IPE's United Kingdom Coverage – Page 282
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News
Pension contributions slowed in 2007 - ONS
[16:35 CET 25-02] UK – Total contributions to private pension schemes, including funded and unfunded occupational schemes, increased by 2% in 2007 to reach £85.2bn (€95.3bn) the Office for National Statistics (ONS) has revealed.
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Royal Mail trustees back Hooper measures
[15:40 CET 24-02] UK – Trustees of the Royal Mail Pension Scheme have voiced their support for the pension recommendations outlined in the Hooper Report, warning if they are not implemented the scheme deficit could be "significantly higher" than the current estimate of £5.9bn (€6.7bn).
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Lancashire cancels manager search
[14:30 CET 24-02] UK – Lancashire County Council has agreed to defer the appointment of an enhanced index-tracking manager for its £3.3bn (€3.8bn) pension fund, as officials say performance is "not compelling".
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Merseyside awards European mandate to Unigestion
[15:50 CET 23-02] UK – Wirral Borough Council has formally confirmed the appointment of Unigestion as a European equity manager for the £3.7bn (€4.2bn) Merseyside Pension Fund.
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Home Group seeks admin provider for DB fund
[16:55 CET 20-02] UK – Trustees of the Home Group Pension and Life Assurance Scheme are seeking a pension administration provider for the £57m (€64.5m) defined benefit (DB) scheme.
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BAE targets £200m at UK DB scheme
[16:40 CET 19-02] UK/GLOBAL – BAE Systems, the defence manufacturer, has confirmed it plans to make additional cash contributions of £372m (€421m) to its defined benefit (DB) pension schemes in the UK and US.
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Kingston awards JP Morgan custody contract
[16:05 CET 18-02] UK – The Royal Borough of Kingston-upon-Thames has reappointed JP Morgan as the global custodian to its £323m (€365m) local authority pension fund.
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Chapter 11 Sea Containers supports UK funds
[15:55 CET 18-02] UK – Sea Containers has said it has made financial support arrangements for two of its UK group pension schemes, as part of the company’s attempt to exit its Chapter 11 proceedings.
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TPR warns firms not to put dividends ahead of pensions
[16:05 CET 18-02] UK – The Pensions Regulator (TPR) has reassured employers it will continue to implement its scheme funding rules "pragmatically" in the economic crisis, but warned pension plans should not suffer to allow firms to pay dividends to shareholders.
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UK considers switch to DC for ministerial pensions (amended)
[17:05 CET 16-02] UK – Gordon Brown has ordered a review of final salary parliamentary pension arrangements which could see ministers moved into a defined contribution scheme.
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NewsBarnet appoints actuary
[12:00 CET 16-02] UK – The London Borough of Barnet has appointed Barnett Waddingham as actuarial services provider to its £511.4m (€578.4m) local authority scheme.
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NewsOxford drops TAA over poor performance
[17:00 CET 13-02] UK – Oxfordshire County Council has confirmed its £913m (€1.03bn) pension fund has disinvested from the Tactical Asset Allocation (TAA) strategy run by UBS following poor performance.
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NewsBT sees March surplus reverse into deficit
[16:55 CET 13-02] UK – The UK’s largest pension fund has seen its assets shift under IAS19 accounting rules from a technical surplus of over £2bn (€2.16bn) in March 2008 into a deficit of £1.7bn by the end of last year because of the swing corporate bond pricing, according to ...
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NewsTower Hamlets offers bond portfolio after restructure
[16:10 CET 13-02] UK – The London Borough of Tower Hamlets is tendering for an active bond manager for its £530m (€589.7m) pension fund, following a restructuring of its bond allocation, while Middlesbrough Borough Council is seeking actuarial advice.
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NewsRolls-Royce may inject cash despite pensions surplus
[16:40 CET 12-02] UK – Rolls-Royce, the engine manufacturer, has today revealed it may need to contribute even more to its defined benefits (DB) pensions arrangements over the coming year even though pension fund was technically in surplus under IAS19 accounting.
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Oxford appoints IFA and passive equity manager
[14:15 CET 12-02] UK – Oxfordshire County Council has appointed Peter Davies as the independent financial adviser to its £913m (€1.04bn) local authority pension fund and awarded Legal & General Investment Management (LGIM) a 10-year specialist passive equity mandate.
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Complexity and costs have 'killed' DB
[15:15 CET 09-02] UK – An increase in “well-meaning” legislation has effectively ‘killed off’ defined benefit (DB) schemes through rising complexity and costs, experts have warned.
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News
Choppy waters improve January deficits
[15:00 CET 09-02] UK – The UK’s private sector final salary pension schemes saw a slight improvement in January as deficits reduced a fraction, according to calculations made by the Pension Protection Fund.
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Gov't under fire for means-testing modelling
[16:55 CET 06-02] UK – The pensions industry has attacked assumptions used by the government in a report which concluded 95% of people will be better off saving when auto-enrolment is introduced in 2012.
