• 3 July 2020

    We advise on longevity swap for the Willis Pension Scheme

    We are delighted to have advised the trustee of the Willis Pension Scheme (“the Scheme”) on its recent £1bn longevity swap deal with Munich Re. The longevity reinsurance transaction, which covers roughly 3,500 defined benefit (“DB”) pensioner members and their dependants, was structured through a Guernsey-based captive insurer fully owned by the trustee of the […] More

  • 18 June 2020

    TPR fires starting gun on DB pensions consolidation

    The Pensions Regulator (TPR) has fired the starting gun on DB pension consolidation with new guidance on the regulation of superfunds. Whilst the market will take time to truly digest the implications of the guidance, the following points are worth noting. This is the beginning of a new legislative and regulatory framework for DB pensions […] More

  • 27 May 2020

    Legal & General completes £650 million bulk annuity transaction with the 3i Group Pension Plan

    Legal & General Assurance Society Limited (“Legal & General”) today announces that it has completed a £650m buy-in with the Trustees of the 3i Group Pension Plan (the “Plan”). The agreement provides a policy in respect of the Plan which matches the benefits of around 280 pensioners and 570 deferred members. It follows on from […] More

  • 18 May 2020

    We join the PPF’s new Trustee and Support Services panel

    We are delighted to announce we have been selected to be part of the Pension Protection Fund’s new Trustee and Support Services panel. The panel has been set up to enable trustees to get access to the right restructuring support and knowledge to advise them when scheme employers are facing financial distress and potentially an […] More

  • 30 April 2020

    TPR publishes its 2020 Annual Funding Statement

    The Pensions Regulator (TPR) has published its 2020 Annual Funding Statement (AFS) today, setting out its latest expectations for pension scheme trustees and sponsoring employers with valuations between 22 September 2019, and 21 September 2020. Key points for trustees and sponsors to note are: 1. Work collaboratively through the COVID-19 crisis Trustees and sponsors must […] More

  • 19 March 2020

    Darren Redmayne comments in the Financial Times

    Darren Redmayne, CEO of Lincoln Pensions, commented in the Financial Times. In recent days there have been requests coming in from employers supporting DB pension schemes as they grapple with the increasing pressure and business climate from the coronavirus pandemic. Darren quoted: “We are seeing a notable number of requests from companies standing behind defined […] More

  • 18 March 2020

    COVID-19 impact on schemes and sponsors and practical steps to undertake

    The Coronavirus (COVID-19) situation continues to rapidly evolve across the globe. Uncertainty and fear are causing significant market fluctuations as seen in early March. Restrictions put in place to isolate the spread of the disease will have a significant impact on macroeconomic output in the global economy, and the timeframe over which this situation will play out […] More

  • 6 March 2020

    We comment in The Telegraph on Flybe’s collapse and impact on its pension scheme members

    Our comment regarding Flybe’s pension scheme, following news of its collapse, was published in The Telegraph. Dan Mindel commented: “There are a number of DB schemes where the fund or the principal employer is not registered in the UK and therefore do not qualify for protection from the Pension Protection Fund (PPF). “This case, in […] More

  • 3 March 2020

    TPR releases its consultation on a new DB funding code of practice

    Today, TPR released its consultation on a new DB funding code of practice. We look at what this means for trustees and sponsors of DB pension schemes and highlight the key points. Key points for trustees and sponsors to note are: 1 Twin track regulatory approach to scheme funding As expected, TPR is proposing a dual […] More

  • 3 February 2020

    Pension Protection Fund Levy Certification 2020/21 – deadline soon

    The deadline for trustees and sponsors to certify contingent assets to reduce their Pension Protection Fund (PPF) levy will soon be upon us. This includes group company guarantees (“Type A” contingent assets) and asset backed contribution (“ABC”) structures. Many will have received levy benefit from these assets in previous years but will need to re-certify […] More