IPE's United Kingdom Coverage – Page 264
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News
Cornwall drops £215m in 2008/09
[17:05 CEST 24-07] UK – Cornwall Council's local government pension fund lost £215m in the year to 31 March 2009, figures have revealed.
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Research claims UK adults expect to retire past 70
[16:45 CEST 23-07] UK – Less than half of workers expect to be able to retire before the age of 70, while 69% of those already aged over 65 do not know when they will be able to start retirement, Barings Asset Management has claimed.
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Kingston finalises restructuring with eight manager hires
[16:40 CEST 22-07] UK – Eight new investment managers have been appointed by the Royal Borough of Kingston-Upon-Thames as part of the restructuring process of its £278.7m (€322.2m) pension fund investment portfolio.
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News
Pensions delivery body clocks up £11m accounting deficit
[16:55 CEST 21-07] UK – The Personal Accounts Delivery Authority (PADA) has ended the financial year to 31 March 2009 with a net accounting deficit of £11.1m (€12.8m) in its "general fund" of capital, as funding solely from the government was insufficient to meet annual costs of £30.9m.
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News
Building society announces closing of DB fund
[14:35 CEST 21-07] UK – West Bromwich Building Society has announced it is closing its defined benefit (DB) scheme to existing members from next month.
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UK DC plan assets hit by falling markets
[16:45 CEST 20-07] UK – Falling global equity markets have caused the total assets in UK defined contribution (DC) plans to drop 2.3% to £420bn (€488bn), Aon Consulting has revealed.
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News
BA trustees give up guarantee to avoid insolvency
[17:00 CEST 17-07] UK – Trustees of the British Airways pension schemes have handed £330m (€382m) of contingent assets back to the airline as part of an effort to try and help improve the firm's liquidity and avoid insolvency.
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Barclays faces strike threat over DB closure
[16:15 CEST 17-07] UK – Barclays workers are to be balloted by Unite the Union for potential strike action over the closure of the final salary pension scheme.
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News
FTSE 100 cash pension deficit passes £300bn
[15:30 CEST 17-07] UK – The total cash amount needed to meet the deficits in FTSE 100 defined benefit (DB) schemes now exceeds £300bn (€349bn), according to global accounting and consultancy firm Deloitte.
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News
Amex suspends UK pension contributions
[16:15 CEST 16-07] UK – American Express has confirmed it is suspending contributions into both its defined benefit (DB) and defined contribution (DC) schemes in the UK for 18 months.
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News
UK DB deficit grows £20bn in June
[17:00 CEST 14-09] UK – The funding position of defined benefit (DB) schemes deteriorated in June for the first time since March, as the aggregate deficit of around 7,400 schemes increased by more than £20bn to £200.1bn (€233.3bn).
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News
Pension deficits may cause more dividend cuts
[17:35 CEST 13-07] UK – More companies could start cutting dividend payouts in an attempt to help fund pension deficits, although Towers Perrin has warned this would only be part of the solution.
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News
Barratt closes DB as deficit exceeds €100m
[17:35 CEST 13-07] UK - Barratt Developments, the UK housebuilder, has joined the ranks of companies ending their final salary pension schemes by announcing the closure of its defined benefit (DB) pension scheme to existing members from 1 July.
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News
UK gov't defends limited tax relief concession
[17:30 CEST 13-07] UK – The government has defended its decision to raise the ‘special allowance’ for receiving higher rate tax relief on pension contributions by just £10,000 on the basis it would only cost an additional £70m (€81m).
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News
Barnett Waddingham appointed LPFA actuary
[16:30 CEST 13-07] UK – Barnett Waddingham has replaced Hymans Robertson as the actuarial services provider to the London Pension Fund Authority (LPFA).
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NewsUK PPF updates investment principles following insolvencies
[17:45 CEST 10-07] UK - The Pension Protection Fund (PPF) has updated its statement of investment principles (SIP) in response to the expected increase in its funds under management because of the surge in company failures.
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News
Schemes advised be 'wary' of new mortality models
[17:20 CEST 09-07] UK – Pension schemes have been warned to be ‘wary’ of moving towards longevity projections based on data from the wider UK population rather than occupational scheme data, following the publication of the rationale behind a prototype mortality model.
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NewsCredit crisis 'could cause PPF cuts'
[17:00 CEST 09-07] UK – One potential consequence of a prolonged credit crisis is that the Pension Protection Fund (PPF) could be forced to cut the level of compensation paid to beneficiaries in order to survive, Barnett Waddingham has claimed.
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NewsGwynedd limits Fidelity mandate over emerging markets
[17:20 CEST 08-07] UK – Gwynedd Council appointed Fidelity International to manage an active global equity mandate earlier this year, but it is now holding back some of the investment until the firm establishes an emerging market select fund.
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NewsShetland Islands tenders investment and actuarial services
[14:30 CEST 08-07] UK – Shetland Islands Council is tendering both the investment consultancy and actuarial consultancy roles for its local authority pension fund.
