Defined Benefit

A considerable gap remains between public and private sector employer and employee contribution levels according to data from the Office of National Statistics (ONS).

The biggest stories were predictions the Chancellor would introduce a flat rate of tax relief, Merchant Navy Officers closing defined benefit to future accrual, and KPMG expanding its defined contribution team by a third.

Freedom and choice is producing unexpected results across DB and DC schemes

Nearly a quarter of companies have still not reviewed their pension schemes' investment strategy in light of the April freedoms according to Willis Towers Watson's DC master trust, LifeSight.

The Government has announced it will fully index public service pensions for workers reaching State Pension Age from April 2016 to 5 December 2018.

Ultra Electronics Holdings plans to close its £238m defined benefit (DB) pension scheme to future accrual from 5 April 2016.

Total funding levels of defined benefit (DB) pension schemes have improved since January despite volatile markets and low interest rates, according to JLT Employee Benefits.

As funds finalise their initial plans for pooling assets, two experts discuss the structural options.

The average pot size of members contacting The Pensions Advisory Service (TPAS) for guidance since freedom and choice came into force is between £45,000 and £48,000.

Merchant Navy Officers Pension Fund (MNOPF) will close its defined benefit (DB) scheme to future accrual and instead introduce a 30% defined contribution (DC) rate for members.