IPE's United Kingdom Coverage – Page 278
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News
Surrey dropped £463m in 2008-09
[17:20 CEST 30-06] UK – Surrey County Council has revealed its pension fund lost £463m (€544.5m) in 2008-09 as a result of the financial crisis, as the investment return on the fund was -24.7%.
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Employer DC cuts puts more pressure on individuals
[17:00 CEST 30-06] UK – Almost three-quarters of occupational defined contribution (DC) members are saving "adequately", according to UK insurer Scottish Widows, however employers are gradually reducing their contributions and leaving employees to make up the shortfall.
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News
Staffordshire awards currency mandate
[16:15 CEST 29-06] UK – Staffordshire County Council has appointed Record Currency Management to run a specialist active currency overlay for its £1.69bn (€1.99bn) pension fund.
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Edinburgh Uni tenders admin, actuarial and investment
[15:00 CEST 26-06] UK – The University of Edinburgh is re-tendering the administration, actuarial and investment services for its £155m (€181m) Staff Benefits Scheme (SBS).
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MPs' pensions deficit is result of lower contributions
[14:30 CEST 26-06] UK – The Parliamentary Contributory Pension Fund (PCPF) for members of parliament (MPs) would have been £5m in surplus instead of £50m (€58.6m) in deficit at the last valuation if the government had made the correct contributions, the chairman of the scheme has claimed.
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News
Babcock confirms longevity deal with Credit Suisse
[14:00 CEST 26-06] UK – Babcock International has confirmed trustees of its Davenport Royal Dockyard defined benefit (DB) scheme have signed a longevity swap agreement with Credit Suisse to cap £300m (€328m) of its pensioner-in-payment liabilities.
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DC recovery needs another nine months – Aon
[16:30 CEST 25-06] UK – Investments in defined contribution pension funds may have seen positive returns for three months in a row but it will take at least another nine months of similar returns to pull assets back to 2007 levels, according to analysis by Aon Consulting.
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Budget cuts blamed for fall in pensions motivation
[16:40 CEST 24-06] UK – Over three-quarters of UK companies believe the plan to reduce higher rate tax relief on pensions has reduced motivation to provide both defined benefit (DB) and defined contribution (DC) schemes, research by PricewaterhouseCooper (PwC) has revealed.
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News
ONS says 2012 reforms may double DC membership
[17:20 CEST 23-06] UK – The UK's 2012 pension reforms could double the membership of defined contribution (DC) schemes, although questions remain over whether they will be capable of providing sufficient retirement income in the future, the Office of National Statistics (ONS) has claimed.
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News
PPF levy remains stable, for now
[17:10 CEST 23-06] UK – The Pension Protection Fund (PPF) has honoured previous commitments by confirming the levy for 2010/11 will be £700m (€817.2m), indexed to wages, although it warned schemes the levy may rise in the future to allow the PPF to meet its commitments.
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News
TPR warns of need for 'prudence' in funding
[17:10 CEST 23-06] UK – The Pensions Regulator (TPR) has stressed the importance of "prudent" funding levels for pension schemes, and warned that while flexibility is available in recovery plans the pension scheme and members "should not be disadvantaged".
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News
Balanced pension funds pull back short-term gains
[16:25 CEST 23-06] UK – There is now evidence of improvement to three-year equity returns to pension fund assets, as the latest BNY Mellon CAPS pooled pension fund figures show, in the main, assets have continued to recover.
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News
Eq Life ex-gratia office appoints actuary
[16:50 CEST 22-06] UK – Towers Perrin has been appointed as actuarial advisers to the office of Sir John Chadwick, which was established as an independent government adviser on the development of an ex-gratia payment scheme for Equitable Life policyholders.
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News
DWP rejects calls for further FAS funding
[16:40 CEST 22-06] UK – The government has rejected suggestions that it should increase funding to the Financial Assistance Scheme (FAS) and allow it to cover all lost benefits when a scheme has wound up, by arguing that the FAS was never intended to replicate each pension fund's structure of ...
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NewsLeicestershire awards target return mandate
[17:00 CEST 19-06] UK – Leicestershire County Council has appointed two managers to run a target return portfolio, estimated at around £300m for its £1.5bn (€1.75bn) pension fund.
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News
Dairy Crest mulls pension future after buy-in
[17:00 CEST 19-06] UK – Dairy Crest has revealed it is in consultation with staff regarding the future of its defined benefit (DB) scheme, after completing a second buy-in of pensioner liabilities.
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News
Goodwin pension cut avoids legal uncertainty
[17:00 CEST 19-06] UK – Legal protections prohibiting employers from retrieving pension benefits remain in tact after Royal Bank of Scotland (RBS) after Sir Fred Goodwin, the former chief executive, agreed to voluntarily reduce his annual pension to £342,500 (€404,046).
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News
Pension costs deter private sector bids
[17:05 CEST 16-06] UK – The government needs to “level the playing field” and stop private sector companies having to pay up to three times as much in pension costs than the public sector following staff transfers, the Confederation of British Industry (CBI) has warned.
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News'Prudent' pension accounting adds £40bn
[17:10 CEST 15-06] UK – The voluntary adoption of prudent accounting assumptions when calculating pension liabilities has already added an additional £40bn (€47bn) onto UK company balance sheets, and future changes to accounting rules could impact companies by a further £70bn, KPMG has warned.
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NewsTories table pension tax relief amendments
[17:10 CEST 15-06] UK – Proposed amendments to the Finance Bill 2009 to limit the impact of anti-forestalling measures ahead of the reduction of higher rate tax relief on pension contributions from 2011 have been introduced by Conservative MPs.
