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3,242 Results found for “defined benefit”

Retail price index phase-out will impact defined benefit pension schemes

The phasing out of the retail price index (RPI) in favour of the consumer prices index plus the cost of housing (CPIH) will have a significant impact on traditional defined benefit pension schemes. In his Spending Review on 25 November, Chancellor Rishi Sunak announced that the RPI measure of inflation will be phased out from […]

Family Building Society completes £30 million defined benefit transfer

Family Building Society has completed a pension transfer to its Defined Benefit (DB) Complete Master Trust, from its previous DB scheme.  The £30 million scheme, successfully agreed with TPT Retirement Solutions, will bring its 350 members onto the scheme, with 66 currently active in a cash balance section. The move is another example of the […]

Nissan consults on closing defined benefit pension scheme for 1,800 staff

Japanese car manufacturer Nissan is consulting on the closure of its defined benefit (DB) pension scheme for 1,800 employees in the Sunderland region. The organisation has made the decision to end the scheme as the business investment is deemed unsustainable long-term. Nissan is currently consulting on the closure of the plan with these employees and […]

Back to basics on defined benefit to defined contribution pension transfers

Need to know:  Defined benefit (DB) to defined contribution (DC) transfers are becoming increasingly popular, and employers should understand the basics to help staff make the right choices. Employees looking for greater flexibility must also understand and be comfortable with the higher level of risk associated with DC schemes. Many individuals would be well advised […]

Defined benefit pension deficit increases to £340 billion as at August 2019

The deficit for defined benefit (DB) pension schemes in the UK has increased by £100 billion between July and August 2019, reaching £340 billion as at the end of August 2019, according to research by PricewaterhouseCoopers (PWC). The Skyval index, which is based on aggregated data from 5,450 corporate DB pension funds, and is collected […]

Defined benefit pension deficit increases to £240 billion as of May 2019

The deficit for defined benefit (DB) pension schemes in the UK has increased to £240 billion as of the end of May 2019, according to research by PricewaterhouseCoopers (PWC). Its Skyval index, which is based on aggregated data from 5,450 corporate DB pension funds, and is collected through the Skyval pensions platform used by trustees, […]

FTSE 350 defined benefit pension deficit rises to £57 billion in May 2019

The accounting deficit for defined benefit (DB) pension schemes at the UK’s top 350 organisations increased by £5 billion between April 2019 and May 2019, rising from £52 billion to £57 billion, according to research by Mercer. The Pension risk survey, which analyses the pension deficit calculated using the approach FTSE 350 organisations have to adopt for […]

John Lewis Partnership to close defined benefit section of workplace pension scheme

John Lewis Partnership, which consists of retailers John Lewis and Waitrose, will close the defined benefit (DB) section of its occupational pension scheme, instead providing an improved defined contribution (DC) scheme for its 83,900 employees. The employee-owned organisation currently provides staff with a hybrid pension scheme, which combines elements of both DB and DC arrangements, […]

FTSE 350 defined benefit pension deficit rises to £41bn at the end of 2018

The accounting deficit for defined benefit (DB) pension schemes at the UK’s top 350 organisations increased by 28% between the end of 2017 and the end of 2018, rising from £32 billion to £41 billion, according to research by Mercer. Its 2018 Pension risk survey, which analyses the pension deficit calculated using the approach FTSE 350 organisations have to adopt for […]

FTSE 350 defined benefit pension deficit reaches £36bn

The accounting deficit for defined benefit (DB) pension schemes at the UK’s top 350 organisations is £36 billion as at October 2018, resulting in the largest deficit since October 2017, according to research by Mercer. Its Pension risk survey, which analyses the pension deficit calculated using the approach FTSE 350 organisations have to adopt for […]

UK private sector defined benefit pension schemes have estimated £40bn deficit

Defined benefit (DB) pension schemes within the UK’s private sector had an estimated £40 billion total deficit by 31 August 2018, according to research by JLT Employee Benefits. JLT’s monthly index shows the funding position of UK private sector DB pension schemes, based on the standard accounting measure used in organisation reports and accounts. It […]

£800m pensions buy-out completed for BHS defined benefit pension scheme

The BHS2 Pension Scheme, the defined benefit (DB) pension scheme of retailer BHS, has been subject to a full pension insurance buy-out, covering £800 million of pension liabilities for the scheme’s 9,000 members. The transaction, completed with the Pension Insurance Corporation (PIC), was viable due to the scheme’s trustees and advisers managing the scheme’s assets, […]