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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....
...Both pension schemes are defined benefit plans, which pay a secure pension dependent on length of service, salary and age....
...“The duty of pension scheme trustees first and foremost is to maximise returns for members.”...
...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....
...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 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....
...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...
...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...
...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....
...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...
...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.”...
...The appointment of Gilmore, who will manage more than 300 investment professionals, came after two of his predecessors at the pension plan, Nicole Musicco and Ben Meng, stepped down within two years of becoming...
...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...
...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....
...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....
...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...
...Bloomsbury Football Foundation has appointed the former Manchester United executive vice-chair to its board of trustees....
...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...
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