IPE's United Kingdom Coverage – Page 270
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NewsUK government to tackle Royal Mail pensions deficit
UK – The Royal Mail defined benefit (DB) pension deficit is one of the areas that will be tackled by the Conservative-Liberal coalition government in a new Postal Services Bill announced in the Queen's Speech.
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NewsInflation fears sustain large FTSE350 deficits
UK – Growing long-term inflation expectations have offset the effects of equity market gains, causing the aggregated pension deficit of FTSE350 companies to be valued at £160bn (€187bn) at the end of March 2010.
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NewsUnited Utilities slashes deficit with DB changes
UK – United Utilities claims it reduced its pension deficit by approximately £90m (€104m) through a number of changes to its defined benefit (DB) schemes.
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NewsDWP to face a £535m spending cut ahead of new Pensions Bill
UK – The Department for Work and Pensions (DWP) will be expected to make savings of more than half a billion pounds this financial year, according to HM Treasury.
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Auto-enrolment still on track as new UK government rings changes
UK – The new coalition government in the UK has confirmed it will continue with existing plans for incoming auto-enrolment regulations, while its intentions to part-privatise Royal Mail has raised questions over the future of the organisation’s pension deficit.
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UK roundup: Hewitt Associates, DWP statistics, CIPFA
UK – Hewitt Associates has estimated a £1.2trn personal pension shortfall in individual retirement income, while the Department of Work and Pensions (DWP) has revealed occupational pension benefits made up a quarter of UK pensioners' income in 2008-09, and the Chartered Institute of Public Finance and Accountancy (CIPFA) has warned ...
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LGPS must adapt to avoid spending cuts – Mayer
UK – Public sector pension schemes will have to accept changes if they are to survive potential funding cuts, the London Pension Fund Authority (LPFA) has warned.
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NewsUK roundup: Marks & Spencer, J Sainsbury, BT Group
UK – Marks & Spencer and J Sainsbury have announced agreements to help cut the deficit in defined benefit pension schemes through property partnerships. Elsewhere, BT has reported an increase in its pension deficit on an accounting basis.
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Increased de-risking may drive up buyout costs
UK - Pension funds could face soaring costs for buyouts as interest in pension scheme de-risking increases, an actuarial consultancy has warned.
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NewsUK funding update: April put DB schemes into deficit
UK – The funding position of around 7,400 defined benefit (DB) schemes deteriorated by approximately £2.5bn (€2.91bn) in April, according to latest figures from the Pension Protection Fund (PPF).
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NewsUK roundup: Environment Agency, Merseyside, Aviva
UK – The Environment Agency Pension Fund is seeking one or more managers to run an emerging market equity portfolio for the scheme.
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NewsUK trustees must engage with overseas parents
UK – British pension funds with sponsoring employers owned by an overseas parents need to engage directly with the latter on funding issues instead of relying on The Pensions Regulator (TPR) to bail them out, Lane Clark & Peacock (LCP) has warned.
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USS review group fails to agree pension changes
UK – The Joint Review Group (JRG) of the £28bn (€33bn) Universities Superannuation Scheme (USS) has been disbanded after it failed to reach an agreement to changes to the pension scheme, including a move to a career-average structure.
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NewsLPFA says proposed LGPS Commission would not take on investment strategy
UK – Local authorities could retain control over investment policy but would need to adopt standard guidance on valuation assumptions, under proposals for an independent commission for local government pensions put forward by the London Pension Fund Authority (LPFA).
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CBI claims charges will drive savers out of NEST
UK – High initial charges on the proposed National Employment Savings Trust (NEST) could mean savers would be better off in private sector pension funds with annual management charges of up to 0.6% for at least the first six years, according to the Confederation of British Industry (CBI).
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UK DB schemes hit first surplus since 2008
UK – The volatility of pension fund accounting showed itself strongly again last month. But the news is positive for the first time since June 2008 as the aggregated funding level of UK defined benefit funds hit a £300m (€340.4m) surplus in March.
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UK roundup: PPF chair, C&W Worldwide, Paternoster
UK – The Pension Protection Fund (PPF) has appointed a new chairman, while the pension fund of Cable & Wireless Worldwide has awarded Eversheds a legal services contract and Paternoster has reported improved capital reserves.
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UK roundup: BA, Lincolnshire, West Sussex, the AA
UK – British Airways (BA) and Iberia have signed a merger agreement subject to BA and the trustees agreeing a "satisfactory" deficit recovery plan. Meanwhile Lincolnshire County Council has appointed global equity managers and West Sussex has awarded a global custody mandate.
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CBI calls for Swedish-style shift on UK public sector pensions
UK - Public sector pensions in the UK have become "unsustainable", with an estimated unfunded liability of £1.01trn (€1.14trn), according to the UK Confederation of British Industry (CBI). But one solution proposed is a move to a Notional Defined Contribution (NDC) system similar to one applied in Sweden.
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Cadbury members offered new pension scheme or pay freeze
UK – Kraft, the new owner of chocolate manufacturer Cadbury, is attempting to woo staff away from the final salary pension fund and into a career average scheme by warning those who do not move could face a three-year pay freeze.
