Stars align to boost health of UK schemes to more than pre-Covid levels
LGIM says the funding level of schemes on an EPBM basis is now 97.1%
The health of the UK’s defined benefit (DB) pension schemes has surpassed that of their pre-Covid levels as they continued to recover through final quarter of 2020, Legal & General Investment Management (LGIM) research reveals.
LGIM s health tracker - a monitor of the current funding situation of UK DB pension schemes - found the average DB scheme could expect to pay 97.1% of accrued pension benefits as of 31 December 2020, up 1.6 percentage points from 30 September 2020.
This compares to the pre-Covid level of 96.5% from 31 December 2019 as well as the lows of 31 March 2020 which saw the EPBM (expected proportion of benefits met) metric drop to 91.4%.
By IPE Staff2021-02-04T15:14:00+00:00
Barclays has announced a partnership with Smart Pension, a UK online pension provider, in which the bank’s SME customers and their employees will have access to a quick and easy online pensions platform.
The bank’s UK wide network of 1,100 business relationship managers will introduce their business banking clients to Smart Pension via the Barclays website. They will have access to Barclays’ proprietary Global Market Funds, which invest in a broad range of asset classes.
Smart Pension will offer an online portal for both the employer and employee so that individuals can easily manage their participation in the scheme. The portal can be integrated with other administrative programmes such as payroll, admin, reporting and compliance capabilities.
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Maine Medical Center, SMHC, MaineGeneral hit record number of COVID-19 inpatients
The burden continues to ease at hard-hit Eastern Maine Medical Center in Bangor and plateaus at Lewiston s hospitals.
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Maine’s largest hospital hit a new high of confirmed COVID-19 inpatients Thursday, capping the busiest week that it and several other major medical centers in the state have had since the pandemic began in Maine nine months ago.
The number of COVID-19 patients admitted at Maine Medical Center in Portland reached 40 Thursday and averaged 36.7 per day for the week ending that day, up from 25.3 the week before. The previous single-day peak was 35, on both April 7 and May 25.