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ICI completes £900 million pensions buy-in

Employee Benefits

ICI has completed a £900 million pensions buy-in deal. This is the 12th pensions-related transaction for the fund after entering into an umbrella agreement with Legal and General in 2014. This is the 12th pensions-related transaction for the fund after entering into an umbrella agreement with Legal and General in 2014.

Pension 59
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Buyer’s guide to group personal pension schemes

Employee Benefits

What is a group personal pension (GPP)? A group personal pension is a defined contribution (DC) arrangement whereby an employer agrees to make monthly contributions into a scheme, but the contract is between the employer and the pension provider. The pensions annual allowance has been increased from £40,000 to £60,000.

Pension 111
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BT Pension Scheme completes £5 billion pension longevity swap

Employee Benefits

Telecommunications firm BT’s pension scheme has entered into a longevity reinsurance arrangement with Reinsurance Group of America (RGA), which covers £5 billion of pensioner liabilities. The new arrangement follows the £16 billion of liabilities covered by a similar deal that the BT Pension Scheme entered into in 2014.

Pension 52
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Interserve completes £400 million pension scheme buy-in

Employee Benefits

Interserve, a construction firm that went into administration in 2019, has completed a £400 million buy-in for its pension scheme members. The transaction was conducted with provider Aviva, and secured the benefits of more than 7,000 scheme members and follows a £300 million pensioner-only buy-in that took place in 2014.

Pension 59
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[Podcast]: Special Financial Assistance for Multi-employer Pension Plans (Part 2)

Proskauer's Employee Benefits & Executive Compensa

This episode of The Proskauer Benefits Brief is the second of our three-part series analyzing the Pension Benefit Guaranty Corporation (PBGC) guidance on the new special financial assistance program for troubled multiemployer pension plans that was created by the American Rescue Plan Act (ARPA).

Pension 98
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[Podcast]: Special Financial Assistance for Multiemployer Pension Plans (Part 1)

Proskauer's Employee Benefits & Executive Compensa

This episode of The Proskauer Benefits Brief is the first of our three-part series analyzing the Pension Benefit Guaranty Corporation (PBGC) guidance on the new special financial assistance program for troubled multiemployer pension plans that was created by the American Rescue Plan Act (ARPA). We affectionately call it ARPA.

Pension 56
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Lancashire County Council ordered to pay £800,000 in discrimination case

Employee Benefits

She was diagnosed with cancer in 2014 and had periods of sickness absence while undergoing chemotherapy. An employment tribunal has ruled that Lancashire County Council must pay out more than £800,000 to a teacher who was made to reapply for her job while on sick leave with cancer and then sacked.

Pension 105