TUI Travel has embedded a Pension Increase Exchange (PIE) offer into its retirement processes, in a move which has cut its liabilities by up to £32m.
Increasing numbers of employers are considering Pension Increase Exchange exercises (PIES) as the Code of Practice for Incentive Exercises has gained acceptance, say consultants.
Employers believe the Code of Good Practice attached to Pension Incentive Exercises (PIEs) has improved the reputation of such moves but reduced take-up rates, government research finds.
TUI has completed a Pension Increase Exchange (PIE) exercise across its three UK defined benefit (DB) schemes.
The Pensions Regulator (TPR) has updated its scheme returns to include questions on incentive exercises including enhanced transfer values (ETVs) and pension increase exchanges (PIE).
Deloitte plans to launch a service to help schemes move to flexible defined benefit (DB) structures in order to obtain better buyout deals.
The Incentive Exercises Monitoring Board (IEMB) is to conduct in-depth research into the practice after feedback from its forum showed positive reactions to its incentive exercise code.
Jack Jones looks at the unexpected impact risk sharing and transfer exercises can have on members’ tax bills
Engineering firm Costain's defined benefit (DB) scheme deficit has reduced following risk reduction exercises and in spite of 2012's plummeting discount rates, its interim results show.
The BT Pension Scheme has seen its defined benefit deficit more than double to £5.7bn as discount rate falls pushed up liabilities, its final year results show.