IPE's United Kingdom Coverage – Page 273
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News
UK regulator warns of recovery plan reliance on markets
[16:30 CET 11-11] UK – Despite the recent economic conditions, 40% of defined benefit (DB) and hybrid recovery plans with a scheme valuation date between September 2007 and 2008 managed to avoid the Pensions Regulator's (TPR) funding triggers.
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PPF to revise UK insolvency risk assessment
[16:40 CET 10-11] UK – The Pension Protection Fund (PPF) has proposed changes to the assessment of insolvency risk for the 2011/2012 levy, including the exclusion of registered charges caused by contingent assets when calculating failure scores.
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PIMCO put on watch as PPF's LDI strategy drives return
[17:05 CET 06-11] UK – The UK Pension Protection Fund (PPF) reported a return of 13.4% in the year to March 2009, although this was primarily driven by the success of its swap portfolio overlay.
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London transport authority seeks legal review of PPF levy
[16:00 CET 04-11] UK – Transport for London (TfL) is seeking a judicial review against the Pension Protection Fund (PPF) over an "unreasonable" levy of £9m (€10m) relating to the pension funds of the failed infrastructure provider Metronet.
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UK roundup: Tyne & Wear review, AA Pension Scheme, Staffs
[15:00 CET 26-10] UK – The £3.8bn (€4.1bn) Tyne and Wear Pension Fund has revealed it expects to tender a number of investment mandates in the next two months. The AA pension fund has appointed Hewitt for consultancy services and Staffordshire is seeking an investment consultant.
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LPFA calls for reforms after 19% loss for LGPS
[16:20 CEST 20-10] UK – The London Pensions Fund Authority (LPFA) has warned an increased retirement age and a move to career average earnings must seriously be considered as a way of making public sector pensions more sustainable.
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Energy regulator to encourage longer UK pension funding periods
[16:45 CEST 19-10] UK – Ofgem, the regulator of UK electricity and gas companies, has presented fresh proposals which could see energy firms incentivised for lowering pension costs rather than place the charge on consumers’ bills.
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News
Netherlands tops Mercer poll of pension regimes
[16:15 CEST 15-10] GLOBAL - The Netherlands has come out top in a new global index rating pension systems which assesses the adequacy, sustainability and integrity of regimes, closely followed by Australia and then Sweden.
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Six UK DC schemes hit pension quality mark
[13:20 CEST 15-10] UK - Six more UK defined contribution (DC) schemes have been awarded the new Pension Quality Mark by the National Association of Pension Funds (NAPF).
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News
ITV plans to use subsidiary as contingent asset
[16:45 CEST 13-10] UK – ITV, the UK commercial television station, has revealed it is in discussions with the trustees of its £2.15bn (€2.29bn) defined benefit (DB) scheme to use the assets of its wholly owned subsidiary SDN Limited to help plug the growing pension deficit.
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UK DB funding roundup: deficits reduced in September
[16:15 CEST 13-10] UK – Increases in asset values and higher gilt yields improved the aggregate funding position of UK defined benefit (DB) schemes by almost £25bn (€26.7bn) to leave deficits at £148.9bn at the end of September, according to the Pension Protection Fund (PPF).
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Tesco continues property deals with pension funds
[17:05 CEST 06-10] UK – Tesco has formed a fourth joint venture with a UK pension fund to sell and leaseback property assets in an effort to release value from its property portfolio.
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News
LAs leave 25% of class action settlements unclaimed
[17:05 CEST 05-10] UK – Local authority pension schemes could be losing up to £125m (€136m) by not participating in class actions, a report from the Goal Group has claimed.
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News
IBM modifies pension changes after UK member backlash
[16:55 CEST 01-10] UK – Unite, the trade union, has claimed IBM will delay changes to their UK final salary pension scheme following a "backlash from thousands of employees", though argued the revisions do not go far enough.
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North Yorks pension pulls out of pressured GTAA
[16:00 CEST 01-10] UK – The £1.04bn (€1.14bn) North Yorkshire Pension Fund has formally withdrawn its investment in a Global Tactical Asset Allocation (GTAA) strategy run by UBS, and from the asset class as a whole.
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News
PPF cap reduction 'punishing' 90% of UK schemes
[15:30 CEST 01-10] UK – Proposals by the Pension Protection Fund (PPF) to halve the cap on the risk-based levy could be seen as a punishment by the other 90% of schemes which are not affected by the change, consultants have warned.
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News
MNOPF completes £500m buy-in with Lucida
[16:55 CEST 29-09] UK – The Merchant Navy Officers Pension Fund has completed a £500m (€548m) buy-in with insurer Lucida, covering the pension liabilities of 22,000 retired members.
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News
Pension fund takes share of Jessops in debt swap deal
[16:45 CEST 29-09] UK – Jessops, the chain of UK photographic stores, has been saved from administration by a deal which will see trustees of its defined benefit pension plan as well as an unnamed employee benefits trust take the majority stake in the company.
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News
Employers not budgeting for 2012 auto-enrolment
[17:10 CEST 28-09] UK – Employers claim payroll costs could increase by 3-4% if they auto-enrol staff into existing workplace pension schemes, yet just 32% of those planning to take this step from 2012 have so far budgeted for the change, the Association of Consulting Actuaries (ACA) has revealed.
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UK pension investment rose £3.4bn in Q2
[17:05 CEST 28-09] UK – Self-administered pension funds increased net investment by £3.4bn (€3.7bn) in the second quarter of this year, according to latest figures from the Office of National Statistics (ONS).
