The UK’s private sector defined benefit (DB) pension landscape is generally described as in its endgame. There has been a fall in the number of open DB pension schemes as a result of economic, social and regulatory changes. The vast majority of employers offer a defined contribution (DC) pension to eligible employees. An increase in […]
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 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 […]
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 […]
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 […]
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 […]
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, […]
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, 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, […]
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 […]
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 […]
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 […]