Time to take action on spiralling DB deficits
As deficits soared following the Bank of England's rate cut and stimulus package, the future for DB looks even more challenging. A major re-think is needed to avert a pensions crisis, writes Stephanie Baxter
At a glance Action is needed to prevent increase in schemes falling into PPF Increased calls to ditch traditional gilts plus measure for liabilities Case for allowing schemes to move from...
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Recovery end plan dates lengthened by just one third of DB schemes
Only one third of defined benefit (DB) schemes lengthened their recovery plan end dates in 2019, according to research by Hymans Robertson.
Hargreaves Lansdown remains slowest on pension transfers
Hargreaves Lansdown has been named as the slowest provider to switch pensions through the Origo transfer service.
What trustees looking to transfer to superfunds should consider
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Old British Steel scheme completes £2bn buy-in with PIC
The Old British Steel Pension Scheme (OBSPS) has agreed a £2bn full buy-in with Pension Insurance Corporation (PIC), one step closer to exiting Pension Protection Fund (PPF) assessment.
Schemes must meet three gateway principles for superfund transfers
Pension scheme trustees and sponsors should only seek to transfer members’ benefits to a defined benefit (DB) consolidator if there is no “realistic prospect of buyout in the foreseeable future”, The Pensions Regulator (TPR) says.
