IPE's United Kingdom Coverage – Page 260
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News
UK DB schemes hit first surplus since 2008
UK – The volatility of pension fund accounting showed itself strongly again last month. But the news is positive for the first time since June 2008 as the aggregated funding level of UK defined benefit funds hit a £300m (€340.4m) surplus in March.
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UK roundup: PPF chair, C&W Worldwide, Paternoster
UK – The Pension Protection Fund (PPF) has appointed a new chairman, while the pension fund of Cable & Wireless Worldwide has awarded Eversheds a legal services contract and Paternoster has reported improved capital reserves.
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UK roundup: BA, Lincolnshire, West Sussex, the AA
UK – British Airways (BA) and Iberia have signed a merger agreement subject to BA and the trustees agreeing a "satisfactory" deficit recovery plan. Meanwhile Lincolnshire County Council has appointed global equity managers and West Sussex has awarded a global custody mandate.
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CBI calls for Swedish-style shift on UK public sector pensions
UK - Public sector pensions in the UK have become "unsustainable", with an estimated unfunded liability of £1.01trn (€1.14trn), according to the UK Confederation of British Industry (CBI). But one solution proposed is a move to a Notional Defined Contribution (NDC) system similar to one applied in Sweden.
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Cadbury members offered new pension scheme or pay freeze
UK – Kraft, the new owner of chocolate manufacturer Cadbury, is attempting to woo staff away from the final salary pension fund and into a career average scheme by warning those who do not move could face a three-year pay freeze.
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UK roundup: North Yorkshire, PSTS and employer covenants
UK – North Yorkshire County Council has appointed an investment consultant for its local government pension scheme.
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NewsUK pensions body proposes rethink on retirement benefits
UK – The UK’s National Association of Pension Funds (NAPF) had today called for a radical overhaul of existing UK pensions terms, in a bid to increase pensions coverage but at the same time ease funding pressures on employers.
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NewsUK roundup: ITV, Loganair
UK – ITV has agreed a funding plan with trustees for the deficit of its defined benefit (DB) scheme after a completed partnership arrangement with trustees in relation to its SDN subsidiary cut the pension deficit by £124m (€138m).
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UK industry maintains concerns over tax changes
UK – Industry commentators have attacked the lack of any government climbdown over plans to restrict tax relief on pension contributions for higher earners.
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UK roundup: Falkirk, Nabarro, SMF, public sector pensions
UK – Falkirk Council has appointed an active global equity manager, while law firm Nabarro has appointed an independent trustee for its pension scheme.
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UK roundup: RBS, Deloitte, Royal London
UK – Royal Bank of Scotland has revealed it has an overall pension deficit on its schemes of £2.91bn (€3.25bn). Meanwhile, Deloitte's pension deficit has more than trebled to £234m and Royal London has appointed an investment adviser for its £1.7bn scheme.
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'Fairer levy' possible through bottom-up risk, say PPF advisers
UK – An advisory body to the Pension Protection Fund (PPF) has claimed the PPF levy would "feel fairer" to the pensions community if it targeted a bottom-up approach to risk calculations, so that risk reduction by a scheme is reflected in a lower levy.
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BA proposes benefit changes to aid recovery plan
UK – The £3.7bn (€4.1bn) deficit in British Airways' two defined benefit (DB) schemes is not going to "vanish overnight", say pensions experts, despite an agreement with trade unions on a new benefit structure for the pension funds.
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Men more likely to increase NEST contributions
UK – Women are less likely to contribute more than the minimum of 4% of qualifying earnings to a UK pension once auto-enrolment is introduced in 2012, consultancy Hymans Robertson has revealed.
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NEST combination charge includes 2% for set-up
UK – The expected charging structure for the National Employment Savings Trust (NEST) will be a combined charge of a 0.3% annual management charge (AMC) and an admin contribution charge of 2% that may fall away once the set-up costs of the scheme have been recovered.
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NewsUK gov't studies DC charging levels
UK – Trust-based UK defined contribution (DC) schemes operate on an overall average cost of just over 2% based on contributions, or 1.23% if the charge is based on the size of the fund, according to a government report.
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UK funding update: DB deficit improves to £15bn
UK – The aggregate funding position of almost 7,400 defined benefit (DB) schemes in the UK improved by more than £36bn (€39.7bn) in February and posted a deficit of £15.1bn, according to the latest research from the Pension Protection Fund (PPF).
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Just one in six UK employees to increase pension contributions
UK – Less than a fifth of employees who already saving in a pension intend to increase their contributions in the next year, according to research from the UK's National Association of Pensions Funds (NAPF).
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Telecom firms reject proposal to plug BT pension deficit
UK - Several UK telecoms companies have attacked proposals which could see them forced to help BT plug a £9bn (€9.92bn) deficit in the defined benefit BT Pension Scheme (BTPS).
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Royal Mail deficit payments could near £1bn
[16:50 CET 29-01] UK – Trade unions have called on the government to take action on the Royal Mail Pension Plan's (RMPP) estimated £10bn (€11.6bn) deficit, as it argued future deficit repayments by the company could triple to almost a £1bn following the latest triennial valuation.
