DB & DeriskingRSS

LGPS escapes McCloud cost-cap breach

News on the go

On the go: The Local Government Pension Scheme in England and Wales, alongside its Scottish and Northern Irish equivalents, has avoided the cost-cap breach suffered by a number of other public sector schemes resulting from the impact of the McCloud remedy cost on their 2016 valuations.

Weekly Roundup: Our time is running out

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This week – Industry slams the DWP’s dashboards launch date proposals, more calls for clarity over TPR’s new enforcement powers, the BMA pushes for the expedition of the McCloud remedy and the introduction of pension recycling, and B&CE and a building company given a ticking off from the ombudsman.

Pandemic to affect life expectancy ‘by less than 1%’

News on the go

On the go: Insurers only expect the coronavirus pandemic’s impact on future mortality improvements to affect life expectancy by less than 1 per cent, the Institute and Faculty of Actuaries has said.

Schemes and asset managers told to buck up stewardship

News on the go

On the go: Pension schemes and asset managers should embed stewardship “in every aspect of their relationship”, the Investment Association and the Pensions and Lifetime Savings Association have said.

Smiths Group scheme secures final £640mn buy-in

News on the go

On the go: The £1.7bn TI Group Pension Scheme has completed a £640mn buy-in with Rothesay, covering its remaining uninsured members.

Two-thirds of small schemes unaware of VfM requirements

News on the go

On the go: The majority of schemes with less than £100mn in assets were unaware of their new value for money duties, with the Pensions Regulator prompting these pension funds to “either wind up or take prompt action to make improvements”.

Trustees urged to include ESG factors in covenant assessment

News on the go

On the go: Accounting for Sustainability and the Employer Covenant Practitioners Association have teamed up to launch a ‘top tips’ guide for considering environmental, social and governance risk in the employer covenant process, hailed by the Pensions Regulator chair Sarah Smart as “an important first port of call for trustees”.

Rise in number of DB schemes appointing advisers to continue

News on the go

On the go: A growing number of defined benefit pension schemes are offering new benefits to members such as appointing a financial advice company, according to consultancy LCP.

DWP’s dashboards consultation criticised over launch date proposals

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A second government consultation into pensions dashboards has been criticised over plans to give schemes just 90 days’ notice before the dashboards go live, with experts warning of a capacity crunch.

Industry calls for clarity on TPR’s enforcement powers

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Industry experts, though broadly supportive of the Pensions Regulator’s approach to its new enforcement powers, have nonetheless called for additional clarity in how they will be used, with some concerned that outcomes could be determined in part by “luck”.