UK - The Department for Work and Pensions (DWP) has been urged to redraft legislation defining money purchase pension schemes (MPPs), following a ruling by the UK's Supreme Court.

The decision follows a High Court ruling three years ago in the case of Houldsworth vs Bridge Trustees that found MPPs were capable of accumulating a pension deficit - something previously prohibited under the DWP's interpretation.

Giles Orton, head of pensions litigation at law firm Eversheds, said the ruling was "admirable".

He said the court's ruling showed that previous definitions of MPPs had been too restrictive, with the term eventually being applied to other vehicles for which it was not uniquely suited.

He added: "It is to be hoped that the DWP will go back to the drawing board and endeavour to tidy up the definition, at the same time as ensuring that where MP schemes can get into deficit, the scheme protection legislation, including the Pensions Protection Fund, will apply."

In other news, Lancashire County Council has awarded a £4.6bn (€5.2bn) asset-servicing mandate to Northern Trust.

Northern Trust will manage both its pension funds and treasury assets and provide services such as transition management and securities lending.
Mike Jensen, head of pensions and treasury at Lancashire County Council, cited Northern Trust's "excellent reputation" in the local government pension scheme sector.
Meanwhile, Eurotunnel has tendered a five-year mandate for its two pension funds.
The group seeks actuarial, administrative and communications services for its Channel Tunnel Group Pension Fund and its Channel Tunnel Group Senior Executives Pension Fund.
The deadline for requests to participate is 8 August.

Finally, Atkin & Co has been awarded a mandate to provide scheme administration and actuarial services to BRE Group's pension scheme.