Monoline meaning

In this issue: The Pensions Regulator Funding, surplus and investment Members and benefits Daily and weekly news alerts Dates for your diary Trackers The Pensions Regulator TPR enhances oversight of the largest DC schemes to improve member outcomes The Pensions Regulator (TPR) has unveiled enhancements to its supervision of master trusts and defined contribution (DC) schemes after a 12‑month review. The redesigned model groups schemes into four supervisory segments with bespoke engagement to spot risks sooner and lift saver outcomes. These cover monoline, commercial and non‑commercial master trusts; collective DC schemes; and single plus connected employer DC schemes. TPR’s priorities are securing value for money for all savers and setting clear expectations on investments, data quality and at‑retirement innovation. Larger schemes will be supported by dedicated multi‑disciplinary teams to enable more targeted, expert‑level interactions. The change marks a tilt towards a more prudential regulatory stance, addressing scheme‑specific and market‑wide risks across the UK pensions landscape. TPR said...

This Practice Note explores the principal parties commonly engaged in a PFI or PF2 project. It outlines the functions of public sector participants, private sector counterparts, finance providers and sub-contractors, together with support providers and other professionals involved. In the 2018 Budget (delivered on 29 October 2018), the government confirmed it would cease using PF2 for new schemes (see News Analysis: Budget 2018—what does it mean for infrastructure and housebuilding?). Nonetheless, live PFI and PF2 arrangements remain in operation and, given the usual duration and lifespan of these schemes, are expected to do so for many years to come. Public Sector Authority/Trust This is the public sector organisation that originates and procures the PFI scheme in question and seeks to have the asset constructed and properly maintained (the label 'Trust' applies only to NHS schemes). The public body will typically be a local authority (including fire and rescue and (formerly) police authorities), an NHS Trust or a government department or non-departmental public body. The Authority/Trust enters into a...

Commercial bank lending remains the customary way to fund most schemes in the UK and overseas, but when liquidity in the market tightens, sponsors are more likely to consider alternative funding routes. One such alternative is the bond market. What is a project bond? A bond is a form of debt security, and a debt security is a document that evidences a borrowing or an investment (see Practice Note: Key features of the debt capital markets—What is a debt security?). A project bond is issued to finance all, or a portion, of a project. Project bonds can be used: as the sole funding source for a project as one element within a broader funding package, eg alongside bank debt to refinance existing bank facilities for a project, typically after construction (see Practice Note: Project finance—meaning of completion and its effect) Why would a sponsor finance a project with a bond issue? ...