Trustees Agenda
Welcome to the BBS Trustees Agenda, our headline service for pension scheme trustees, employers and fellow professionals.
Important: The articles contained within this database summarise BBS's understanding of the topics at the time entered. They are not intended to be a statement of law and should not be relied upon as such.
Taxpayers' Alliance report criticised
Posted on Mar 05, 2010
GMB and Unite have reacted angrily to the recent report published by the Taxpayers' Alliance which claimed that the LGPS is unsustainable in its current form.
GMB claimed that "The Taxpayers' Alliance has picked old, snapshot figures at a market low point to try and paint a bleak picture. They are wrong and the figure is a fabrication. There isn't a £53bn black hole."
Conservatives vote against auto-enrolment
Posted on Mar 04, 2010
The Conservatives have unsuccessfully voted against the draft Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations 2010, which set out the structure for auto-enrolment.
Conservative Pensions Spokesman Nigel Waterson commented that his party was frustrated that the NEST administration contract had been signed ahead of the general election, despite Government promises that no such long-term contracts would be signed.
Council Pensions black hole
Posted on Mar 04, 2010
A report from the TaxPayers' Alliance (TPA) has revealed the £53 billion black hole in council pensions, and warns of the severe costs to be incurred without reform of the Local Government Pension Scheme.
Most DC members uninterested in investment decisions
Posted on Feb 24, 2010
According to research by AllianceBernstein, 69% of DC scheme members are "reluctant" or "unprepared" to make active investment decisions about their pension.
David Hutchins, AllianceBernstein's Head of UK DC Research and Investment Design, said "for all the effots made by pension providers and policy makers in devising new ways to communicate with savers, the simple fact is that people are not interested in the nitty gritty of investing... The design of DC schemes, and particularly the default funds in which most DC members end up, should first and foremost reflect the characteristics of the 'accidental investor' majority."
Regulator to impose financial support direction
Posted on Feb 24, 2010
The Pensions Regulator is going to court in Canada in connection with its intention to impose a financial support direction in relation to the Nortel Pension Scheme in the UK.
The Nortel Group has underfunded pension schemes in the UK, the US and Canada, and the UK scheme has entered a Pension Protection Fund Assessment Period.
The Regulator notified the UK scheme trustees on 25 January of its intention to seek a financial support direction against the parent company requiring them to make good the funding shortfall which could be as much as £2.1bn.
Companies to seek expert advice on pension reforms
Posted on Feb 23, 2010
Interviews commissioned by the Personal Accounts Delivery Authority have found that 9 in 10 companies plan to seek expert advice in helping them understand the implications of the Government's workplace pension reforms.
Head of Intermediary Distribution Roy Porter commented: "As our research shows, accountants and other intermediaries will have an extremely important role to play in helping their clients."
Barclays profits from DB scheme closure
Posted on Feb 22, 2010
Barclays' closure of its final salary scheme to future accrual last June has resulted in a £371m profit for the bank.
This figure exceeds the £150m estimated by actuaries and is higher than the £285m awarded to shareholders in dividends.
New e-learning modules on record keeping
Posted on Feb 18, 2010
As part of its updated guidance on record keeping, the Pensions Regulator has made available two bite-sized e-learning modules, a "2-minute record keeping review" and "12 minute record keeping module."
Going forward, the Regulator will be taking a much firmer line on record-keeping and schemes that fail to meet the standards required will need to improve their performance.
Both modules can be found on the Regulator's website at: www.pensionsregulator.gov.uk/safe
IGG consults on DC governance
Posted on Feb 10, 2010
The Investment Governance Group (IGG) has published a consultation paper on its draft investment governance principles and best practice guidance for DC work-based schemes.
The proposed principles address three key areas: accountability and delegation, fund choices and default strategy, and communications with members.
The consultation runs to 5 May 2010.
Pension income drops significantly
Posted on Feb 10, 2010
The average personal pension pot has dropped by over 60% over the last decade, according to a survey by Investment Life & Pensions Moneyfacts.
The survey revealed that someone who paid £100 per month into a balanced managed fund for the preceding 20 years would have built up a pension fund of £40,749 if they retired now, compared with £103,914 if they had retired a decade ago.
