Defined benefit – Page 32
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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
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NewsUK roundup: Smart Pension to provide platform to Barclays clients and employees
Plus: PPF launches consultation on actuarial assumptions; UK DB schemes’ health surpasses pre-COVID-19 levels
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InterviewsExit interview: EIOPA’s Bernardino on industry defensiveness and where to take IORP II
The chair of EIOPA will be stepping down in March after 10 years in office
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Opinion PiecesInfra must adapt to meet pension goals
Looked at collectively, or even individually, the cashflow needs of Europe’s defined benefit (DB) and hybrid pension schemes are huge and potentially challenging given the scale of income generating assets needed to help service them.
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NewsPLSA policy board identifies six priorities for 2021 as new members join
DC decumulation, investment and stewardship, pensions tax relief, small pots, pension dashboards and DB funding are top priorities for the PLSA
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News
Evonik, Legal & General add £544m buy-in to US de-risking transaction
Merger of four UK DB schemes paves way for full buy-in
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News
Specialists advise dynamic monitoring approach to sponsor longevity
’Rounded forward-looking view’ important, according to Employer Covenant Practitioners Association paper
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NewsAon adds to outlooks for active 2021 pension risk transfer market
Bulk annuity market capacity seen at £30bn-£40bn, busy longevity market on top of that
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Special ReportAccounting Matters - IAS 19: the negative view
Negative interest rates are probably the most daring policy move most of us will ever see. The idea that a borrower is paid to take out a loan, but a saver is penalised for setting aside money for their retirement turns our understanding of the fundamentals of finance on its head. But Europe has had them for more than a decade. And if the experience of today’s financial crisis is anything to go by, it will do so for a while longer yet. So where does this leave defined benefit (DB) sponsors and their accountants?
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NewsIFRS committee to forego project on DB periods of service attribution
Interpretations Committee rules requirements of IAS 19, Employee Benefits are clear
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News
LGIM launches climate transition index fund, Atos UK schemes invest
Investment solution uses external FTSE TPI methodology
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NewsUK roundup: Maersk scheme’s £1.1bn bulk annuity with Legal & General
Plus: Aon says 2020 events are likely to lead to more UK DB scheme closures; PLSA survey shows greater diversity and inclusion can improve decision-making
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NewsSofter tone on open DB plans seen in TPR ‘myth-busting’ comments
Policy director David Fairs sets out regulator’s intentions, thinking about open schemes, next steps for DB funding code in blog post
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NewsNational Grid scheme in £800m buy-in deal
Plus: Homestyle fund completes £103m bulk purchase annuity transaction
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NewsPPF: Two thirds of DB schemes in deficit following COVID-19 market crash
The UK’s DB lifeboat fund warns of an expected increase in the number of claims over the next year as the pandemic’s effects bite
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News
Dutch company schemes may choose to grandfather existing funds
Pension cuts will lead to disappointed members, reducing support for the new pension contract
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FeaturesAccounting Matters: Accounting for the Wedge
The reason why defined benefit (DB) scheme sponsors account for inflation is because International Accounting Standard 19, Employee Benefits, tells them that if they make a benefit promise that is linked to price increases, the effect of that commitment has to be accounted for. The starting point for what by any standards is a gargantuan actuarial task is to look at yields on inflation-linked bonds.
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News
Regulator called to ‘fight the corner’ of Arcadia pension scheme members
Sir Philip Green’s high street retail company reportedly on the brink of collapse
