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...Thousands of members of the pension plan of collapsed retailer Debenhams are to have their retirement benefits restored under a groundbreaking deal for the UK’s nascent “superfund” market....
...Mick McAteer, co-founder of the Financial Inclusion Centre think-tank and a former FCA board member, said the stress-test plan was “very welcome”....
...These “buyouts” — of pension plans and the assets backing them — are regarded as the gold standard for safeguarding benefits....
...Poorly performing pension plans will be banned from taking on new business as part of a major shake-up of Britain’s £120bn workplace retirement market, under government plans unveiled ahead of next week’...
...There are always a lot of different interests to manage at the top of a pension plan, but the psychodrama between the board, plan members, the investment staff, the media, and local, regional and national...
...More recently employers have opted for cheaper defined contribution schemes, where members have no certainty over what income they will get in retirement....
...But at that stage every pension plan was an island, with no interconnections and no obvious mechanism for enabling the pension to follow the member. Ten years on that has all changed....
...The California Public Employees’ Retirement System has named a former top executive at the New Zealand sovereign wealth fund to direct the largest US public pension plan’s investments following the abrupt...
...Employers are not obliged to pay into a pension plan chosen by their workers....
...The proposals come after the funding positions of defined benefit retirement plans have improved significantly over the past 18 months due to rising interest rates making it cheaper for the schemes to meet...
...“I want the members to know we guard their money jealousy,” said William Prezant, chair of Calstrs’ investment committee....
...The government believes that well-funded pension plans could potentially generate more surplus, for use by employers and to benefit members, by investing in return-seeking assets that also help the UK economy...
...The government is consulting on proposals to enable employers to use surplus funds built up in defined benefit plans. These schemes currently serve around 10mn members....
...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...
...“We’re taking a militant approach,” Teamsters president Sean O’Brien told the Financial Times during an interview, saying that members were now less willing to compromise with employers and more willing...
...BT announced on Tuesday that the funding shortfall in its retirement scheme, which has 263,000 members, had fallen to £3.7bn, down from £7.98bn three years ago....
...In his Budget, Hunt confirmed new measures that require local authority pension funds and private sector retirement plans to disclose their UK investments....
...“There’s no question that the primary purpose of [pensions] is to deliver in the members’ best financial interests,” Young said....
...The swing pricing proposal would disadvantage investors who purchase mutual funds through their retirement plans, they argue....
...“Members and employers will be given much greater transparency on how their scheme is performing against others in the market,” said Philip Smith, defined contributions director at TPT Retirement Solutions...
...The UK’s first commercial pension “superfund” deal has been cleared by the regulator opening a new route for employers to offload weaker retirement schemes from their balance sheets....
...Under the four-year agreements, unionised workers will receive higher pay, cost of living adjustments and boosts to employer contributions to retirement plans....
...Now the BoE plans to stress test insurers on their exposure to reinsurers through a flurry of corporate pension deals, as concerns mount about the risk posed by offshore arrangements to UK retirement savers...
...How did you think about that when you started out on your non-retirement plan? Michael SkapinkerIt was a big issue for me....
...The Pension Protection Fund announced on Thursday that the levy it collects from eligible “defined benefit” schemes to help cover compensation payments to members of failed company retirement plans will...
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