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Tag Archive: defined benefit

  • Mercer: amend current laws to create DA pensions

    Britain’s occupational pensions could be revitalised if the Government prioritises adjusting key pieces of existing legislation as part of its Defined Ambition plan, according to consultancy firm Mercer. The firm has asserted that, instead of trying to create a new … Read more »

  • BROADSTONE warns against fixed protection over-reaction

    BROADSTONE has warned pension members to avoid being overly hasty when it comes to responding to the change in the Lifetime Allowance. From 6 April 2014 the Lifetime Allowance falls to £1.25m, but individuals can choose to avail themselves of … Read more »

  • DB closure main response to end of contracting-out

    Aon Hewitt is giving early warning that while the option to contract-out of the state pension doesn’t come to an end until April 2016, the consequences for the pensions landscape over the next three years should not be under-estimated. Contracting-out … Read more »

  • Reduction in DB pensions burden stalls

    A new report from PricewaterhouseCoopers (PwC) claims that companies with defined benefit (DB) pension schemes are making little progress in reducing the financial burden of their pension obligations as they fail to adapt to the “new normal” economy. PwC’s Pensions … Read more »

  • DWP issues call for evidence on DB pension deficits

    The Department for Work & Pensions has issued a call for evidence on the impact of funding Defined Benefit (DB) pensions on investment and growth. The call consists of two key questions: One asks whether companies undergoing valuations of their … Read more »

  • Corporate loan pension clause gains popularity

    Banks are making more use of a clause in syndicated corporate loan agreements that triggers an automatic default by the borrower if it acquires a firm with a defined-benefit pension scheme, the Financial Times reports. Citing legal advisers and deal … Read more »

  • Pension Protection Fund back in the black

    The Pension Protection Fund (PPF) has reported that its balance sheet has moved from a £1.2 billion deficit in 2008/09 to a reserve of almost £400 million over liabilities, in 2009/10. The Fund’s main function is to provide compensation to … Read more »

  • DB pension scheme membership falls away

    Membership of defined benefit (DB) occupational pension schemes in the private sector fell from 2.6 million in 2008 to 2.4 million in 2009, according to the Office for National Statistics. Analysis of the Occupational Pension Schemes Survey also shows that … Read more »

  • Only one in ten DB pension schemes welcomes new entrants

    A survey of the UK’s private pension schemes has revealed that nine out of 10 defined benefit schemes are closed to new entrants, with one in five even closed to future accruals from existing members. Research from the Association of … Read more »

  • Pension transfer incentives a threat to employees

    The Pensions Regulator has called for greater scrutiny of transfer incentive exercises, and is warning trustees of the risks these pose to members of company pension schemes. The credit crisis and recession has prompted many employers to review their pension … Read more »

  • Only 23% of DB pension schemes open to new members

    New figures from the National Association of Pension Funds (NAPF) show the extent to which the recession has continued to take its toll on private sector defined benefit (DB) schemes. In its annual survey the body, which represents 1,200 UK … Read more »

  • Pension Quality Mark launched for company schemes

    The National Association of Pension Funds (NAPF) has launched a quality mark for defined contribution schemes. The move is aimed at helping employees judge the quality of a company pension scheme and the award is only given where certain minimum … Read more »

  • Defined benefit pension scheme deficit hits £1tn

    New figures from Aon Consulting estimate the combined deficit of the UK’s 8,000 defined-benefit (DC) pension schemes in the private sector at over £1 trillion. However, the firm puts the liabilities faced by the 200 biggest schemes at £78 million … Read more »

  • PwC perspective on public / private sector pension gap

    Private sector discontent over the prosperity gap between private and public sector pensionners will be fuelled by a new report from PricewaterhouseCoopers (PwC). While private sector workers in defined contribution schemes receive an average employer contribution of around 6% of … Read more »

  • Death knell sounded for defined benefit pension schemes

    A new report on UK company pension schemes suggests that half of all defined benefit schemes will close within the next three years. The cost of providing the schemes is escalating as a result of increased longevity. At the same … Read more »

  • Leading UK firms carry £96bn in pension deficits

    The pension funds of the UK’s leading companies have seen a huge rise in deficits over the last 12 months. A new report by consultants, Lane Clark & Peacock (LCP), based on the FTSE 100 stock index, concludes that the … Read more »

  • Defined benefit pension deficit soars

    The financial crisis has seen the combined deficit of the UK’s 200 leading defined benefit pension schemes increase to £73 billion. New research from Aon Consulting shows the shortfall soaring in June, largely as a result of falling yields on … Read more »

  • Final salary pensions schemes “unsustainable”

    UK firms could close final-salary pension schemes en-mass, according to a new report from PricewaterhouseCoopers (PwC). In a survey by the accountancy firm 96% of businesses viewed their defined benefit schemes, which are based on salary plus years of service, … Read more »

  • Watchdog warns pension funds come before dividends

    The UK Pensions Regulator is warning companies that they must put the health of their pension funds before shareholders’ dividends. In a letter to employers with defined benefit and final salary schemes, the chairman of watchdog, David Norgrove, has stated: … Read more »

  • One-quarter of final salary pension schemes at risk

    The demise of the final salary pension scheme has long been predicted but a recent survey by the National Association of Pension Funds (NAPF) illustrates how this process could be speeded up by the credit crisis. According to the research, … Read more »