IPE's United Kingdom Coverage – Page 271
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UK roundup: North Yorkshire, PSTS and employer covenants
UK – North Yorkshire County Council has appointed an investment consultant for its local government pension scheme.
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NewsUK pensions body proposes rethink on retirement benefits
UK – The UK’s National Association of Pension Funds (NAPF) had today called for a radical overhaul of existing UK pensions terms, in a bid to increase pensions coverage but at the same time ease funding pressures on employers.
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NewsUK roundup: ITV, Loganair
UK – ITV has agreed a funding plan with trustees for the deficit of its defined benefit (DB) scheme after a completed partnership arrangement with trustees in relation to its SDN subsidiary cut the pension deficit by £124m (€138m).
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UK industry maintains concerns over tax changes
UK – Industry commentators have attacked the lack of any government climbdown over plans to restrict tax relief on pension contributions for higher earners.
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UK roundup: Falkirk, Nabarro, SMF, public sector pensions
UK – Falkirk Council has appointed an active global equity manager, while law firm Nabarro has appointed an independent trustee for its pension scheme.
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UK roundup: RBS, Deloitte, Royal London
UK – Royal Bank of Scotland has revealed it has an overall pension deficit on its schemes of £2.91bn (€3.25bn). Meanwhile, Deloitte's pension deficit has more than trebled to £234m and Royal London has appointed an investment adviser for its £1.7bn scheme.
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'Fairer levy' possible through bottom-up risk, say PPF advisers
UK – An advisory body to the Pension Protection Fund (PPF) has claimed the PPF levy would "feel fairer" to the pensions community if it targeted a bottom-up approach to risk calculations, so that risk reduction by a scheme is reflected in a lower levy.
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BA proposes benefit changes to aid recovery plan
UK – The £3.7bn (€4.1bn) deficit in British Airways' two defined benefit (DB) schemes is not going to "vanish overnight", say pensions experts, despite an agreement with trade unions on a new benefit structure for the pension funds.
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Men more likely to increase NEST contributions
UK – Women are less likely to contribute more than the minimum of 4% of qualifying earnings to a UK pension once auto-enrolment is introduced in 2012, consultancy Hymans Robertson has revealed.
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NEST combination charge includes 2% for set-up
UK – The expected charging structure for the National Employment Savings Trust (NEST) will be a combined charge of a 0.3% annual management charge (AMC) and an admin contribution charge of 2% that may fall away once the set-up costs of the scheme have been recovered.
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NewsUK gov't studies DC charging levels
UK – Trust-based UK defined contribution (DC) schemes operate on an overall average cost of just over 2% based on contributions, or 1.23% if the charge is based on the size of the fund, according to a government report.
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UK funding update: DB deficit improves to £15bn
UK – The aggregate funding position of almost 7,400 defined benefit (DB) schemes in the UK improved by more than £36bn (€39.7bn) in February and posted a deficit of £15.1bn, according to the latest research from the Pension Protection Fund (PPF).
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Just one in six UK employees to increase pension contributions
UK – Less than a fifth of employees who already saving in a pension intend to increase their contributions in the next year, according to research from the UK's National Association of Pensions Funds (NAPF).
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Telecom firms reject proposal to plug BT pension deficit
UK - Several UK telecoms companies have attacked proposals which could see them forced to help BT plug a £9bn (€9.92bn) deficit in the defined benefit BT Pension Scheme (BTPS).
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Royal Mail deficit payments could near £1bn
[16:50 CET 29-01] UK – Trade unions have called on the government to take action on the Royal Mail Pension Plan's (RMPP) estimated £10bn (€11.6bn) deficit, as it argued future deficit repayments by the company could triple to almost a £1bn following the latest triennial valuation.
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Ports in a storm over who pays pensions contributions
[16:05 CET 22-01] UK – Trustees behind a pension fund for marine pilots have launched a complex legal case has begun in the UK High Court to determine the definition of an employer for the purpose of funding pension scheme liabilities, and the point at which an employer stops being an employer.
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UK defined benefit pensions pull back deficits
[15:15 CET 12-01] UK – UK corporate pension schemes last year gained approximately 10.6% of the losses suffered during 2008 as figures presented by the Pension Protection Fund suggest defined benefit funds amassed £827.7bn (€922.5bn) in assets by the end of 2009.
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Merging LGPS 'impossible' for governance reasons
[13:00 CET 12-01] UK – The case for merging the administration of the Local Government Pension Scheme (LGPS) is strong enough to overcome any minor obstacles, however the practicalities of consolidating the investment side would be “difficult if not impossible”, according to a former manager of two LGPS schemes.
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Northern Rock creates separate pension plan for future accrual
[17:00 CET 11-01] UK – Northern Rock is launching a new pension plan for existing active members which offers the same benefits and terms as an existing £367.5m (€408.6m) defined benefit pension plan but then leaves past liabilities with the division known as the ‘bad bank’.
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UK roundup: State Street, MP pensions, Fujitsu, Linklaters, Aero Engine
[15:30 CET 07-01] UK – Preliminary figures from State Street's defined benefit (DB) scheme results survey show an average 15% return, while the MP's pension scheme has appointed a legal adviser. Workers at Fujitsu are organising further strikes over the firm's pension scheme closure, Linklaters is to close its DB ...
