Defined Benefit

Deficits in all private UK defined benefit (DB) schemes worsened in March amid low interest rates and a worsening economic outlook.

Defined benefit members are taking advantage of the flexibilities through a number of ways according to research.

Almost one in five members transferred out of their defined benefit (DB) scheme to use their freedoms after receiving advice according to Willis Towers Watson.

The shortfall of defined benefit (DB) schemes has risen from £425bn to £800bn in nine years despite employers trying to plug the gap.

Hertfordshire has joined ten local administering authorities to pool their pension assets through A Collaboration of Central, Eastern and Southern Shires (ACCESS).

The Merchant Navy Officers Pension Fund has raised its funding level by 10% since 2012.

The Pension Protection Fund (PPF) has completed the largest transfer since it brought member services in-house by absorbing five sections of the industry-wide Coal schemes.

The Kingfisher Pension Scheme has undergone a £230m medically underwritten buy-in with Legal & General (L&G) in a landmark deal for the bulk annuity market.

Pension Insurance Corporation (PIC) has written £900m of bulk annuity premiums in the first quarter of 2016 according to its end of year results.

Early state pension access for women affected by the age increase could lead to flexibility for everyone.