IPE's United Kingdom Coverage – Page 110
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NewsSmall pots group recommends focus on large-scale consolidation
Fiinal decisions about consolidation models should be guided by work on pension administration, government-commissioned working group says
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East Sussex PF picks Storebrand for €440m fossil-free global equities
UK pension fund chair argues generic passive indices tend to weight older, often carbon-heavier stocks
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Public pension London fund partners announce £100m first close
The London Fund to focus on investment opportunities in the UK capital in real estate and infrastructure
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Church of England investors ban nine, keep 12 after climate engagement
First time that the national investing bodies restrict investment in companies falling short of climate change-related standards
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NewsUK roundup: Maersk scheme’s £1.1bn bulk annuity with Legal & General
Plus: Aon says 2020 events are likely to lead to more UK DB scheme closures; PLSA survey shows greater diversity and inclusion can improve decision-making
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Wellcome Trust ‘prospers’ under COVID-19 fallout with 12.3% return
The charity raised cash levels and hedged around 20% of its public equity exposure before the market decline
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BBC scheme strikes £3bn longevity swap, Aon plan in £510m buy-in
BBC deal is the seventh announced longevity swap this year
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UK’s NEST goes climate aware in EM equities, to double allocation
Northern Trust Asset Management to run new climate aware strategy
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Barclays Bank UK scheme agrees £5bn longevity swap transaction
Scheme was advised by Aon while Insight Investment was appointed as collateral manager
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NewsOsmosis gains Commonwealth Super in Australian debut
Earlier this year Osmosis appointed industry veteran Mike O’Brien as special advisor to its asset management business
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NewsUK roundup: Northern Gas Networks scheme in £385m buy-in deal
Plus: UK pension risk transfer market to reach £60bn in 2021, says Mercer
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NewsSofter tone on open DB plans seen in TPR ‘myth-busting’ comments
Policy director David Fairs sets out regulator’s intentions, thinking about open schemes, next steps for DB funding code in blog post
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NewsNational Grid scheme in £800m buy-in deal
Plus: Homestyle fund completes £103m bulk purchase annuity transaction
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Unfunded pension liabilities as the key to ageing, climate challenges?
Entrepreneur floats ‘net-zero pensions’, but with focus on pension obligations rather than pension fund assets
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NewsLGPS Central names managers for multi-asset credit fund
Each manager to get half of total £660m mandate
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Brunel’s Ward to chair IIGCC, PensionDanmark CEO co-opted as vice chair
IIGCC CEO says new board members join ahead of ‘vital year’
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UK roundup: Engineering group hones in on complete DB de-risking
Plus: Court of Appeal rejects block on £12bn Pru-Rothesay transfer; Phoenix, LGR carbon commitments; Aviva Master Trust default ‘fully ESG integrated’
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NewsPPF: Two thirds of DB schemes in deficit following COVID-19 market crash
The UK’s DB lifeboat fund warns of an expected increase in the number of claims over the next year as the pandemic’s effects bite
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NewsUK pensions minister launches pooled fund voting taskforce
Group focussed on empowering, facilitating voting based on pension scheme preferences
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FeaturesAccounting Matters: Accounting for the Wedge
The reason why defined benefit (DB) scheme sponsors account for inflation is because International Accounting Standard 19, Employee Benefits, tells them that if they make a benefit promise that is linked to price increases, the effect of that commitment has to be accounted for. The starting point for what by any standards is a gargantuan actuarial task is to look at yields on inflation-linked bonds.
