Defined Benefit

GKN has slammed Melrose for making 'misleading' comments relating to the engineering giant's two UK defined benefit (DB) schemes.

The closure of the BT Pension Scheme (BTPS) to future accrual means 20,000 active members will move to an 'enhanced' defined contribution (DC) scheme, after the company reached a deal with the union.

Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.

The Pensions Regulator (TPR) will be given the power to fine company bosses who deliberately puts their defined benefit (DB) schemes at risk, the government has confirmed.

An independent expert panel will be commissioned to review how the £6.1bn funding deficit figure for the Universities Superannuation Scheme (USS) was reached, Universities UK (UUK) has announced.

The Co-operative Bank is set to continue de-risking pension schemes after it mitigated further losses by switching from the retail prices index (RPI) to the consumer prices index (CPI).

Universities Superannuation Scheme (USS) members should be responsible for most of the cost of increased contributions if the scheme's defined benefit (DB) section remains open to accrual, Pensions Buzz respondents say.

The debate around defined benefit (DB) pension transfers will "come to a head when the stock markets fall", according to a panel of retirement specialists.

BT and the Communication Workers Union (CWU) are said to be close to a deal over the closure of the telecoms company's defined benefit (DB) scheme.

Most schemes use a gilts plus discount rate for funding valuations. But, as Ben Gold explains, these can be poor predictors of scheme returns and explores three alternatives for trustees to consider.