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...The chancellor is also expected to outline further details on reforming defined benefit pensions and unlocking funds from local authority pension schemes. The BVCA declined to comment....
...But ministers (and opposition politicians) have also been eyeing local government defined benefit schemes as an easy pot of money to unlock growth. It is not that simple....
...The contrast between the defined contribution schemes of private companies and the inflation-linked defined benefit schemes of the public sector has become increasingly stark....
...Portfolios of private assets are being dumped by so-called defined benefit pension schemes — funds offering members a set amount in retirement — as they try to prepare themselves for a buyout by an insurance...
...There appears to be no circumstances where local authority pension benefits are reduced....
...A bill would be needed to enact a new authorisation regime for new commercial defined benefit “superfunds”, which pool corporate pension fund assets....
...Another proposal in the Autumn Statement aims to make it easier for employers to access surpluses built up in thousands of well-funded defined benefit (DB) “final salary” style pension plans....
...They include proposals from the Tony Blair Institute for Global Change to consolidate the UK’s defined benefit and local government pension schemes into £300bn-£400bn megafunds managed by the Pension Protection...
...In a move aimed at stimulating economic growth, Hunt confirmed plans to introduce a new requirement on “defined contribution” and local authority pension funds to disclose their allocations to UK and international...
...This would range from private sector defined contribution (DC) and defined benefit schemes to local authority pensions....
...Part of the answer is consolidation of surviving defined benefit funds. A tested solution — the Pension Protection Fund — is already established and proven....
...Before 2015, individuals with a defined contribution pension benefit usually had either to take a scheme pension at retirement or purchase an annuity....
...With thousands of private defined benefit schemes and tens of thousands of defined contribution ones, the market is highly fragmented....
...Of those pension assets, 98 per cent are held in “Target Return Funds” — hedge funds — rather than long dated index-linked bonds to match pension payments....
...Meanwhile, people in company defined benefit pension (DB) schemes can also rest easier....
...Of the 20 local authorities with the highest proportion of children affected by the two-child limit, 18 were in the north and the Midlands....
...As well as putting data to things we already suspected (eg that private defined benefit schemes (DB) dumped corporate bonds to fund collateral calls), one unheralded development stuck out....
...Expanded role for pensions lifeboat The government is to consider proposals to pool defined benefit, or final salary, pension funds to harness the benefits of scale....
...The final shape of Hunt’s plans — which will cover defined benefit, defined contribution and local government pension schemes with tens of millions of members — is due to be set out in his Autumn Statement...
...In the UK, however, there are more than 5,000 defined benefit pension funds....
...The drive into private markets echoes asset rebalancing by other “defined benefit” style retirement funds where pension payments to members are guaranteed and typically have some inflation protection....
...Hunt will seek to merge some of the 80 or so local government pension funds....
...So I will introduce new requirements for DC and local government pension funds to disclose publicly their level of international and UK equity investments....
...As a former committee chairman for a £1.4bn fund within the defined benefit Local Government Pension Scheme, I congratulate the Tony Blair Institute for supporting the chancellor’s current efforts (Report...
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