News – Page 101
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LV= completes longevity insurance contract for DB pension
LV= has completed an £800 million longevity insurance contract for its defined benefit (DB) pension scheme.The contract, with reinsurer Swiss Re, includes insurance of longevity exposure for 5,000 individuals who were members of the scheme as of 31 December 2011.It covers a broad population, extending beyond in-payment pensioners to also ...
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ArticleWhite paper — auto-enrolment: get equipped to meet your duties
Implementation and the operation of the auto-enrolment regime could present a considerable challenge for employers.To download the white paper, click on the link above right under Related Files.White paper supplied by Scottish Widows.
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ArticleWhite paper — pensions and auto-enrolment: time for change
With major changes happening to workplace pensions from October, it is important that employers of all sizes start thinking about their own arrangements as soon as possible.To download the white paper, click on the link above right under Related Files.White paper supplied by National Employment Savings Trust (Nest).
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EU pension changes could increase costs for employers
Proposed pensions changes from the European Commission could impose £350 billion in extra costs on UK employers, according to a report commissioned by the Confederation of British Industry (CBI).The economic impact for the EU of a Solvency II-inspired funding regime for pension funds, collated by independent economic consultancy Oxford Economics, ...
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Employers will communicate auto-enrolment face to face
The majority (86%) of respondents that will reach their auto-enrolment staging date in the next 12 months and have started planning their communications strategy will use meetings or presentations to do so, according to research by Buck Consultants.The research found that 46% will use one-to-one staff meetings. .The research also ...
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UK Coal restructure impacts pensions
UK Coal’s pension schemes have taken the majority share in the organisation’s property business following a restructure.The restructure, which began in March 2012, split UK Coal into separate mining and property businesses. The mining business will continue as employer sponsor of the pension schemes. In return for giving up any ...
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Auto-enrolment spurs increase in benefits spend
One in five (20%) of respondents increased their spend on employee benefits packages in the 12 months leading up to auto-enrolment, according to research by Group Risk Development (Grid).The Group risk employer research study, which polled 500 employers in October 2012, found that one-third (36%) of respondents said they believe ...
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Royal Mail pension deficit reduced by £28bn
Autumn Statement 2012: The transfer of assets from the Royal Mail Pension Plan to the Treasury has reduced public sector net borrowing by £28 billion in 2012/13.It was announced in the the Budget in March 2012 that the liabilities of the scheme, which were around £37.5 billion, would be transferred ...
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DWP to consult on pension deficit recovery plans
Autumn Statement 2012: The Department for Work and Pensions (DWP) will consult on providing The Pensions Regulator (TPR) with a new statutory objective to consider the long-term affordability of final salary pension scheme recovery plans on employers.The government also said it recognises that volatility in measures of pension scheme deficits ...
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Greene King closes DB schemes
Greene King has closed its three defined benefit (DB) pension schemes to future accrual.During the period covered by its half-yearly report, Interim results for the 24 weeks to 14 October, the pub retailer and brewery consulted with the remaining active members of its DB schemes.The schemes were then closed to ...
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Heineken and RSA manage DB pensions risk
Heineken and RSA have introduced a risk management platform to manage their defined benefit (DB) pension scheme risk.The technology platform, PFaroe, is provided by PensionsFirst.International brewer Heineken will use the technology to manage its £2.5 billion in UK DB pension obligations, while global insurance organisation RSA will use it to ...
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More pension funds engaging with stewardship
More than seven out of ten respondents (71%) took stewardship activities and policies of asset managers into account when selecting them, according to research by the National Association of Pension Funds (NAPF).The NAPF Annual engagement survey found that the number of respondents considering stewardship activities increased from 48% in 2011 ...
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Blue Arrow selects plan for auto-enrolment
The Blue Arrow Group has appointed a provider for its auto-enrolment pension scheme.The recruitment firm, which has 30,000 employees, will provide eligible staff with the multi-employer trust from Now: Pensions from its staging date in January 2013.Mark Manaton, managing director at the Blue Arrow Group, said: “Now: Pensions’ Trust is ...
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Scottish Life launches auto-enrolment product
Scottish Life has launched its auto-enrolment product, which is based around three core phases: the design, the implementation and the ongoing running of an auto-enrolment-compliant pension scheme.The design element includes the assessment and modeling of options for pension scheme design; the implement element includes project planning and support with implementation; ...
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Towers Watson to acquire Oxford Investment Partners
Towers Watson is to acquire Oxford Investment Partners to expand its investment capabilities and strengthen its leadership position in the fiduciary management market.The deal is for an undisclosed sum and subject to regulatory approval. Oxford Investment Partners (OXIP) will become part of Towers Watson’s investment business through the transfer of ...
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Employers would welcome return of default retirement
Just over half (54%) of respondents would welcome the return of the default retirement age (DRA), which was removed in April 2011, according to research by law firm Irwin Mitchell.The research, which surveyed 421 UK organisations, found that, of those that said the DRA should be reintroduced, 60% would set ...
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ICAP selects auto-enrolment system
ICAP is to launch a pensions system in order to comply with auto-enrolment requirements ahead of its September 2013 staging date.Around 1,000 of the interdealer broker’s 1,600 employees will be covered under the new system, which manages pensions administration and communications issues. The remaining 600 staff are already in the ...
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Dennis Publishing reviews GPP
EXCLUSIVE: Dennis Publishing has completed a review to ensure its group personal pension (GPP) plan is auto-enrolment compliant, a year ahead of its staging date in January 2014.Alison Hunter, HR director at Dennis Publishing, said: “We’ve done a lot of compliance work with our pension scheme to make sure it ...
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Pension Investment Platform confirmed
Autumn Statement 2012: Chancellor George Osborne has confirmed that the Pension Infrastructure Platform (PIP) will launch in the first half of 2013.The PIP is an initiative that aims to increase the investment by UK pension schemes in UK infrastructure.The government, the National Association of Pension Funds (NAPF) and the Pension ...
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Drawdown limit increase branded ‘sellotape measure’
Autumn Statement 2012: The government’s move to increase the capped drawdown limit of pension funds from 100% to 120% has been branded a ‘sellotape measure’ that fails to tackle major issues in the post-retirement market.In his Autumn Statement today, chancellor George Osborne announced that an individual will be able to ...