DB and DC corporate pensions news and more http://www.pensionsage.com/ A new auto-enrolment compatible pension scheme has been launched by Helm Godfrey in partnership with Scottish Widows to meet the specific needs of people within the film industry, it has been revealed today http://www.pensionsage.com/pa/AE-compliant-pension-scheme-launched-for-film-industry.php http://www.pensionsage.com/pa/AE-compliant-pension-scheme-launched-for-film-industry.php 17 May 2013, 16:44:56 The government’s proposed reforms to the four largest public service pension schemes will reduce the average value of the pension benefit for members of these schemes by more than a third, and also reduce the long-term government expenditure on unfunded public service schemes by around a quarter according to the Pensions Policy Institute (PPI). Following Lord Hutton’s review of the public service pension schemes, the Coalition government’s proposed reforms include linking the pension benefits for public service workers to average salary, linking the Normal Pension Age (NPA) to the State Pension Age (SPA) for the four largest schemes: NHS, Teachers, Local Government and the Civil Service and increasing average contributions to be made by scheme members. Uniformed services will also be affected by these reforms http://www.pensionsage.com/pa/Public-sector-pensions-to-be-cut-by-a-third.php http://www.pensionsage.com/pa/Public-sector-pensions-to-be-cut-by-a-third.php 17 May 2013, 14:41:19 Bulk annuity transactions hit £876m in the first quarter of 2013, according to consultant Barnett Waddingham, up from £492m in the same period last year http://www.pensionsage.com/pa/Buy-ins-drive-busier-start-for-bulk-annuities.php http://www.pensionsage.com/pa/Buy-ins-drive-busier-start-for-bulk-annuities.php 17 May 2013, 12:21:31 Requirements for daily dealing must be relaxed to improve DC pension scheme performance, The Defined Contribution Investment Forum has claimed http://www.pensionsage.com/pa/Relax-DC-liquidity-constraints-for-better-outcomes-say-managers.php http://www.pensionsage.com/pa/Relax-DC-liquidity-constraints-for-better-outcomes-say-managers.php 17 May 2013, 12:01:45 The NAPF has given a qualified welcome to yesterday’s upgrade of the economic outlook and lowering of inflation expectation by the Bank of England governor Mervyn King http://www.pensionsage.com/pa/Good-news-at-last-as-King-exits.php http://www.pensionsage.com/pa/Good-news-at-last-as-King-exits.php 16 May 2013, 16:39:19 The Minister for Pensions Steve Webb’s promise to keep transfer fees under pot follows member reforms "trivially cheap” has been called into question by B&CE http://www.pensionsage.com/pa/Cheap-annual-small-pot-pension-transfer-process-questioned.php .php http://www.pensionsage.com/pa/Cheap-annual-small-pot-pension-transfer-process-questioned.php .php 16 May 2013, 16:32:57 The establishment of a common investment vehicle for pensions investment operated on behalf of London Boroughs is "clearly feasible” and with a minimum level of buy-in is "financially attractive” according to a report from the London’s Councils Leaders’ Committee Pensions Working Group http://www.pensionsage.com/pa/CIV-vehicle-for-London-boroughs-clearly-feasible-and-financially-attractive-report.php http://www.pensionsage.com/pa/CIV-vehicle-for-London-boroughs-clearly-feasible-and-financially-attractive-report.php 16 May 2013, 14:23:18 The Scottish government could not "unilaterally do what it wanted” with accrued pension rights in the event of separation, experts have told MPs at a meeting of the House of Commons Scottish Affairs Committee http://www.pensionsage.com/pa/MPs-told-of-scale-of-Scottish-independence-pensions-challenge.php http://www.pensionsage.com/pa/MPs-told-of-scale-of-Scottish-independence-pensions-challenge.php 16 May 2013, 13:34:18 The independent campaigning organisation, Liberty, has urged people to email their MPs to support the fight for equal pension treatment for all civil partners and spouses, regardless of their sexual orientation http://www.pensionsage.com/pa/MPs-urged-to-support-equal-pension-rights-for-same-sex-couples.php http://www.pensionsage.com/pa/MPs-urged-to-support-equal-pension-rights-for-same-sex-couples.php 15 May 2013, 17:07:20 More action is needed to tackle pension liberation fraud, according to the Council of the Association of Professional Pension Trustees (APPT) http://www.pensionsage.com/pa/Tighter-transfer-controls-called-for-following-pension-liberation-arrests.php http://www.pensionsage.com/pa/Tighter-transfer-controls-called-for-following-pension-liberation-arrests.php 15 May 2013, 15:37:40 Legal & General has unveiled plans to extend its independent "trustee style” governance used in the structure of its WorkSave Mastertrust to contract based workplace pensions and will initially focus on default funds http://www.pensionsage.com/pa/L&G-unveils-trustee-style-governance-plans-for-contract-based-workplace-pensions.php http://www.pensionsage.com/pa/L&G-unveils-trustee-style-governance-plans-for-contract-based-workplace-pensions.php 15 May 2013, 15:23:10 The UK is close to achieving consensus around pensions but weaknesses in the system must be addressed, according to a new pamphlet published by the Trade Unions Congress (TUC) http://www.pensionsage.com/pa/Pensions-consensus-must-improve-to-achieve-adequate-retirement-incomes-says-TUC.php http://www.pensionsage.com/pa/Pensions-consensus-must-improve-to-achieve-adequate-retirement-incomes-says-TUC.php 15 May 2013, 13:40:50 A three day hearing has begun at the Supreme Court today to determine where the claims of UK defined benefit pension schemes lie in relation to a firm’s insolvency http://www.pensionsage.com/pa/Nortel-FSD-three-day-hearing-begins-at-Supreme-Court.php http://www.pensionsage.com/pa/Nortel-FSD-three-day-hearing-begins-at-Supreme-Court.php 14 May 2013, 17:05:45 Retirees in the UK owe £105 billion, according to research by annuity specialist MGM Advantage. It found that four million retirees, more than a third of all pensioners, have personal debts, with an average of £6,952, while one in eight (13 per cent) are still paying off mortgages. Outstanding mortgage debt averaged £47,458, with ten per cent of those owing more than £100,000 http://www.pensionsage.com/pa/Pensioners-more-than-100-billion-in-debt.php http://www.pensionsage.com/pa/Pensioners-more-than-100-billion-in-debt.php 14 May 2013, 15:46:27 Two-thirds (65%) of UK adults lack the knowledge, time or desire to plan for their finances in retirement, according to The Equity Release Council http://www.pensionsage.com/pa/Public-betting-the-house-on-retirement.php http://www.pensionsage.com/pa/Public-betting-the-house-on-retirement.php 14 May 2013, 15:26:03 UK defined benefit scheme deficits increased £20bn last month, to hit £256.6bn the end of April, according to the Pension Protection Fund’s 7800 index http://www.pensionsage.com/pa/PPF-index-slips-further-into-the-red.php http://www.pensionsage.com/pa/PPF-index-slips-further-into-the-red.php 14 May 2013, 13:48:58 Emerging market equities and debt will be among the key asset classes seeing growth in 2013, according to a survey of fund managers http://www.pensionsage.com/pa/Search-for-returns-to-boost-emerging-market-investment-says-Aon-Hewitt.php http://www.pensionsage.com/pa/Search-for-returns-to-boost-emerging-market-investment-says-Aon-Hewitt.php 13 May 2013, 17:30:32 Deficits in the BT Pension Scheme (BTPS) have risen to £5.7bn gross of tax at the end of March, and £5.9bn across all the company’s schemes according to BT’s fourth quarter and full year-results http://www.pensionsage.com/pa/BTPS-deficits-rise-to-57bn.php http://www.pensionsage.com/pa/BTPS-deficits-rise-to-57bn.php 13 May 2013, 17:27:56 Labour has stated that the current UK pension regulatory system is "not fit for purpose” and the implementation of a single pensions regulator is one of the options that it is exploring in its policy review to improve the current system http://www.pensionsage.com/pa/Labour-UK-regulator-system-not-fit-for-purpose.php http://www.pensionsage.com/pa/Labour-UK-regulator-system-not-fit-for-purpose.php 13 May 2013, 16:29:19 The end of contracting out poses major challenges for employers for which they are ill-prepared, technical pensions specialists Aries Pension & Insurance Services warned today. The Pensions Bill published before the weekend confirmed the government’s intention to bring forward the introduction of the single tier state pension to 2016 http://www.pensionsage.com/pa/End-of-contracting-out-could-be-a-new-front-for-public-sector-pensions.php http://www.pensionsage.com/pa/End-of-contracting-out-could-be-a-new-front-for-public-sector-pensions.php 13 May 2013, 14:35:40 The market value of listed infrastructure funds on the London Stock Exchange has risen from £1.4bn to £4.9bn since the end of 2008 due to increasing numbers of funds gaining listing shares and existing funds raising fresh capital. The trend is likely to continue as the government highlights new infrastructure projects to drive economic recovery http://www.pensionsage.com/pa/Infrastructure-investing-gains-popularity-as-bond-yields-hit-rock-bottom.php http://www.pensionsage.com/pa/Infrastructure-investing-gains-popularity-as-bond-yields-hit-rock-bottom.php 13 May 2013, 12:44:46 Defined benefit scheme deficits are at their worst for six years, according to the latest figures from Mercer’s Pensions Risk Survey http://www.pensionsage.com/pa/Falling-yields-push-deficits-ever-higher.php http://www.pensionsage.com/pa/Falling-yields-push-deficits-ever-higher.php 13 May 2013, 11:32:37 The Department for Work and Pensions (DWP) has today been given the power to ban incentivised transfer exercises. Section 30 in today’s Pensions Bill stated ‘The Secretary of State may by regulations make provision prohibiting a person from offering an incentive to another person with the intention of inducing a member of a salary related occupational pension scheme, to exercise a right to require a pensions transfer, or agree to a pensions transfer’ http://www.pensionsage.com/pa/DWP-granted-power-to-ban-pension-ETV-exercises.php http://www.pensionsage.com/pa/DWP-granted-power-to-ban-pension-ETV-exercises.php 10 May 2013, 17:02:48 The government has published its Pensions Bill. Incorporating changes prompted by last month’s Work and Pensions Committee report on the draft bill (with its response also published today), the bill sets out the government’s plans for reform of the state pension, introducing the single-tier state pension (STP) and increases in the state pension age http://www.pensionsage.com/pa/Pensions-Bill-published-as-government-responds.php http://www.pensionsage.com/pa/Pensions-Bill-published-as-government-responds.php 10 May 2013, 16:22:22 The trustees of the Kodak Pension Plan have written a letter to its 15,000 members announcing details of a new pension scheme they plan to establish as a result of the settlement agreement with the Eastman Kodak Company http://www.pensionsage.com/pa/KPP-trustees-announce-details-of-new-pension-plan.php http://www.pensionsage.com/pa/KPP-trustees-announce-details-of-new-pension-plan.php 10 May 2013, 16:08:54 The government has today announced its intention to ban the consultancy charging system for automatic enrolment schemes and will also set out proposals for the introduction of a cap on pension charges in general http://www.pensionsage.com/pa/Government-announces-plans-to-ban-consultancy-charges-for-AE-schemes.php http://www.pensionsage.com/pa/Government-announces-plans-to-ban-consultancy-charges-for-AE-schemes.php 10 May 2013, 12:53:00