There is “real potential” for collective defined contribution (CDC) schemes to take off in the UK through master trusts, according to Willis Towers Watson (WTW) director and senior consulting actuary, Shriti Jadav. Speaking at the Trades Union Conference (TUC) Pensions Conference, Jadav commented that while CDC schemes were likely to …
Read More »Royal Mail DB Cash Balance Scheme deficit rises by over £100m
The Royal Mail Defined Benefit Cash Balance Scheme (DBCBS) deficit has grown to £177m as at 31 March 2020, up from £72m at 31 March 2019. The scheme, which has been in place since 1 April 2018, is a transitional arrangement until Royal Mail’s proposed collective defined contribution (CDC) scheme …
Read More »TPO upholds refusal to pay complaint against Royal Mail
The Pensions Ombudsman (TPO) has upheld a complaint against the Royal Mail Statutory Pension Scheme (RMSPS) over a refusal to pay complaint. ‘Mr Y’ complained that the scheme had refused to pay a full deferred pension to him upon retirement, stating that the RMSPS management team (RMSPS MT) was only …
Read More »TPO upholds RPI/CPI complaint against Thales UK
The Pensions Ombudsman (TPO) has upheld a complaint against Thales UK Pension Scheme over concerns relating to the index used to calculate annual increases on scheme benefits. The scheme announced on 29 September 2016 that it intended to increase scheme benefits annually based on the consumer prices index (CPI), rather …
Read More »Pension provider response times have ‘stalled’ – Portafina
The fastest pension provider service times for both defined contribution (DC) and defined benefit (DB) schemes have “stalled” over the last few years, according to Portafina. It said that the lack of technological adaption is limiting improvements in speed. The firm stipulated that “until schemes move with the times and …
Read More »UK: Tens of thousands of university and college staff vote to strike
UK: Tens of thousands of university and college staff vote to strike Ballot follows strike votes by postal workers, railway conductors, airline pilots, NHS staff By Barry Mason 4 November 2019 The announcement October 31 of the result of ballots conducted by the University and College Union (UCU) reveals …
Read More »CTI receives backing from UK pension schemes
Ten of the largest pension schemes in the UK have written a joint letter announcing their support for the Cost Transparency Initiative (CTI). The schemes endorsing the strategy, which includes the Royal Mail Pension Plan, Nest and the Universities Superannuation Scheme, represent over 19 million members who have more than …
Read More »Guest comment: Pensions Bill still some way off
2018 saw a raft of consultations rushed through as Guy Opperman, Minister for Pensions and Financial Inclusion, promised to deliver a Pensions Bill in 2019. The bill aims to bring an end to the tinkering with pensions for some time. However, initially expected in May, the bill has been repeatedly …
Read More »CDC ‘the most intergenerationally fair’ scheme type – Royal Mail
Collective defined contribution (CDC) pension schemes are “the most intergenerationally fair” type of pension if buffers are not used, Royal Mail has said. Speaking at the Westminster Business Forum, Royal Mail chief risk and governance officer, Jon Millidge, stated that he felt the firm’s CDC plan had been miscommunicated to …
Read More »