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...These “buyouts” — of pension plans and the assets backing them — are regarded as the gold standard for safeguarding benefits....
...But thousands of former Debenhams employees subsequently suffered cuts to their expected retirement benefits under the Pension Protection Fund’s reduced compensation terms....
...“The duty of pension scheme trustees first and foremost is to maximise returns for members.”...
...The group would use mutuality as a pitch to pension trustees, chief executive Barry O’Dwyer told me....
...Pension trustees have also said they are worried about the potential threat from such arrangements....
...Both pension schemes are defined benefit plans, which pay a secure pension dependent on length of service, salary and age....
...“The bigger funds are more nimble and can act quickly,” said Chris Roberts, managing director at Dalriada Trustees, a firm of professional trustees....
...One of the triggers of the dispute was a 2020 valuation of USS at the height of a market crash, which recorded a deficit of £14bn and led to a cut to benefits, resulting in criticism of how the scheme was...
...Employers’ access to billions of pounds of surpluses in UK company pension funds would be eased under proposals set out by the government on Friday....
...Trustees of UK pension schemes would be prevented from taking “overly risky” decisions after government plans to ease employers’ access to billions of pounds in pension fund surpluses, ministers said....
...Pension funds can use this to get access to gilts to hedge against movements in the value of their liabilities....
...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....
...These must have exclusively charitable purposes for the benefit of the public, and the trustees of the charity must act in the best interests of the foundation, not the commercial company....
...The Pension Protection Fund’s Purple Book — the UK’s almanack of private sector defined benefit pensions — dropped on Wednesday....
...Trustees need to be telling advisers what to do, rather than the other way around. Rory Murphy Chair of Trustees Merchant Navy Officers Pension Fund West Sussex, UK...
...The pension fund trustees might require a hefty top-up payment to compensate. The arcane world of pension valuations could be set to move into the spotlight....
...This is because UK pension assets have been historically dominated by defined benefit (DB) schemes and public sector pensions....
...“Members will be able to take confidence in the improved financial security of their benefits and the commitment and expertise of Clara,” said Simon True, chief executive of Clara Pensions....
...He added that this was because the funding deficit was “much less volatile than it used to be, as the pension trustees have hedged most of the fund assets to match future payout obligations, and also much...
...The chancellor’s comments come as he and the City of London step up efforts to encourage pension funds to plough tens of billions of pounds of cash into areas that could drive economic growth....
...Second, he’d like to raise the stock of risky assets held by pension funds....
...Currently, the PPF has a remit only to compensate members of failed private sector “defined benefit” pension plans, of which there are 5,200 in the UK, with about 10mn members....
...Where assets are significant and expenditure could easily be met in your children’s early adulthood, you also have the option of opening a pension for your children and saving into this....
...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....
...UK pension fund trustees must consider increasing the range of their investments, including in start-ups or other illiquid assets, or face “robust” intervention, the British regulator has warned....
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