proposed LGPS Commission would not take on investment strategy
UK – Local authorities could retain control over investment policy but would need to adopt standard guidance on valuation assumptions, under proposals for an independent commission for local government pensions put forward by the London Pension Fund Authority (LPFA).
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News
CBI claims charges will drive savers out of NEST
UK – High initial charges on the proposed National Employment Savings Trust (NEST) could mean savers would be better off in private sector pension funds with annual management charges of up to 0.6% for at least the first six years, according to the Confederation of British Industry (CBI).
