IPE's United Kingdom Coverage – Page 272
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News
Oxford appoints IFA and passive equity manager
[14:15 CET 12-02] UK – Oxfordshire County Council has appointed Peter Davies as the independent financial adviser to its £913m (€1.04bn) local authority pension fund and awarded Legal & General Investment Management (LGIM) a 10-year specialist passive equity mandate.
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Complexity and costs have 'killed' DB
[15:15 CET 09-02] UK – An increase in “well-meaning” legislation has effectively ‘killed off’ defined benefit (DB) schemes through rising complexity and costs, experts have warned.
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Choppy waters improve January deficits
[15:00 CET 09-02] UK – The UK’s private sector final salary pension schemes saw a slight improvement in January as deficits reduced a fraction, according to calculations made by the Pension Protection Fund.
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Gov't under fire for means-testing modelling
[16:55 CET 06-02] UK – The pensions industry has attacked assumptions used by the government in a report which concluded 95% of people will be better off saving when auto-enrolment is introduced in 2012.
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Merseyside admin contract awarded to Heywood
[16:25 CET 06-02] UK – The £3.7bn (€4.2bn) Merseyside Pension Fund has appointed Heywood to provide pension administration and payroll services.
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Gov't claims auto-enrolment will benefit 95%
[17:05 CET 05-02] UK – Auto-enrolment will benefit more than 95% of people in relation to retirement saving despite means-testing, and the “large majority” expected to get double what they contribute, the government has claimed.
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Public sector 'to cost taxpayers £335bn'
[16:55 CET 04-02] UK – The Institute of Directors (IoD) has suggested public sector workers should be switched to defined contribution (DC) pension arrangements as public sector pensions as funding shortfalls could cost taxpayers £335bn (€371bn) in employer controbutions over the next 50 years.
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Ombudsman may file further Eq Life report
[15:15 CET 04-02] UK – Ann Abrahams, the Parliamentary Ombudsman, is considering whether to submit a follow-up report on Equitable Life detailing why she finds the government response to her report "unsatisfactory", a committee of MPs has been told.
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BT takes sipp for new DC scheme
[16:00 CET 03-02] UK – BT, the telecoms giant, has appointed Standard Life to provide a new corporate self-invested personal pension (CSIPP) to replace its existing defined contribution (DC) schemes.
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Unite agree Ineos deal as sights turn to Selex
[16:50 CET 30-01] UK – Unite the Union has confirmed the pensions dispute with INEOS over planned changes to the defined benefit (DB) pension scheme is at an end after revised proposals, such as the scheme remaining open to new entrants, were accepted by members.
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Zurich to set up new Royal Mail DC scheme
[16:10 CET 30-01] UK – Royal Mail has appointed Zurich to provide a new defined contribution (DC) scheme starting in April 2009.
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L&G wins buy-in as new AUM drops 39%
[16:00 CET 29-01] UK – The Press Association Pension Fund has completed a £60m (€65m) 'buy-in' of its pensioner liabilities with Legal & General (L&G) at the same time as the insurer revealed its gross new funds under management dropped 39% to £33.1bn in 2008.
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Hewitt replaces Watson as Powys adviser
[15:30 CET 29-01] UK/IRELAND – Powys County Council has appointed Hewitt Associates as the investment adviser for its £280m (€305m) local government pension scheme (LGPS).
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CIPFA outlines changes to LGPS investments
[16:30 CET 28-01] UK – The Chartered Institute of Public Finance and Accountancy (CIPFA) has recommended investment regulations for Local Government Pension Schemes (LGPS) should be "clarified and simplified", by replacing investment limits with a series of "requirements".
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Scheme costs drop 4.7% as buyouts increase
[16:10 CET 28-01] UK – Pension scheme expenditure on pension benefits fell by 4.7% in 2007, the first significant decrease since 1984, and a move which the Office of National Statistics (ONS) attributes to an increase in pension buyouts.
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News
One in four plans up mortality assumptions
[16:30 CET 27-01] UK – More than a quarter of UK pension schemes are planning to switch to a long cohort mortality projection for their mortality assumptions, potentially increasing life expectancy by almost two years, suggests research from Mercer.
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News
West Sussex reappoints UBS to multi-asset role
[16:00 CET 27-01] UK – West Sussex County Council has reappointed UBS Asset Management to run an active, balanced multi-asset mandate for its local government pension scheme (LGPS).
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News
Pensioner-only focus to drive 2009 buyouts
[15:15 CET 27-01] UK – The buyout market in 2009 is expected to rise by another £8bn (€8.55bn), similar to 2008, though the focus is likely to be on pensioner-only transactions, according to Lane Clark and Peacock (LCP).
