IPE's United Kingdom Coverage – Page 263
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News
Nottingham considers pension merger
[16:55 CEST 27-08] UK – Nottinghamshire County Council is considering a potential merger of its two Local Government Pension Scheme (LGPS) funds, ahead of the next triennial valuation in 2010.
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NewsCumbrian pensions funding drops to 56%
[16:45 CEST 25-08] UK – The Cumbria County Council pension fund had a 56% funding level at the end of March 2009, according to figures from the council's statement of accounts.
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UK self-certified schemes to require 7.6% contribution
[17:00 CEST 21-08] UK – Initial draft regulations outlining the requirements under which employers will be able to "self-certify" that their existing pension scheme meets the criteria for auto-enrolment, are likely to require a minimum contribution threshold of 7.6% of qualifying earnings, IPE has learned.
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UK DC assets rise almost 7% in July
[16:40 CEST 19-08] UK – The combined value of the UK's defined contribution (DC) pension assets rose by £31bn (€36bn) in July and returned schemes collectively to the same levels recorded in September 2008, suggests data presented by Aon Consulting.
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Improved equity returns lower pension deficits
[16:55 CEST 11-08] UK – Positive activity in the equity markets lowered the UK’s total pensions deficit last month, however the aggregate funding level of UK pension funds is still at a deficit of £158bn (€184bn).
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News
BT assets covered 57% of benefits in 2008
[16:10 CEST 10-08] UK – BT Pension Scheme, the £31.3bn pension fund of the telecoms giant, would have had enough assets to cover 57% of members’ benefits with an insurance company by the end of 2008 had its sponsor collapsed, the latest annual report has revealed.
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ITV could have cut pensions deficit by £100m
[16:15 CEST 07-08] UK – ITV's pensions deficit had increased to £538m (€631m) on an IAS19 basis by the end of June. But the company has claimed this deficit could have been reduced by up to £100m if its proposals had been in place to cap pensionable salary increases to ...
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News
ITV consults on DB changes as deficit predicted to worsen
[16:00 CEST 04-08] UK – ITV has initiated a consultation with staff members over proposals to cap pensionable salary increases at 1% from January 2010, and is also offering pensioners the option of giving up pension increases on part of their pension in return for a "one-off uplift".
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News
Equity gains not enough to offset bond yield changes
[16:30 CEST 03-08] UK – Equity gains in the recent stock market rallies have not been “substantial” enough to offset falls in corporate bond yields, Aon Consulting has warned, and the result for the 200-largest defined benefit (DB) schemes was an aggregated deficit of £72.8bn (€85.7bn) by the end of July.
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NewsPPF valuation changes may reduce costs by up to 10%
[15:45 CEST 03-08] UK – Planned changes by the Pension Protection Fund (PPF) to the assumptions used in section 143 and 179 valuations could reduce these liabilities by around 8% for pensioners and 10% for deferred pensioners.
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NewsPPF to set up steering group for revising levy plans
[16:35 CEST 31-07] UK – The Pension Protection Fund (PPF) is to establish a steering group to aid in the "refinement" of proposals for the development of the risk-based levy, following concerns over key areas such as long-term insolvency probabilities and the treatment of sophisticated investment strategies.
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News
NDA awards Deloitte actuarial contract
[16:50 CEST 30-07] UK – The Nuclear Decommissioning Authority has appointed Deloitte Total Rewards and Benefits to provide actuarial advice on the pension arrangements that fall within the organisation’s remit.
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NewsBT and BAE hit by wider pension deficits
[16:15 CEST 30-07] UK – The BT Pension Scheme is still the UK’s largest pension scheme but financial figures published today show its deficit widened to a massive £8bn (€9.38bn) gross in the first quarter of its telecoms sponsor’s financial year, while BAE’s UK pensions deficits is now at over ...
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NewsTrinity deficit rises €80m as bond yields hit home
[16:30 CEST 30-07] UK – Falling corporate bond rates and rising inflation caused the pension deficit of Trinity Mirror's 10 defined benefit (DB) pension schemes to increase by £68.3m (€80m) in the first half of this year.
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NewsPensions deficit adds to BAA loss
[16:15 CEST 29-07] UK – BAA, the UK airports operator, suffered a £575m loss in the first half of this year, and almost half of this was generated by its defined benefit pension fund.
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News
Surplus assets reduce on BP pension
[17:00 CEST 28-07] UK – BP, the petroleum company, today revealed its post-retirement and defined benefit plan liabilities rose in value a fraction between December 2008 and June 2009, from £10.43bn (€12.09bn) to £10.52bn, yet the scheme remains in surplus as the fund’s assets under management were £11.555bn at the end of last year.
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News
Hounslow awards admin contract to Capita
[16:50 CEST 28-07] UK – The London Borough of Hounslow has appointed Capita Hartshead to administer its £393m (€454.9m) pension fund and provide advice on scheme regulations.
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News
Westminster deficit hits £331m as fund drops 24%
[15:00 CEST 27-07] UK – Westminster City Council has revealed the deficit in its pension fund had more than doubled to £331.9m by the end of March 2009.
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News
SR Technics to be excluded from pensions lifeboat
[14:00 CEST 27-07] IRELAND – Trustees of the SR Technics pension fund have been told the scheme is not eligible for help from the new rescue fund for pensions known as the Pensions Insolvency Payment Scheme (PIPS) as the government cannot extend the categories of insolvency to still solvent employers.
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News
Suffolk suspends transition manager search
[17:05 CEST 24-07] UK – Suffolk County Council has confirmed it has suspended the procurement process for a transition manager after it had problems with offering the contract on a contingency basis.
