Water in Northern Ireland is regulated by the Northern Ireland Authority for Utility Regulation, and the supply and treatment is carried out by the government-owned Northern Ireland Water. endobj Download. Previous of Next C-MeX and D-MeX results Company results for 2019-20 revealed PR19 'blind year' adjustment Adjusting for company actual performance in 2019-20.

United Utilities and Anglian Water must take their defined benefit pension scheme deficits into account when considering dividend policy, the water regulator Ofwat has said. Ofwat's main statutory duties include protecting the interests of consumers, securing the long-term resilience of water supply and wastewater systems, and ensuring that companies carry out their functions and are able to finance them.[2]. The most recent review was carried out in 2014; reviews are carried out every five years, with the next due to take place in December 2019. Ofwat consists of a board, plus an office of staff which carries out work delegated to them by the board.

We use cookies to ensure you get the best experience on our website. In the latest Pensions Age podcast, Laura Blows speaks to Cambridge Associates head of European pension practice, Alex Koriath, about the Covid-related market volatility and how pension funds can prepare for the challenges ahead, Laura Blows speaks to Lisa Purdy, Head of Fiduciary Distribution at Legal & General Investment Management and Gavin Smith, Pricing and Execution Director - UK PRT at Legal & General, about the impact of the recent market volatility on the bulk annuity and risk transfer market and the potential opportunities for the future, In this latest Pensions Age podcast, Linklaters' Sarah Parkin talks to Laura Blows about the wide range of choice available to pensions schemes for the partial, or full, removal of their risks. Download Targeted Review of Defined Benefit Pensions and Financial Resilience. Contingent charging ban ‘the end of pension freedom in all but name’ – TLT, Action Fraud receives 166 pension scam reports since beginning of lockdown, Govt has ‘no immediate plans’ to review DB transfer advice threshold, TPR urges trustees to ‘build capacity’ in assessing climate change risks, Four UK pension funds selected as PRI group leaders, ILC urges govt to offer Kickstart-style initiative to older unemployed workers, Aviva calls on govt to require default AE pensions to be carbon neutral by 2050, Smaller schemes may struggle with implementation statements, says Dalriada, PensionBee and Plaid call for introduction of ‘Open Pensions’, FTSE 350 DB scheme deficit rises by £3bn in September - Mercer, PPF annual report reveals fall in funding ratio and probability of success, BT Pension Scheme targets net zero by 2035, 'Disappointing lack of scrutiny' on criminal offenses outlined in Pension Schemes Bill - Freshfields, Govt urged to create 'Minster for Scam Prevention' role, Opperman confirms plans for additional scam 'red flag' requirement in Pension Schemes Bill, Voluntary sidecar savings sign ups remain low despite employee and employer appetite, Thames Water's DC scheme joins Aon master trust, Pension Schemes Bill completes second reading; Labour to push for widening AE, Climate reporting requirements must be 'flexible and evolutionary' - ACA, Public service pensions' GMP conversion unlikely until 2024 'at the earliest', Sovereign bonds and climate change considerations, In Pensions Age's latest podcast, Laura Blows is joined by Hilary Norris, Product Manager, Sustainable Investment, EMEA, FTSE Russell, to discuss sovereign bonds and climate change considerations. The scope of the review considered both published information on all 17 English and Welsh water and waste water companies’ pension schemes together with data received from these companies in relation to scheme specific funding and pension risk mitigations taken (or considered) for the period from 2011 to end 2017.

Type. 0000003109 00000 n The economic regulator of the water sector in England and Wales, Living our strategy – Ofwat’s new structure, Responsibility for pipes and pumping stations, Reducing your surface water drainage charges, Water sector – UKRN Performance scorecard, Information on the water industry and Coronavirus (Covid-19), Interim supply and retailers in financial distress, State of the market 2019-20: Review of the third year of the business retail water market, How we monitor the business retail market, Benefits and responsibilities of being a self-supplier, Open for business: Reviewing the first year of the business retail water market, State of the market 2018-19: Review of the second year of the business retail water market, Interactive statistics - year two of the business retail market (2018-19), Review of incumbent company support for effective markets, Background: Review of incumbent company support for effective markets, Supporting documents - responses for the review of incumbent company support for effective markets, Questions and answers: Review of incumbent company support for effective markets, Residential retail assessment and key findings, Residential retail customer research and feedback, Residential retail analysis of cost and benefits, Residential retail lessons from other markets, Residential retail history, background and changing markets, New appointment and variations applications, Becoming a water supply and sewerage licensee, Customer and developer services experience, Stakeholder engagement and terms of reference, Board leadership, transparency and governance, Board leadership transparency and governance 2013-14, Complaints and disputes we cannot deal with, What to do if you are unhappy with our service, Competition and Markets Authority referrals, PR19 Outcomes performance commitments - changes and corrections, Representations received on our PR19 draft determinations, The long-term potential for domestic demand management in the water sector, Resilience: financial, corporate and operational, Ofwat's views on companies' draft WRMP14 Plans, Debt management and other retail costs: research and recommendations, Targeted Review of Defined Benefit Pensions and Financial Resilience.

Department for the Environment, Food and Rural Affairs, Water supply and sanitation in England and Wales, https://www.nao.org.uk/wp-content/uploads/2014/07/The-economic-regulation-of-the-water-sector.pdf, Water Services Regulation Authority website, Departments of the Government of the United Kingdom, Housing, Communities and Local Government, https://en.wikipedia.org/w/index.php?title=Ofwat&oldid=981963094, Non-ministerial departments of the United Kingdom Government, 2006 establishments in the United Kingdom, Creative Commons Attribution-ShareAlike License, Centre City Tower, 7 Hill Street, Birmingham, B5 4UA, This page was last edited on 5 October 2020, at 12:13. Targeted review of pensions < Go back Annual performance report . 3 0 obj Glassdoor will not work properly unless browser cookie support is enabled. Staff may opt out of the occupational pension scheme provided by Ofwat. The cost to deliver the benefits depends on how long members live and inflation, as well as the investment returns that can be earned on the assets held by the scheme. Glassdoor is your resource for information about Ofwat benefits and perks. stream 0000004744 00000 n x��X�o9G����J1��Z�"�����*i��Q��P�f�������$��:N@���ߌ�Ӄ��j>�����VU>�QL�v0Z��6�����y�W�E9���{EK��X�������~op)�3oa4��p�`3�� sFwH����٪��0�e�_�����o0���{����>�{���9:U���y�XT �� � N��$�� 4�Lg;��Q�KЎq�u��V�,@��T�A�4LX^2i@f������oj:#��D�x���ȴD�� � "GT�n�=(�1�{�tXkf�+GY������t�JU�Jm��$b[�O/Ġ��c��A�r>�g���G�L0������>����g������X����s4�"�Iyd,BHsl������)�X�C�8����� Copyright © 2008–2020, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. At the price review in 2009, Ofwat set a pension deficit recovery period for each company. Whilst the benefits are defined, the cost to provide the benefits are not known in advance. trailer 'M�6&>}�d���3g!�K��"LP��.Y Information on how to contact us by phone, email or by post. <> If you have a War Pension but your condition changes, you can ask us to review the assessment of your condition(s) at any time. 1304 0 obj <> endobj 0000005565 00000 n Learn How to State Your Case and Earn Your Raise, Climb the Ladder With These Proven Promotion Tips, Customer Service Representative salaries ($25k), Utility Locate Technician salaries ($28k). Could you come and be part of our team? The Water Services Regulation Authority, or Ofwat, is the body responsible for economic regulation of the privatised water and sewerage industry in England and Wales. Ofwat primarily sets limits on the prices charged for water and sewerage services, taking into account proposed capital investment schemes (such as building new wastewater treatment works) and expected operational efficiency gains. Last month, the CEO of Anglian Water has told unions to ballot for industrial action, as he is not prepared to attend any meetings with Acas, over the closure of its defined benefit pension schemes. 2 0 obj In a letter, sent on 12 April 2018, but published today, Ofwat chief executive Rachel Fletcher, in response to Work and Pensions Committee Chair Frank Field, said that companies should consider pension obligations when making dividend … Kind. List based on reports from current and former employees. Search the Ofwat site. Our people are our greatest strength. Last week, the UK’s largest union, Unite, said it was “angry” at that the firm’s “huge profits” have been skewed towards the shareholders, “thereby greatly eroding their employees’ retirement incomes”, and welcomed the Committee’s probe into the closure of Anglian Water and United Utilities’ DB schemes. The review looked to better understand the key drivers for managing pension risk across the sector and to consider how approaches varied between companies. Although some companies’ schemes show a surplus, the majority do not and the management of these can impact the financial resilience of water companies. For some companies, the recovery period extends into 2020-25, and for one to 2031-32. Ofwat primarily sets limits on the prices charged for water and sewerage services, taking into account proposed capital investment schemes (such as building new wastewater treatment works) and expected operational efficiency gains. <>>> [d�yt���Bl}z�R�e����mA�+9T��������Y�¶)kI�ӡ��D�P�cE�۫b����ћ�8�Q�a �=�YtZ cj����Y��x����7��~. Learn about Ofwat , including insurance benefits, retirement benefits, and vacation policy. Legend:.css-1cjz1oj svg > path{fill:#0caa41;}Employer VerifiedNo Data. 0000072177 00000 n 1321 0 obj <>stream Discounts are available for a wide range of retailers. In the last five years to March 2017, after tax profits at Anglian Water and United Utilities both totalled at £1.6bn. The staff who supported the role of the Director General were collectively known as the "Office of Water Services", which was abbreviated to "Ofwat". It may not be complete. Trade unions GMB, Unite and Unison said that in a meeting with Anglian Water CEO Peter Simpson on Thursday, 8 March, in which they sought to involve the mediation services of Acas into future meetings, CEO Peter Simpson refused the idea. 0000000016 00000 n


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