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...These “buyouts” — of pension plans and the assets backing them — are regarded as the gold standard for safeguarding benefits....
...More than 10,000 members of the Debenhams pension plan were transferred to the UK’s pension protection scheme in 2019, following the collapse of the 240-year-old retail group....
...Pension trustees have also said they are worried about the potential threat from such arrangements....
...“The duty of pension scheme trustees first and foremost is to maximise returns for members.”...
...Both pension schemes are defined benefit plans, which pay a secure pension dependent on length of service, salary and age....
...Armitt is a former chair of the National Express Group and held senior roles with the Berkeley Group as well as the Board of Transport for London....
...“The central purpose of DB pension schemes — to pay the benefits promised to members — should not be undermined,” said Hetty Hughes at the Association of British Insurers, the industry trade body....
...The head of the UK’s National Infrastructure Commission has said he does not believe the government should tell pension schemes where to invest their members’ money....
...The $38tn US retirement system is one of the world’s largest, and US employers were among the first to shift from defined benefit pensions to defined contribution plans....
...Speaking last week, before the Treasury outlined plans for a major reform of the sector, Carol Young, chief executive of the £73bn Universities Superannuation Scheme, said she had no problem with new disclosure...
...Some of the UK’s biggest pension plans are taking advantage of steep price discounts to snap up real estate and other private assets, as fellow retirement funds put their harder-to-sell holdings on to the...
...The report said government spending on the state pension, pension credit and winter fuel payment was expected to be £132bn in 2023-24, or 5.1 per cent of national income....
...“In my view, managing this type of risk should be the responsibility of governments, not trustees of pension schemes.”...
...Today schemes like the Ontario Teachers’ Pension Plan rank among the largest and most sophisticated institutional investors in the world....
...The sharp fall in the deficit was in line with wider funding improvements for thousands of corporate defined benefit (DB) plans in the UK, which promise members a pension for life....
...The bulk of assets in UK DC plans — around 75 per cent — are invested in mainstream listed equities, according to the Pensions and Lifetime Savings Association, an industry body for the workplace pension...
...Today, pension trustees — and I am the chair of a small scheme — have no incentive to hold more equities. Our job is to protect pension promises....
...Margaret Snowdon, chair of the Pension Scams Industry Group, which seeks to stamp out malpractice, says the tax bills issued so far have mostly related to sums that the schemes paid out to victims....
...Clara, which will provide £30mn of new capital to the Sears plan, will use the scheme’s assets to generate returns to pay pensions with the aim of securing a full buyout deal with an insurer within five...
...Any switch to compulsory investment in the UK should set klaxons blaring for pensions lawyers and trustees....
...A spokesperson for The Pensions Regulator said: “Our job is to make sure pension savers are protected, and we are currently in discussions with the trustees of the CBI Retirement Benefits Plan and the CBI...
...Nausicaa Delfas, newly appointed chief executive of The Pensions Regulator, added that it was important for trustees of defined contribution plans to have the expertise to assess more complex assets — and...
...This requires trustees to set funding targets, then establish a plan towards an asset allocation which broadly matches assets with actuarial liabilities....
...Andrew Gallagher, chair of trustees for the BAE Systems pension schemes, said: “As we continue to look at ways to further de-risk pension liabilities, reducing the cost and improving the efficiency of asset...
...“The economy is not working — growth is the missing ingredient of this economy,” Reeves told reporters, setting out plans to get “better returns for pension savers and [drive] more capital into fast-growing...
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