Pensions Wire

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  • June 19
    TPR analysis on current funding valuations
    ​The Pensions Regulator (TPR) published its “Tranche 12 analysis” last week which looks at those defined benefit pension scheme with valuation dates between September 2016 and September 2017.  According to TPR’s analysis “85% to 90% of schemes currently preparing their valuations have employers with sufficient financial resilience to be able to afford to manage their deficits, and don’t have a lo... Read More
  • May 23
    Radical shake up of DB pension system proposed
    ​A new report entitled “Security and Sustainability in Defined Benefit Pension Schemes: A response to the Department of Work and Pensions Consultation”, co-authored by Iain Clacher, Con Keating, and Andrew Slater, throws up some interesting and rather radical ideas about how the current regulatory environment should change, both for the good of existing DB scheme members and for future generation... Read More
  • May 17
    Who wins from Tata Steel RAA?
    After several months of negotiation, yesterday it was announced​ that the key commercial terms of a Regulated Apportionment Arrangement (RAA) have been agreed in principle, between Tata Steel UK (TSUK) and the Trustee of the British Steel Pension Scheme (BSPS). While not yet signed off by the Pensions Regulator and the PPF, it seems they are on board. However, many of the key details are still to... Read More
  • May 16
    Pensions Regulator gets tough in wake of Lionheart fallout
    ​After several turbulent months spent thrashing around trying to defend its beleaguered reputation in the aftermath of the BHS scandal, a bedraggled Pensions Regulator has scrambled aboard the life raft of its annual funding statement and fired a warning shot across the bows of employers about the way they fund their defined benefit pension schemes in the future. In my view, much of the criticis... Read More
  • May 12
    The State Pension - Warning: Graphic Content
    State pensions are a hot topic in this year’s general election campaign. Whether it’s the OECD suggesting that the state pension should be removed from the richest pensioners or Labour’s leaked manifesto proposing to compensate WASPI, in 2017 pensions are big news. It may be hard to believe now, but pensions did not always wield such power. Since the introduction of state pensions through the Ol... Read More
  • May 11
    Is your overseas parent taking you seriously?
    ​We often hear sponsors and trustees moaning that their overseas parent simply does not understand UK pension issues and does not want to prioritise them.  However, there have been seen several cases that demonstrate why overseas parents may want to get more involved in the UK pension arrangements of their subsidiaries. The first is the case of Nortel where Canadian and US courts ordered that th... Read More
  • May 11
    Strong and Stable Pension Schemes
    The Tory manifesto is expected to include a pledge to protect workers’ pensions when it is published next week. The suggestion that pensions need protection “from irresponsible company bosses who put them at risk” appears to be a clear reference to BHS.   An initial statement on the Conservatives’ website says:   “Any company pursuing a merger or acquisition valued over a certain amount or wi... Read More
  • May 09
    Correlation is not causation, but it sure is a hint
    ​In March I wrote about how projected life expectancies have fallen for the second year in a row. Since then, the story of falling life expectancies has garnered a lot of media attention. Jeremy Corbyn himself even pointed to waning life expectancies to demonstrate that the Conservative party is “running our country down” (although he may have misinterpreted the data slightly). Corbyn’s data mish... Read More