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ITV court challenge over Box Clever pension scheme rejected The Court of Appeal has rejected ITV’s latest legal challenge in the Box Clever Group Pension Scheme case, which will now move to a substantive hearing in the New Year. At the end of July the Court of Appeal refused permission for ITV to appeal against a ruling made in The Pensions Regulator’s (TPR's) favour to allow the introduction of new evidence in its anti-avoidance case against the broadcaster. Posted on Monday Aug 21

Questions of trust and duty for the BBC and IBM Tyron Potts, Associate - Head of Pensions Research at Barnett Waddingham reviews the Court of Appeal ruling in favour of two employers whose attempts to amend benefits in their respective Defined Benefit (DB) pension schemes were challenged by scheme members.The rulings in both cases are likely to give reassurance to employers that benefits can be altered in the way that the BBC and IBM did, in particular by restricting what pay increases qualify as ‘pensionable’. Posted on Monday Aug 21

FCA and Royal London comment on cold-calling ban Steve Webb from Royal London and Andrew Bailey from the FCA comment on the campaign for a ban on pension cold-calling Posted on Monday Aug 21

Government consultation paper on pension scams The government is committed to protecting people from pension scams and pursuing those who perpetuate pension scams wherever possible. Posted on Monday Aug 21

Is pension tax relief reform off the government menu Malcolm McLean from Barnett Waddingham explores the further reform of pension tax relief on the present government’s agenda. In his recent introductory speech to The Association of British Insurers, the new Secretary of State for Work and Pensions, David Gauke, said he didn’t “expect to see any fundamental changes to pension tax relief in the near future”. Posted on Friday Aug 18

Western Pensions advises on 19 million pound buy-in Western Pension Solutions (WPS), the specialist pensions consultancy that provides strategic and practical advice to family businesses, today announced it has successfully advised Jarrold & Sons Ltd on a £19m buy-in, thereby reducing Jarrold’s pension risks and securing the pension payments for more than 500 members. Posted on Friday Aug 18

Mud-slinging over State Pension Age needs to stop Jon Greer, head of retirement policy at Old Mutual Wealth says that Labour’s announcement says all the right things to the generations who were dismayed by the increase to the state pension age. However, their argument has holes and they have yet to outline costed workable proposals. Until they do their words should be taken with a hefty pinch of salt. Posted on Wednesday Aug 16

Greatest concerns about IFRS17 revealed by insurers A poll of over 100 industry professionals has identified a wide range of concerns regarding the new accounting standard for insurance contracts – IFRS 17 – which is due for implementation in 2021. The poll was conducted by Hymans Robertson during a webinar where industry experts gathered to discuss the challenges and opportunities IFRS 17 will present for the insurance industry. Posted on Tuesday Aug 15

Time for a grown up debate on the State Pension Currently the UK spends £100bn pa on the State pension and this is expected to double over the next 20 years and double again in the following 20 years. According to EU data, in 2020, the UK will rank 25th out of 28 EU members in terms of the percentage of GDP spent on pensions. For the UK this is anticipated to be 7.4% of GDP versus an average of 11.2%. Posted on Tuesday Aug 15

Industry reaction to Tata Steel pension announcement Industry comment from Royal London, Quantum Advisory and Lincoln Pensions on the Tata Steel pension announcement Posted on Monday Aug 14

TPR names pension schemes that trustees failed basic duties Pension trustees of a number of high profile employers have failed to comply with their basic duties, The Pensions Regulator (TPR) has revealed. Posted on Friday Aug 11

Argument that the DB pensions crisis is over exaggerated Quantum Advisory has argued that the ‘crisis’ in the Defined Benefit industry is being over exaggerated. Posted on Friday Aug 11

The official description of a professional trustee The Pensions Regulator (TPR) has set out how it will generally use its powers to impose monetary penalties and its revised description of who it considers to be a professional trustee, after listening to the views of the pensions industry. Posted on Friday Aug 11

Bulk annuity buy-ins set to skyrocket over next 15 years A report published by Hymans Robertson reveals that demand for bulk annuity buy-ins is set to skyrocket over the next 15 years and an estimated £700 billion of defined benefit pension scheme liabilities could have been passed to insurance companies by 2032. UK companies are increasingly looking to offload risk from their defined benefit (DB) pension scheme according to the analysis from the leading pension consultancy. Posted on Thursday Aug 10

£5.1bn of pension buy-ins and buy-outs in first half 2017 A total of £5.1bn of pension buy-ins and buy-outs were completed by UK pension plans in the first half of 2017, an 88% increase on the same time last year (H1 2016: £2.7bn), signalling that the acceleration of de-risking activity by pension plans since the EU referendum sees no signs of slowing down. Posted on Thursday Aug 10

SSE agree £1.2bn longevity risk deal for their DB schemes SSE plc affiliated Defined Benefit (DB) schemes complete £1.2bn of longevity risk hedging through two buy-ins and a longevity insurance Posted on Thursday Aug 10

Ten years on from the Financial Crisis of 2007 It’s ten years since the financial crisis hit, Charles Cowling, Director, JLT Employee Benefits, comments on the impact it has had on the pensions industry: Posted on Thursday Aug 10

Concern over complex fees when buying properties for SIPPs Investor concern about complex charges when joint owners are buying commercial properties for their SIPPs is being addressed by Momentum Pensions Posted on Thursday Aug 10

PLSA comments on Pension Transfers Tim Gosling, Policy Lead: DC, Pensions and Lifetime Savings Association, comments on the pensions transfer process. Posted on Wednesday Aug 9

JLT and L&G help Mizuho settle pension benefits in full JLT Employee Benefits has helped Mizuho Capital Markets UK Limited, a London-based derivatives business, settle in full all member benefits in their hybrid pension scheme through an advice-led transfer exercise and a buyout with Legal & General. Posted on Wednesday Aug 9

Pension scheme trustees working longer and paid less PwC’s latest biennial survey of pension scheme trustees shows that overall average annual pay has declined in the last two years while the average number of working days required has increased. Posted on Wednesday Aug 9

Pension schemes recent success should not breed complacency Andy Tunningley, Head of UK Strategic Clients at BlackRock, comments on the latest PPF 7800 Index figures: Posted on Tuesday Aug 8

Industry comment on ONS statistics on pensioner income Industry comment from Royal London, Barnett Waddingham and Aegon on ONS statistics on pensioner income Posted on Tuesday Aug 8

August update for the Pension Protection Fund 7800 Index Since July 2007 the Pension Protection Fund has published the latest estimated funding position, on a s179 basis, for the defined benefit schemes in its eligible universe. Posted on Tuesday Aug 8

PASA to expand accreditation framework The Pensions Administration Standards Association (PASA) has announced plans to expand its existing accreditation framework to accommodate Master Trust and Buyout providers. Posted on Tuesday Aug 8

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