Canada Life

Local authority funds must use lessons from the past to continue delivering into the future, says James Stoddart

One in ten UK workers have paused their pension contributions during the Covid-19 pandemic with their absence from the defined contribution (DC) space bringing serious implications for the retirement landscape.

The Hays Pension Scheme has agreed a six-year contract extension with EQ Paymaster to deliver services including GMP equalisation, data cleansing, and address tracing.

This week’s top stories included UBS’ completion of a £1.4bn longevity swap with Zurich and Canada Life, while chancellor Rishi Sunak announced the government’s Kickstart Scheme as part of provisions outlined in the Summer Statement.

The UBS (UK) Pension and Life Assurance Scheme has hedged the longevity risk of around half its defined benefit (DB) liabilities through a £1.4bn longevity swap completed with Zurich and Canada Life Reinsurance.

Nimble footwork enables small schemes to compete with the big boys in the buyout market, says Stephanie Hawthorne.

Textiles company AW Hainsworth has secured a buyout for its defined benefit pension scheme in a deal worth £2.3m.

Legal & General (L&G) has launched an online annuity searching tool, allowing consumers to compare rates across six leading providers.

The Carter & Parker Limited Staff Retirement Benefits Plan (1975) has agreed a £9.3m bulk annuity deal with Canada Life.

The Aegon UK Staff Retirement and Death Benefit Scheme has secured a £144m buy-in with Phoenix, covering around a quarter of pensioner liabilities.