Defined benefit – Page 2
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Opinion PiecesEuropean Commission IORP proposals are too slanted to individual pensions
The European Commission’s IORP II reform proposal structurally reinforces individual pensions and is at odds with the successful social partner-led Rhineland model
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NewsUK to allow defined benefit surplus to be paid directly to members
Plans to reduce tax charge on surplus paid directly to members will make it easier for members to benefit and for trustees and employers to agree on surplus extraction
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NewsAstraZeneca favours buyouts to offload German DB liabilities
Pharmaceutical group rules out consolidating its German pension plans due to impracticalities
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NewsBBC Pension Scheme completes £6bn longevity swap
The longevity swap covers pensioner liabilities representing around 21,000 members
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NewsWolseley Group Retirement Benefits Plan in £600m buy-in with Aviva
The transaction secures benefits of nearly 10,000 members
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NewsUK bulk annuity sector ‘resilient to severe market shock’, stress test finds
PRA to consider whether further action is needed to ensure the regulatory capital treatment of FundedRe transactions is appropriate
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NewsUK lifeboat fund consults on keeping levy at zero for 2026/27
Pension Protection Fund says it will continue to build financial security principally through its investment returns
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NewsUBS offloads German Credit Suisse pension book in de-risking deal
UBS completes major German pension buyout as corporates accelerate efforts to shed legacy liabilities
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NewsBuyout boom cements insurance as top endgame for UK DB pension funds
LCP projects a continued ‘healthy’ pipeline of £350bn to £550bn of buy-in transactions over the next decade
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NewsTPT appoints trustee board for run-on DB superfund
The appointment of the board comes as TPT prepares for The Pensions Regulator’s (TPR) assessment of its superfund proposition
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NewsDutch insurers see buyout market accelerate
As funding ratios rise across the board, buyout deals have seen a growing number of Dutch company pension schemes show interest
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NewsPhoenix eyes private capital deal to scale PRT business
The insurer has had ‘initial discussions regarding a potential third-party partnership’ to accelerate the growth of its pension risk transfer business
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NewsFord pension funds complete £4.6bn buy-in deal with L&G
The buy-ins were completed as part of one combined transaction, which secures the benefits of over 35,000 retirees across two pension funds
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NewsDNB reassures Dutch funds on interest rate hedging impact
Dutch pension sector is worried that government bond trades upon switching to defined contribution arrangements could squeeze liquidity and move markets
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NewsTPT Investment Management launches £600m global equity fund
This is the last in the series of seven planned fund launches
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NewsUK pensions minister rules out further forced LGPS consolidation
Torsten Bell confirmed there are ‘no plans’ to enforce further consolidation among UK Local Government Pension Schemes
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NewsTPT Retirement Solutions enters superfund market with £1bn run-on model
£1bn of committed capital would be sufficient to fund several transactions
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NewsIntesa Sanpaolo pension fund trims sub-fund costs after merger
Synergies from the merger with Fondo Pensione Cariplo are expected to reduce costs indirectly charged to members
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NewsDutch pension funds continue to increase interest rate hedges
The increases in hedging ratios come as the moment pension funds will convert DB accruals to DC capital is edging closer
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Opinion PiecesThree years on from the LDI crisis, has the UK pension industry learned its lesson?
This issue of IPE goes to press almost exactly three years after the UK pension industry was thrown into disarray by what many remember as the ‘LDI crisis’. On 23 September 2022, then British chancellor Kwasi Kwarteng announced sweeping tax cuts that prompted a frenzied sell-off ...
