Nick Reeve

London

Editor at Pensions Expert

This account is now dormant and will probably get deleted soon. Try https://t.co/OEc4REkjvk instead.

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Articles

Clara takes on church scheme in ‘connected covenant’ first

1 week ago | pensions-expert.com | Nick Reeve

The £55m Church Mission Society Pension Scheme has transferred to defined benefit (DB) superfund Clara in a “connected covenant” transaction. The deal will see all 730 members of the DB pension scheme transfer to Clara along with the asset portfolio. However, unlike the consolidator’s previous transactions, the Church Mission Society has retained a “continuing contingent guarantee”, adding an extra layer of security for the pension scheme.
Mirror Group pension scheme secures £150m buy-in with Just

2 weeks ago | pensions-expert.com | Nick Reeve

Credit: Claudio Divizia/Shutterstock The MGN Pension Scheme – which was raided by Robert Maxwell in the 1980s – has secured a £150m buy-in covering 1,300 of its pensioner members. The buy-in was provided by Just Group and completed in November. According to a press release from the insurer, the deal has been structured to make it easier for future buy-ins to be transacted.
TPR chief calls for industry to address ‘unfinished business’ on pension reform

2 weeks ago | pensions-expert.com | Nick Reeve

The pensions industry has “unfinished business” on delivering adequate retirement incomes and must embrace the changes brought by the Pension Schemes Bill, the Pensions Regulator (TPR) has said. Nausicaa Delfas, chief executive officer at TPR, wrote in a blog published today that the pensions sector needed to “really raise its game” to meet the challenges ahead.
Spending Review: Boost for British Business Bank as schemes eye UK opportunities

2 weeks ago | pensions-expert.com | Nick Reeve

The government has set out major spending plans that pension schemes hope could set the ball rolling for increased domestic investment opportunities. In the Spending Review, presented to parliament today (11 June), chancellor Rachel Reeves announced an expansion of the British Business Bank’s financial capacity to £25.6bn.
Nest to tap into bulk annuity market to support post-retirement proposition

2 weeks ago | pensions-expert.com | Nick Reeve

Nest, the UK’s biggest defined contribution (DC) master trust, plans to enter the bulk annuity market as part of its new post-retirement proposition. The £49bn pension fund is developing options for its members to aid their decision-making before, at, and post-retirement, as well as catering for those unable to make a choice. This will include the addition of a flexible drawdown facility – something Nest has been lobbying for over the past few years.
Adequacy is top of the industry’s agenda after Pension Schemes Bill published

2 weeks ago | pensions-expert.com | Nick Reeve

The past fortnight has brought two of the most anticipated pensions-related publications in recent memory, in the form of the final report from the Pensions Investment Review and the 114-page Pension Schemes Bill. But with all the noises surrounding the consolidation of defined contribution (DC) pension schemes and defined benefit surplus release rules, there remains a rumbling of discontent around the industry that the government is yet to properly act on improving pension adequacy.
Editor’s notes: Reviews, roadmaps, deadlines and bills

3 weeks ago | pensions-expert.com | Nick Reeve

The government’s reform agenda will take a long time to implement, as it set out this week. But for some - most notably the LGPS - the timeframes are not so long, as Pensions Expert’s editor Nick Reeve points out. I’ve been thinking a lot about time this week. In the space of eight days, we have seen the publication of two of the most consequential documents for the pensions sector since the Turner Commission’s report in 2005.
The devil in the detail: What is the government’s investment backstop power?

3 weeks ago | pensions-expert.com | Nick Reeve

The government has included a controversial ‘backstop’ power in the Pension Schemes Bill to allow it to mandate specific asset allocations - but the pensions minister is adamant that there is no intention to use it. The bill, published yesterday (5 June), includes a provision to allow for asset allocation to be mandated.
Relief for DB schemes as government pledges action on section 37 issues

3 weeks ago | pensions-expert.com | Nick Reeve

Credit: William Barton/Shutterstock Defined benefit (DB) pension schemes will be able to obtain retrospective sign-off on historic actuarial amendments under legislation planned by the government. The Department for Work and Pensions (DWP) announced today that it will introduce legislation to address issues that have emerged following the 2023 and 2024 rulings in the Virgin Media v NTL Pension Trustees case.
TPR signs off on release of ‘trapped’ surplus in Littlewoods Pension Scheme

3 weeks ago | pensions-expert.com | Nick Reeve

The Pensions Regulator (TPR) has allowed the trustees of the Littlewoods Pension Scheme to modify rules and free up surplus funds for payment to the scheme’s sponsoring employer. It is only the second time the regulator has granted a trustee board a “modification order” to amend scheme rules and avoid a surplus becoming “trapped” when the trustees are winding up the pension scheme.

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Nick Reeve @nick_reeve

15 Oct 24

Pensions minister Emma Reynolds opened the PLSA Annual Conference with a pledge to boost economic growth and improve retirement outcomes. https://t.co/3mlbchbUcM #PLSAannual24 #PLSAannual2024 https://t.co/6tK1U6Bpd3

Nick Reeve @nick_reeve

1 Oct 24

Such a bad idea, and will undermine everything else going on in pensions policy at the moment.