Santander has trimmed its UK defined benefit (DB) pension scheme obligation by £230m by introducing a cap on pensionable pay increases, according to the bank's half-yearly report.
The bank's net obligations for its DB schemes fell to £173m in the first half of year, leading to a net gain of £218m. The bank introduced a cap on pensionable pay increases of 1% a year from 1 ...
To continue reading this article...
Join Professional Pensions
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, analysis and opinion from the industry
- Receive our in-depth monthly magazine in either print or digital format
- Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
- Receive important and breaking news stories selected by the Editors in our daily newsletter
- Hear from industry experts and other forward-thinking leaders
- Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date
