The BBC's plan to close its defined benefit pension scheme to new members and cap the pensionable salary of active members makes it the first major public sector scheme to seriously grapple with its pensions costs.

Unfunded public sector schemes have been run like an "unstable Ponzi scheme", a report warns.

The Financial Services Authority has gone out to consultation on plans to amend rules regarding contracting out comparisons.

Saga was the only top five annuity provider not to cut rates following George Osborne's emergency Budget on June 22, Alexander Forbes Annuity Bureau says.

Barnett Waddingham has promoted Steve Hitchiner and Julia Bassett to partner.

Scheme interest in risk transfer exercises increased over the second quarter, Pension Insurance Corporation says.

Scheme interest in risk transfer exercises increased over the second quarter, Pension Insurance Corporation says.

Surging annuity prices and the lack of market confidence in European economies will force employees to work longer in order to retire on a reasonable income, Mercer says.

One of British Airways' two pension schemes has insured £1.3bn of pensioner liabilities in a buy-in deal with Rothesay Life.

UK - One of British Airways' two pension schemes has insured £1.3bn (US$1.9bn) of pensioner liabilities in a buy-in deal with Rothesay Life.