IPE's United Kingdom Coverage – Page 270
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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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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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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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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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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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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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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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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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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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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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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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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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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.
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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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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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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.
