IPE's United Kingdom Coverage – Page 280
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News
Tax relief cut seen as 'thin end of wedge'(updated)
[16:50 CEST 21-05] UK – Proposals to reduce tax relief for high earners could be the "thin end of the wedge" leading to later changes affecting lower income workers' pension arrangements, members of the House of Lords have been told.
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Tax relief cut may 'destabilise' pensions
[16:55 CEST 20-05] UK – MPs will today be told the UK government's decision to reduce tax relief for higher earners from 40% to 20% would "seriously damage public trust and confidence" in pensions and might even "destabilise" workplace pensions.
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News
Dairy Crest schemes slip into deficit
[17:05 CEST 19-05] UK/IRELAND – Dairy Crest has reported a £171m (€194m) decline in the combined value of its two defined benefit (DB) schemes, resulting in an aggregate deficit of £63.3m.
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News
M&S reports £152.2m IAS19 deficit
[16:55 CEST 19-05] UK – Marks & Spencer has revealed the value of its defined benefit (DB) pension scheme dropped by over £1bn to £3.98bn (€4.52bn) over the last year.
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News
Alliance Boots pension surplus slips to £188m
[17:10 CEST 18-05] UK – Alliance Boots has revealed a net retirement benefit surplus in its defined benefit schemes of £188m (€213m) at the end of March 2009, compared with £297m a year earlier.
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News
Buy-in security 'helps credibility'
[17:15 CEST 15-05] UK – Over 90% of trustees and industry professionals believe insurance companies do not always need to offer additional security in pension-buy-in transactions, although it improves their credibility if they do so, Hewitt Associates has revealed.
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News
East Sussex bank plan is 'madness'
[17:15 CEST 15-05] UK – Proposals by East Sussex County Council to use money from its local government pension scheme (LGPS) to establish a bank to help local businesses have been criticised as "utter madness" by the GMB.
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News
Royal Mail pension deficit nears £7bn
[16:00 CEST 14-05] UK – Royal Mail Group has revealed the deficit in its £20bn (€22.3bn) pension scheme has more than doubled over the year to £6.77bn at the end of March 2009.
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News
BT told to delay actuarial valuation results
[15:45 CEST 14-05] UK – The Pensions Regulator (TPR) has asked BT and trustees of the £29.3bn (€32.6bn) BT Pension Scheme (BTPS) not to finalise or disclose the results of the latest triennial valuation until TPR has completed discussions regarding the basis of the valuation.
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News
Downturn unlikely to drive Ombudsman complaints
[17:25 CEST 13-05] UK – The Pension Ombudsman has predicted the economic downturn will not have a “direct or obvious effect” on its workload over the next three years, although the switch from defined benefit (DB) to defined contribution (DC) schemes could lead to more investment-related complaints.
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News
UK pensioners paid £160 a week from workplace schemes
[16:55 CEST 12-05] UK – Almost three-fifths of UK pensioners received an average of £160 (€178) a week in 2007-08 from occupational pensions in retirement , according to figures from the Department for Work and Pensions (DWP).
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News
Improved equity returns cut DB deficit by £50bn
[16:50 CEST 12-05] UK – The aggregate funding position of around 7,400 defined benefit (DB) pension schemes improved by more than £50bn in April, to a deficit of £188.5bn (€211bn) by the end of the month.
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News
Personal accounts to 'soft launch' in 2011
[17:00 CEST 08-05] UK – Personal accounts will begin its roll out in the second quarter of 2011 to a small number of volunteers, according to the Personal Accounts Delivery Authority (PADA).
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News
Aon extends funding index to avoid FRS17 'distortion'
[15:00 CEST 01-05] UK – Financial reporting standards are "distorting" the level of pension scheme losses suffered in the financial crisis, effectively hiding around £120bn (€135bn) of losses Aon Consulting has warned.
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NewsBermuda insurer targets buy-ins with 'bridge' model
[13:30 CEST 01-05] UK/EUROPE – Bridge Pointe, a Bermuda-based insurance company, has confirmed its intention to enter the European buyout market and the UK in particular, where officials claim they could expand the market by up to £1bn (€1.12bn) in the next 18 months.
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NewsHewitt awarded PPF longevity risk role
[17:05 CEST 30-04] UK – The Pension Protection Fund (PPF) has appointed Hewitt to provide advice on the scheme's exposure to longevity risk.
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News
Berkshire halves equity assets under new strategy
[17:10 CEST 29-04] UK – The Royal Borough of Windsor and Maidenhead has finalised the remaining manager appointments for its diversified strategy for the Royal Berkshire Pension Fund, which includes more than halving the fund's equity allocation to 32.5%.
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News
Gov't admits it will not leave RMPP fully funded
[17:25 CEST 29-04] UK – The UK government has confirmed it will take responsibility for around £29.5bn (€33.1bn) in pension liabilities of the Royal Mail Pension Plan (RMPP) and leave the scheme with "sufficient assets" to meet its remaining liabilities, though this will not be on a fully-funded basis.
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News
Whitbread sets out recovery plan for £388m deficit
[16:20 CEST 28-04] UK – Whitbread, the UK hospitality firm, has confirmed it is giving its pension fund £150m of its property assets as contingent assets after the latest valuation revealed a pension deficit of £388m (€435.2m) on an actuarial basis.
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News
Tesco fund gets £500m property as deficit exceeds £1bn
[16:15 CEST 24-04] UK – Tesco has revealed its pension deficit increased to £1.1bn (€1.2bn) by the end of February 2009, so the firm has pledged £500m of property to the scheme as contingent assets in a bid to improve its financial security.
