Jack Jones looks at the pros and cons of smaller schemes

Asset-backed funding arrangements became more prevalent in 2012 as a wider variety of companies used a greater array of assets to fund deficits, says KPMG.

Interserve has agreed to transfer a portfolio of 19 private finance initiatives to its scheme to reduce its actuarial deficit from £150m to £95m.

The Pensions Regulator has explained why it sanctioned the restructuring of UK Coal which saw its scheme take a majority stake in part of the business in return for a £30m investment.

The Chamber of Shipping Retirement Benefits Plan has completed a £40m buy-in using a fixed fee service aimed at smaller schemes.

The Pensions Regulator has increased the pressure on employers to avoid using small schemes as auto-enrolment vehicles ahead of a consultation on the regulation of trust-based DC.

UK pension funds finished 2012 in slightly better health than they began the year after a rise in asset values pushed average funding ratios to 90%, according to JLT Pension Capital Solutions.

DC members at smaller employers cannot expect adequate retirement incomes after an "alarming" stagnation of contributions according to research from the Association of Consulting Actuaries.

Pension Corporation has reinsured a further £400m tranche of longevity risk associated with its policy holders with Munich Re.

Risk-sharing schemes are more suitable for MPs than for other public sector employees, says the Association of Consulting Actuaries.