IPE's United Kingdom Coverage – Page 265
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News
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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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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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.
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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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News
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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News
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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News
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.
