IPE's United Kingdom Coverage – Page 269
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News
DB deficit hits £242bn despite changes to data
[17:15 CEST 14-04] UK – Updated scheme valuations have improved the estimated funding position of defined benefit (DB) schemes in the Pension Protection Fund's (PPF) 'eligible universe' by around £15bn (€16.9bn), though the reality is deficits have widened further.
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News
Over two-fifths UK workers not 'adequately' saving
[17:00 CEST 14-04] UK – Over 40% of the total UK workforce is failing to make "adequate" provision for retirement, yet almost a fifth claim nothing could persuade them to either start or increase their pension saving, the Association of British Insurers (ABI) has warned.
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NewsAviva ends non-contributory part of DC scheme
[17:05 CEST 09-04] UK – Aviva has confirmed members of its UK defined contribution (DC) scheme will have to start paying a minimum of 1% from July, rising to 2% in April 2010.
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NewsAon UK cuts contributions in favour of matching
[16:50 CEST 08-04] UK – Aon UK has confirmed it is reducing the standard rate of employer contributions to its money purchase pension scheme, but will match additional employee contributions up to set levels.
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News
Employers warned over cost of deferred DC
[17:20 CEST 07-04] UK – Employers need to address the extra costs associated with administering defined contribution (DC) schemes for deferred members, as large firms could be spending more than £500,000 on ex-employees, Towers Perrin has warned.
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NewsPPF considers shift in levy payment strategy
[16:20 CEST 06-04] UK – Pension Protection Fund executives are discussing a series of potential changes to the funding of the pensions lifeboat which could eventually see employers contribute higher levy sums during positive economic cycles but make lower payments during times of recession and market downturn.
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News
Berkshire funding level drops to 72%
[16:55 CEST 03-04] UK – The Royal County of Berkshire Pension Fund has told members there is no "serious financial shortfall" in the pension fund, despite admitting its funding level has fallen from 99.9% in March 2007 to 72% in November 2008.
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News
Longevity drives up MP pension costs
[16:15 CEST 02-04] UK – Members of Parliament (MPs) have been told their contributions to the £367.2m Parliamentary Contributory Pension Fund (PCPF) will rise after the latest actuarial report revealed the pension deficit had increased to £50.9m as a consequence of improved longevity.
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News
Labour Court tells SR Technics to fund deficit
[17:05 CEST 01-04] IRELAND – The Labour Court has recommended the Irish arm of SR Technics should "fully fund" the pension deficit in both the SR Technics scheme and the firm's share of the Irish Airlines' Superannuation Scheme.
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News
Royal Mail pension may become new public scheme
[16:45 CET 27-02] UK – The Postal Services Bill published this week by the UK government includes provisions for the secretary of state for business and enterprise (BERR) to establish a "new public scheme" into which members of the Royal Mail Pension Plan (RMPP) could be transferred into.
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News
Investments may need clearance under 'vague' TPR code
[15:15 CET 26-02] UK – The Pension Regulator's (TPR) draft code of practice on the 'material detriment' test is "too vague" and could lead to pension schemes requiring clearance on normal business activity such as changes in investment strategy, consulting firm Mercer has warned.
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News
Pension contributions slowed in 2007 - ONS
[16:35 CET 25-02] UK – Total contributions to private pension schemes, including funded and unfunded occupational schemes, increased by 2% in 2007 to reach £85.2bn (€95.3bn) the Office for National Statistics (ONS) has revealed.
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News
Royal Mail trustees back Hooper measures
[15:40 CET 24-02] UK – Trustees of the Royal Mail Pension Scheme have voiced their support for the pension recommendations outlined in the Hooper Report, warning if they are not implemented the scheme deficit could be "significantly higher" than the current estimate of £5.9bn (€6.7bn).
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News
Lancashire cancels manager search
[14:30 CET 24-02] UK – Lancashire County Council has agreed to defer the appointment of an enhanced index-tracking manager for its £3.3bn (€3.8bn) pension fund, as officials say performance is "not compelling".
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News
Merseyside awards European mandate to Unigestion
[15:50 CET 23-02] UK – Wirral Borough Council has formally confirmed the appointment of Unigestion as a European equity manager for the £3.7bn (€4.2bn) Merseyside Pension Fund.
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News
Home Group seeks admin provider for DB fund
[16:55 CET 20-02] UK – Trustees of the Home Group Pension and Life Assurance Scheme are seeking a pension administration provider for the £57m (€64.5m) defined benefit (DB) scheme.
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News
BAE targets £200m at UK DB scheme
[16:40 CET 19-02] UK/GLOBAL – BAE Systems, the defence manufacturer, has confirmed it plans to make additional cash contributions of £372m (€421m) to its defined benefit (DB) pension schemes in the UK and US.
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News
Kingston awards JP Morgan custody contract
[16:05 CET 18-02] UK – The Royal Borough of Kingston-upon-Thames has reappointed JP Morgan as the global custodian to its £323m (€365m) local authority pension fund.
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News
Chapter 11 Sea Containers supports UK funds
[15:55 CET 18-02] UK – Sea Containers has said it has made financial support arrangements for two of its UK group pension schemes, as part of the company’s attempt to exit its Chapter 11 proceedings.
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News
TPR warns firms not to put dividends ahead of pensions
[16:05 CET 18-02] UK – The Pensions Regulator (TPR) has reassured employers it will continue to implement its scheme funding rules "pragmatically" in the economic crisis, but warned pension plans should not suffer to allow firms to pay dividends to shareholders.
