Defined Benefit

The level of interest rate hedging increased to £29.5bn of liabilities in the second quarter as pension funds continued to de-risk, according to BMO Global Asset Management's research.

The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.

Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.

The overall surplus of Santander's defined benefit (DB) pension scheme has risen by £595m to almost £800m since the end of 2017.

Pension transfer values remained stable throughout July, with the index finishing the month where it started, according to XPS Pension Group's transfer value index (TVI).

House of Fraser's defined benefit (DB) pension scheme is expected to enter Pension Protection Fund (PPF) assessment, but may be able to buy out benefits with an insurer.

Defined benefit (DB) pension funds are increasingly under pressure to put in place dividend-sharing mechanisms as the regulator seeks to address the disparity with deficit contributions.

Pension deficits at the UK's 350 largest listed companies fell by £27bn over the 18 months to June on an accounting basis, according to Barnett Waddingham.

The University of Manchester is consulting on closing its non-academic staff final salary fund to future accrual and enrolling new recruits into a defined contribution (DC) scheme.

An individual transferring a £230,000 defined benefit (DB) pension could lose up to seven years of retirement income if they draw a fixed sum of £10,000 a year, according to XPS Pensions Group research.