News – Page 39
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ArticleDo not miss Employee Benefits Wired: Supporting good governance
Employee Benefits Wired: Supporting good governance, presented in association with Nest, will be broadcast live at 11am on Wednesday 30 August 2017.The expert panel discussion can be viewed for free on the Employee Benefits video channel.The online debate will provide insights on the key issues surrounding good pensions governance and ...
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ArticleCanada Life to acquire Retirement Advantage
The Canada Life Group (UK) has reached an agreement to acquire financial services provider Retirement Advantage.Retirement Advantage was formed in 2015 from the merger of the retirement income and equity release divisions of MGM Advantage and Stonehaven. The organisation has more than £2 billion of assets under management, including £1.5 ...
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ArticleEXCLUSIVE: Nationwide to discuss pensions engagement at Employee Benefits Live
EXCLUSIVE: Ian Baines (pictured), head of pensions at Nationwide Building Society, is to discuss how employers can encourage and support staff to save more for their retirement at Employee Benefits Live 2017.The session, titled ‘Boosting retirement prospects for employees’, will form part of the workplace pensions conference stream on Tuesday ...
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ArticleTPR to prosecute Dominic Chappell for withholding documents during BHS investigation
The Pensions Regulator (TPR) is to prosecute Dominic Chappell, the former director and majority shareholder at Retail Acquisitions, for failing to provide requested information and documents to aid the investigation into the sale of BHS.TPR is to prosecute Chappell for failing to comply with three notices that were issued under ...
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ArticleCourt of Appeal rules against ITV in pensions anti-avoidance case
The Court of Appeal has refused an appeal by television broadcasting organisation ITV, which sought to challenge additional evidence submitted by The Pensions Regulator (TPR) in a long-running pensions anti-avoidance case.The Court of Appeal has agreed with an Upper Tribunal decision in 2016 to allow TPR to submit new evidence ...
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ArticleJarrold and Sons completes £19m pensions buy-in
Retail organisation Jarrold and Sons has completed a £19 million pensions buy-in transaction.The transaction has secured pension payments for over 500 scheme members, as well as reduced pensions longevity risks for the organisation’s pension scheme, which is provided by Aviva.Western Pension Solutions advised Jarrold and Sons on all aspects of ...
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ArticleSSE hedges £1.2bn of longevity risk for two defined benefit pension schemes
Energy organisation SSE has hedged pension longevity risks of £1.2 billion across two of its defined benefit (DB) pension schemes through the completion on one longevity insurance and two buy-in transactions.The two buy-in transactions, conducted with Pension Insurance Corporation (PIC), totalled £350 million. This included a buy-in for SSE’s Scottish ...
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ArticleTata Steel gains initial approval for pension scheme restructure
Tata Steel UK and trustees of the British Steel pension scheme (BSPS) have agreed a restructuring deal, which has been granted initial approval by The Pensions Regulator (TPR).Under the agreement, Tata Steel UK will pay £550 million to the British Steel pension scheme (BSPS) to meet conditions of a regulated ...
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ArticleThe Pensions Regulator names schemes that fail to meet basic auto-enrolment duties
The Pensions Regulator (TPR) has published the names of workplace pension schemes whose trustees have been fined for not providing legally required documentation.Fines were issued to pension trustees for failure to submit scheme returns after receiving a warning from TPR, and for failure to prepare a chair's statement.Pension schemes that ...
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ArticleChilman joins National Grid
John Chilman has joined electricity and gas utility organisation National Grid as group head of pensions.Chilman specialises in pensions, share plan design, executive reward, and total reward statements. He also has experience as a pension scheme trustee, as well as across the pensions and reward sector.Previously, Chilman worked as group ...
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ArticleFTSE 350 defined benefit pension deficit falls to £122bn
The accounting deficit of defined benefit (DB) pension schemes for the UK’s largest 350 organisations fell from £131 billion at the end of June 2017 to £122 billion at 31 July 2017, according to research by Mercer.Its Pensions risk survey, which is based on projections and analysis of FTSE 350 ...
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Article57% do not personalise pension communications
More than half (57%) of employer respondents do not personalise pension communications for individual employees, according to research by Willis Towers Watson’s UK defined contribution (DC) master trust LifeSight.Its survey of 131 organisations also found that 37% of respondents do not currently have any plans to play a greater role ...
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ArticleCourt of Appeal rules in favour of IBM in pensions case
The Court of Appeal has allowed an appeal by technology organisation IBM Holdings, finding that the organisation did not breach its duty to members of its UK defined benefit (DB) pension scheme when restructuring its pension benefits.The case, IBM United Kingdom Holdings v Dalgleish, revolves around the restructuring projects undertaken ...
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ArticleDefined benefit pension funding deficit falls to £420bn
The funding deficit for defined benefit (DB) pension schemes in the UK was £420 billion at the end of July 2017, according to research by PricewaterhouseCoopers (PWC).Its Skyval index, which is based on data relating to 5,800 DB pension funds and collected through the Skyval pensions platform used by trustees, ...
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ArticleCourt of Appeal rules in BBC's favour in pensionable pay case
The Court of Appeal has dismissed an appeal against the BBC in a long-running pensions case after the broadcaster introduced a 1% cap on increases in pensionable salary in a move aimed at reducing its defined benefit (DB) pension schemes deficit.In the case of Bradbury v British Broadcasting Corporation, the ...
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ArticleThe Pensions Regulator fines Barnet Council for failing to submit pension documentation
The Pensions Regulator (TPR) has issued the London Borough of Barnet Council’s pension scheme manager with a £1,000 fine for failing to submit legally required documents.The fine, which was issued in relation to the Local Government Pension Scheme for England and Wales, was delivered to the London Borough of Barnet’s ...
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ArticleSupreme Court rules in favour of employee’s former spouse in pension divorce case
The Supreme Court has allowed an appeal from the former spouse of a retired British Coal employee in a case concerning the period of pension scheme membership that should be taken into account upon the division of assets.The Scottish case, McDonald v Newton or McDonald, relates to Mr McDonald, who ...
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ArticleGKN closes UK defined benefit scheme to future accrual
Engineering organisation GKN has closed its UK defined benefit (DB) pension arrangement to future accrual.The DB scheme closed to future accrual following a consultation with active members. As of 1 July 2017, members will receive pension benefits on a defined contribution (DC) basis.GKN operates a number of DB and DC ...
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ArticleLunch and learn with Employee Benefits Summer School 2017
Employee Benefits Summer School will return in August to provide insights from leading experts on the key issues facing the employee benefits industry.Experts from Capita Employee Benefits, Embryocare, Legal and General, Simplyhealth, Nest, and Wealth at Work will discuss the latest benefits trends, challenges and opportunities for employers with Employee ...
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ArticleLorica relaunches in the employee benefits market
Corporate wealth management organisation Lorica has re-entered the employee benefits market to offer financial wellbeing and pension support services to employers.The organisation, which sold its employee benefits business to consultancy Aon in 2014, launched its new benefits proposition on 1 June 2017. Lorica continued to operate as a wealth management ...