Defined Benefit

Santander has trimmed its UK defined benefit (DB) pension scheme obligation by £230m by introducing a cap on pensionable pay increases, according to the bank's half-yearly report.

The Pensions Regulator (TPR) has given the trustees and sponsors of the Brunel and Staveley pension schemes an extra three months to respond to a warning notice issued last year.

Growth in bulk annuity sales at Partnership Assurance has helped compensate for a 43% fall in individual annuity sales, according to the firm's half-year results.

The aggregate deficit of the Pension Protection Fund (PPF) 7800 Index increased in July from £109.0bn to £122.7bn, according to figures released by the lifeboat fund.

A sharp decrease in mortality rates in the first half of the year has highlighted the dangers of assuming that longevity improvements will plateau, says Hymans Robertson.

FTSE350 firms' contributions to their defined benefit (DB) pension deficits are at the lowest level in five years, according to research by Barnett Waddingham.

TUI Travel has embedded a Pension Increase Exchange (PIE) offer into its retirement processes, in a move which has cut its liabilities by up to £32m.

The Pension Protection Fund (PPF) has completed the transfer of assets held by the UK Coal pension scheme after the company collapsed following a failed restructuring.

Aviva will do more mid-sized bulk annuity deals with companies over the remainder of the year after more than doubling its bulk business.

A shift towards collective defined contribution (CDC) schemes is "unlikely" as the trend towards defined contribution (DC) plans continues, LCP says.