IPE's United Kingdom Coverage – Page 268
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News
Downturn unlikely to drive Ombudsman complaints
[17:25 CEST 13-05] UK – The Pension Ombudsman has predicted the economic downturn will not have a “direct or obvious effect” on its workload over the next three years, although the switch from defined benefit (DB) to defined contribution (DC) schemes could lead to more investment-related complaints.
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UK pensioners paid £160 a week from workplace schemes
[16:55 CEST 12-05] UK – Almost three-fifths of UK pensioners received an average of £160 (€178) a week in 2007-08 from occupational pensions in retirement , according to figures from the Department for Work and Pensions (DWP).
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News
Improved equity returns cut DB deficit by £50bn
[16:50 CEST 12-05] UK – The aggregate funding position of around 7,400 defined benefit (DB) pension schemes improved by more than £50bn in April, to a deficit of £188.5bn (€211bn) by the end of the month.
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Personal accounts to 'soft launch' in 2011
[17:00 CEST 08-05] UK – Personal accounts will begin its roll out in the second quarter of 2011 to a small number of volunteers, according to the Personal Accounts Delivery Authority (PADA).
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Aon extends funding index to avoid FRS17 'distortion'
[15:00 CEST 01-05] UK – Financial reporting standards are "distorting" the level of pension scheme losses suffered in the financial crisis, effectively hiding around £120bn (€135bn) of losses Aon Consulting has warned.
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NewsBermuda insurer targets buy-ins with 'bridge' model
[13:30 CEST 01-05] UK/EUROPE – Bridge Pointe, a Bermuda-based insurance company, has confirmed its intention to enter the European buyout market and the UK in particular, where officials claim they could expand the market by up to £1bn (€1.12bn) in the next 18 months.
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NewsHewitt awarded PPF longevity risk role
[17:05 CEST 30-04] UK – The Pension Protection Fund (PPF) has appointed Hewitt to provide advice on the scheme's exposure to longevity risk.
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News
Berkshire halves equity assets under new strategy
[17:10 CEST 29-04] UK – The Royal Borough of Windsor and Maidenhead has finalised the remaining manager appointments for its diversified strategy for the Royal Berkshire Pension Fund, which includes more than halving the fund's equity allocation to 32.5%.
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News
Gov't admits it will not leave RMPP fully funded
[17:25 CEST 29-04] UK – The UK government has confirmed it will take responsibility for around £29.5bn (€33.1bn) in pension liabilities of the Royal Mail Pension Plan (RMPP) and leave the scheme with "sufficient assets" to meet its remaining liabilities, though this will not be on a fully-funded basis.
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News
Whitbread sets out recovery plan for £388m deficit
[16:20 CEST 28-04] UK – Whitbread, the UK hospitality firm, has confirmed it is giving its pension fund £150m of its property assets as contingent assets after the latest valuation revealed a pension deficit of £388m (€435.2m) on an actuarial basis.
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Tesco fund gets £500m property as deficit exceeds £1bn
[16:15 CEST 24-04] UK – Tesco has revealed its pension deficit increased to £1.1bn (€1.2bn) by the end of February 2009, so the firm has pledged £500m of property to the scheme as contingent assets in a bid to improve its financial security.
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News
SHPS extends benefit options as deficit passes £600m
[13:00 CEST 23-04] UK – The Social Housing Pension Scheme (SHPS) is to offer a defined contribution (DC) option to employers for the first time after the latest valuation revealed its deficit had increased to £633m (€715m) at the end of September 2008, from £209m the previous year.
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News
LAPFF tackles KBC over remuneration
BELGIUM – [16:50 CEST 22-04] UK/BELGIUM – The Local Authority Pension Fund Forum (LAPFF) has called on members to take action at the annual general meeting (AGM) of banking and life insurer KBC over remuneration concerns.
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News
Railways scheme's buffers hit by losses
[16:10 CEST 22-04] NETHERLANDS - SPF, the large pension fund for the railways sector, lost 19.2% on investments last year, while its assets dropped from €12bn to €9.5bn and the cover fell to 121%.
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News
UK Budget cuts higher rate tax relief (updated)
[14:25 CEST 22-04] UK – Alistair Darling, chancellor of the Exchequer, has confirmed tax relief on pension contributions for high earners will be reduced from 40% to 20% from April 2011.
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News
Reed Elsevier boosts its pension fund coffers
[16:50 CEST 21-04] NETHERLANDS – Publishing house Reed Elsevier will pay €54m into its pension fund over the coming five years, to support measures taken to restore the funding shortfall of the scheme.
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News
SHPS to review benefits in light of valuation
[16:20 CEST 21-04] UK – The Social Housing Pension Scheme (SHPS) is to consult with members about possible new benefit options and contribution rates later this year as it expects the actuarial valuation will reveal increased costs.
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News
UK gov't warned against cutting pension tax relief
[17:10 CEST 20-04] UK – Pensions industry experts have the UK government not to abolish higher rate tax relief on pension contributions as such a move would not be straightforward to introduce and could undermine confidence in pensions, leading to a general levelling-down of provision.
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News
TPR hints at flexibility in corporate planning
[16:35 CEST 17-04] UK – The Pensions Regulator (TPR) has acknowledged the extra pressure trustees and employers are facing in the current economic conditions and agreed the importance of its regulation remaining "proportionate and targeted".
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News
Alderney pensions deficit doubles
[16:15 CEST 16-04] UK – The States of Alderney, part of the British Channel Islands, has reported the deficit in its staff pension scheme had doubled by the end of 2008 as a result of the economic downturn.
