Defined benefit – Page 29
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News
L&G backs ‘innovative’ buy-in for Hitachi UK pension scheme
The data and technology company’s scheme has insured members’ benefits, preserving an unusual DB-DC hybrid arrangement
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UK health insurer transfers £20m DB scheme to master trust
TPT Retirement Solutions has consolidated a ‘wide variety’ of schemes in the past year
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NewsAccounting standards board approves changes to DB reporting methods
The IASB sought to address complaints that pensions accounting rules ‘often do not meet the primary objectives’ of accountants and analysts
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PPF assets grow to £32bn but surplus hit by Kodak claim
A 5.2% investment return for 2018-19 helped boost assets but the lifeboat fund’s biggest claim dented its surplus
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News
Half of FTSE 100 companies could buy out DB funds in 10 years: report
Diverting an additional 6% of profits would let 70% of FTSE 100 schemes buy out within a decade, says Barnett Waddingham
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NewsAccounting roundup: Committee warns on DB-DC ‘blurred lines’
Plus: FRC maps out its plan to transition to the Audit, Reporting and Governance Authority; Change to accounting rules for multi-employer pension schemes
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NewsAuto-enrolment success masks inadequate savings rates, industry warns
More people are saving into a pension in the UK following auto-enrolment, but the amount they are saving is far short of what is needed
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UK regulator seeks to stem flow of exits from DB schemes
Financial Conduct Authority says too much financial advice related to transfers is ‘still not of an acceptable standard’
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News
Dutch industry schemes combine DC accrual with collective benefits
Pension funds are ‘getting in lane’ for expected pensions reform, which could see individual DC accrual replace the Netherlands’ traditional model
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UK high street chain shuts £5.6bn DB scheme
John Lewis Partnership will switch its staff to an “improved” defined contribution fund after a year of negotiations with staff
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NewsUK charities facing ‘double whammy’ as pension deficits climb
Hymans Robertson has urged charity DB fund trustees to assess options for securing covenants or consolidating
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News
Chart of the Week: Auto-enrolment boosts UK pension coverage
As minimum contributions rise from 5% to 8% of salary, fresh data reveals the transformative nature of auto-enrolment in the UK
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News
German chemicals company de-risks with lump sum payments
Employees respond positively as Henkel offers one-off payment to reduce DB liabilities
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News
UK pension fund body targets consolidation in strategy update
Pensions dashboard, cost transparency and improving standards placed at the centre of four-year plan
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News
IFRS committee rules on DC refunds for plan sponsors
IFRS Interpretations Committee says discounts on overpayments to DC plans shouldn’t mean DB treatment is necessary
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UK pensions watchdog to clamp down on ‘excessive’ dividends
Companies must prioritise pension funding when finances come under pressure, TPR says
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News
Chart of the Week: DC overtakes DB in top seven pension markets
€35.6trn invested in 22 markets, Willis Towers Watson reports, with DC making headway in the UK, Canada and Japan
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News
UK roundup: Apollo strikes funding deal with RPC pension funds
Also: XPS reassures on GMP costs as liabilities estimated to rise by less than 1%
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News
DB consolidators pose covenant trade-off questions for trustees: study
Trustees must weigh strength of existing sponsor covenant against replacement financial covenant
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NewsAccounting roundup: Discount rates on the rise
Also: DB, DC plan definitions under IAS 19; IASB staff still working on DC discount rate anomaly
