Defined benefit – Page 22
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NewsUK roundup: DB schemes stronger than pre-COVID levels
Plus: DWS, Tikehau’s new secured income fund; National Trust awards climate change mitigation mandate
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Lay trustee role increasingly difficult to sustain, industry says
The role has changed significantly in recent years due to increased governance requirements
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NewsSchemes risk cutting corners to meet CMA deadline, says Hymans
A rushed process would risk ‘missing out on the best fees’
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Country ReportRisk Management: LDI strategy at a time of pandemic
Wild swings in UK bond yields caused by COVID have triggered a surge in hedging activity
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Country ReportFunding code: Deciphering the new code
With the Pensions Regulator consulting on a new code of practice for defined benefit (DB) scheme funding, trustees are advised to take a long-term view of investment, covenant and liabilities
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NewsFormer pensions minister warns retired workers’ income set to fall dramatically
‘We have been living in a fool’s paradise when it comes to incomes at retirement,’ says Webb
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DB attribution project prompts warning from IFRS IC chair
The IFRS IC voted to confirm its tentative agenda decision concerning the attribution of periods of service under IAS 19
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Dutch pension fund wins court case against Booking.com
The verdict could mean the Amsterdam-headquartered travel company will be forced to join Reiswerk, the pension fund for the travel sector
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UK pension funds seek judicial review of inflation measure reform
BT, Ford and Marks & Spencer pension schemes believe ’far-reaching implications not fully considered’
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USS rejects employer request for review of 2020 valuation approach
‘No justifiable basis for review until alternative proposals made or new information materialises’
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FeaturesDB accounting: Lump-sum benefits
Service-defined lump-sum payments are causing accounting attribution problems
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Nearly half of UK DB schemes closed to future accrual
In 2012 28% of schemes were closed to future accrual
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NewsUK pensions regulator consults on criminal sanctions policy
TPR keen for industry feedback as ‘important our approach is clear and understood’
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NewsDB schemes race to meet fiduciary management retender deadline
There is now ‘little time’ and ‘fiduciary managers will struggle to respond to all tender requests’ by the June deadline
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NewsMost tax reforms can cause significant cost for employers, schemes, PLSA warns
Some experts believe a reform of this magnitude would result in the ‘end of defined benefit provision in the private sector’
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IASB to seek views on future workplan; FRC sets out budget, priorities
The FRC said its projected spend for the coming year amounts to £52.2m (€60.7m). DB schemes are expected to contribute £1.2m under the pension scheme levy
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News
Dutch pension fund proposes pooling grandfathered pension rights
PGB’s proposal was introduced in its response to the consultation on the new Dutch pension law, which cements a transition from DB to DC arrangements
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NewsNordics roundup: PFA generates DKK31bn in 2020
Plus: Ilmarinen boosts solvency after 7.1% investment return; Alecta’s total assets rise to SEK1.04trn
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NewsMajor UK pensions bill becomes law
Much detail to be sorted out in secondary regulation and guidance, talk of further bill soon, too
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NewsATP’s investment portfolio return slips in 2020
Overall, ATP made a 10.8% return before pension returns tax, down from 16.2% in 2019
