UK roundup: ScottishPower Pension Scheme, Abbey Life, PPF, deficits

Posted On Sep 29 2020 by

first_imgPeter Thompson, chair of the trustee board, said the deal was a positive step in managing the scheme’s liabilities, and improved security of benefits for all members.The trustee was advised on the deal by Mercer, with legal counsel provided by Scottish law-firm Shepherd and Wedderburn. Hymans Robertson acted as actuarial advisers.Head of longevity swap consulting at Mercer, Andrew Ward, said reinsurance firms were the end destination of longevity risk with the deal showing a range of interest from the reinsurance market.“As a result, it was ultimately possible to remove the risk at below the level of the current funding assumptions thereby achieving the holy grail of reducing both risk and deficit,” he said.The SPPS deal kicks off 2015’s market as the last year saw a record breaking £25.4bn of longevity swap deals, led by the £16bn transfer between the BT Pension Scheme and Prudential Insurance Company of America (PICA).Legal & General today published research demonstrating growing demand from longevity swaps and bulk annuities among the UK’s largest pension funds.In other news, the Pension Protection Fund (PPF) has published its latest data on UK scheme deficits showing the worst funding level in history.Deficits among the 6,057 schemes in the PPF 7800 Index, calculated on its ability to provide PPF-level benefits (s179), hit £367.5bn at the end of January.This was a rise of £101.2bn in a single month as funding levels fell to 77.6%, a drop of 4.7 percentage points.Over 12 months, deficit levels have risen over 600% as discount rates calculating liabilities continued to be squeezed by falling government and corporate bond yields.Liabilities among the schemes now reached £1.6trn, rising over £144bn in January and exceeding asset returns of 3%.The yield on 15-year Gilts fell 41 basis points over the month of January – which the PPF said act as the main driver of funding levels.Over 2014, increased pressure on bond markets saw yields dramatically fall in the latter half, further causing pressure on the funding in UK pension funds. The ScottishPower Pension Scheme (SPPS) has announced a £2bn (€2.7bn) longevity swap arrangement with Abbey Life Assurance, as insurance risk-reduction products continue in popularity.UK pension funds now have a total value of longevity swaps in excess of £50bn in just over five years since the first deal in 2009.SPPS’ longevity swap, which acts as an insurance policy against the risk of pensioners living longer than expected, will cover 9,000 pensioner members as Abbey Life, a wholly owned subsidiary of Deutche Bank, takes on the risk. The scheme, which had £2.8bn in assets at the end of 2013, estimated the average male SPPS worker would live to be 88 years old, while female employees had an average life expectancy of 89.9 years.last_img read more

Ndidi, Iheanacho on Duty as Leicester Claim all Three Points against…

Posted On Sep 17 2020 by

first_imgNdidi wired the pass to Hamza Choudhury to make it three unreplied goals for the Foxes barely three minutes to end the game.Iheanacho was once again in Leicester’s starting line up before going off for Demarai Gray on 63rd minute.Ayoze Perez fired the opener for Leicester on 36 minutes, following a careless back pass from a Newcastle defender.Another poor clear out from the back saw Leicester capitalise again and went two goals up on 39 minutes through James Maddison.While the game was Ndidi’s 20th league appearance, Iheanacho featured in his fifth outing.The win keeps Leicester rooted to the second spot of the English Premier League behind Liverpool on 45 points.Elsewhere at St Mary’s, Southampton continues their revival following their hard fought 1-0 win against Tottenham Hotspur.Danny Ings was the hero as his 17th minute superb strike, made it three wins for Southampton in their last four league games with one draw.Spurs suffered a huge injury blow as Harry Kane went off holding his hamstring in the 75th minute.The North London side are now sixth on 30 points with Southampton on 11th and with 25 points.And at Vicarage Road, Nigerian forward Isaac Success was an unused substitute in 10-man Watford’s 2-1 win against Wolverhampton Wanderers.Success has only made four league appearances for Watford this season.Gerard Deulofeu and Abdoulaye Doucoure scored on 30th and 49th minutes respectively to put Watford 2-0.On the hour mark, Wolves pulled a goal back off Pedro Neto.In the 70th minute, Watford were reduced to 10 men after Christian Kabasele was shown a straight red card, for stopping a Wolves player who was goal-bound.Watford are now unbeaten in four league games, securing three wins and one draw.Despite the win Watford are 19th on 19 points while Wolves have now lost two straight league games, after losing to Liverpool before facing Watford.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram PREMIERSHIPSuper Eagles duo of Wilfred Ndidi and Kelechi Iheanacho began the New Year on a clean slate, claiming the first three points on offer for Leicester City.Ndidi in particular provided an assist as Leicester City handed Newcastle 3-0 defeat on New Year day clash at St James’ Park. Iheanacho (right) played last_img read more

The CDC hosting their 10th Golf Tournament

Posted On Jan 12 2020 by

first_imgFORT ST. JOHN, B.C. – The CDC is hosting its 10th Annual Golf Tournament at the Lakepoint Golf and Country Club in just over a week.Golfers of all ages and experience levels are invited out for an afternoon of best ball golf with prizes up for grabs. Proceeds from the event will go towards the CDC’s Families Connect Program.Admission is $100 dollars per person. Registration is at 11:30 a.m. on September 23rd. For more info, or to register contact Tana Millner at [email protected] or visit: Advertisement –last_img