IPE's United Kingdom Coverage – Page 275
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Country Report
De-risking redefined
The new importance of bond yields for UK schemes’ solvency underlines the re-thinking of liability-driven investing, bond mandates and the need for tactical decision making, finds Martin Steward
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Country Report
A DC smörgåsbord
Simon Pearse recommends that UK pension trustees should use the Personal Accounts model as a benchmark for their own DC schemes
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Country Report
PADA’s 2012 challenge
Nyree Stewart investigates how the Personal Accounts Delivery Authority is faring in its task of delivering a national low cost DC scheme within three years
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Country Report
Basic principles
Richard Lowe assesses the UK’s Investment Governance Group and its ongoing work
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Country Report
Still a realistic option
Charlie Finch and Ken Hardman consider the future direction of the pension buyout market in the UK
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Country Report
Buyouts take a backseat
Buy-in deals are taking over from buyouts as the current economic climate stifles access to sufficient capital, finds Gill Wadsworth
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Country Report
Accounting for deficits
As UK pension funds continue to battle with worrying deficit levels, there is likely to be more bad news before things get better, finds Richard Lowe
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Country ReportBeset by complications
With DB in retreat and a conspicuous lack of public debate on the future of supplementary retirement provision, where now for UK pensions? Gill Wadsworth assesses progress, including the profound changes in the Pension Act 2008
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NewsDiageo uses escrow funds to plug pensions deficit
[16:00 CEST 28-08] UK – Diageo, the drinks giant, is transferring money set aside in an escrow account into its closed defined benefit pension fund, in a bid to improve the scheme’s deficit.
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News
Nottingham considers pension merger
[16:55 CEST 27-08] UK – Nottinghamshire County Council is considering a potential merger of its two Local Government Pension Scheme (LGPS) funds, ahead of the next triennial valuation in 2010.
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NewsCumbrian pensions funding drops to 56%
[16:45 CEST 25-08] UK – The Cumbria County Council pension fund had a 56% funding level at the end of March 2009, according to figures from the council's statement of accounts.
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News
UK self-certified schemes to require 7.6% contribution
[17:00 CEST 21-08] UK – Initial draft regulations outlining the requirements under which employers will be able to "self-certify" that their existing pension scheme meets the criteria for auto-enrolment, are likely to require a minimum contribution threshold of 7.6% of qualifying earnings, IPE has learned.
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News
UK DC assets rise almost 7% in July
[16:40 CEST 19-08] UK – The combined value of the UK's defined contribution (DC) pension assets rose by £31bn (€36bn) in July and returned schemes collectively to the same levels recorded in September 2008, suggests data presented by Aon Consulting.
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News
Improved equity returns lower pension deficits
[16:55 CEST 11-08] UK – Positive activity in the equity markets lowered the UK’s total pensions deficit last month, however the aggregate funding level of UK pension funds is still at a deficit of £158bn (€184bn).
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News
BT assets covered 57% of benefits in 2008
[16:10 CEST 10-08] UK – BT Pension Scheme, the £31.3bn pension fund of the telecoms giant, would have had enough assets to cover 57% of members’ benefits with an insurance company by the end of 2008 had its sponsor collapsed, the latest annual report has revealed.
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News
ITV could have cut pensions deficit by £100m
[16:15 CEST 07-08] UK – ITV's pensions deficit had increased to £538m (€631m) on an IAS19 basis by the end of June. But the company has claimed this deficit could have been reduced by up to £100m if its proposals had been in place to cap pensionable salary increases to ...
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News
ITV consults on DB changes as deficit predicted to worsen
[16:00 CEST 04-08] UK – ITV has initiated a consultation with staff members over proposals to cap pensionable salary increases at 1% from January 2010, and is also offering pensioners the option of giving up pension increases on part of their pension in return for a "one-off uplift".
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News
Equity gains not enough to offset bond yield changes
[16:30 CEST 03-08] UK – Equity gains in the recent stock market rallies have not been “substantial” enough to offset falls in corporate bond yields, Aon Consulting has warned, and the result for the 200-largest defined benefit (DB) schemes was an aggregated deficit of £72.8bn (€85.7bn) by the end of July.
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NewsPPF valuation changes may reduce costs by up to 10%
[15:45 CEST 03-08] UK – Planned changes by the Pension Protection Fund (PPF) to the assumptions used in section 143 and 179 valuations could reduce these liabilities by around 8% for pensioners and 10% for deferred pensioners.
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NewsPPF to set up steering group for revising levy plans
[16:35 CEST 31-07] UK – The Pension Protection Fund (PPF) is to establish a steering group to aid in the "refinement" of proposals for the development of the risk-based levy, following concerns over key areas such as long-term insolvency probabilities and the treatment of sophisticated investment strategies.
