Defined Benefit

Severn Trent is set to contribute £75m over two years to help plug the deficit of its defined benefit schemes.

The Pension Protection Fund (PPF) has opened a consultation on its proposal to call for out of cycle valuations following changes to the definition of money purchase benefits.

Mitchells and Butlers is set to resume dividend payments after agreeing a deficit recovery plan that includes a parent company guarantee and a negative pledge, in favour of the scheme.

Chairman of the Association of Consulting Actuaries (ACA) Andrew Vaughan says transfers from defined benefit (DB) to defined contribution (DC) schemes should not be blocked.

Trustees should expect greater due diligence from companies proposing defined benefit (DB) scheme changes following the IBM ruling, lawyers have warned.

The trustee of the Dairy Crest pension scheme has accepted a reduced schedule of recovery payments in recognition of investments made by its sponsoring employer that will strengthen its covenant.

The Daily Mail and General Trust (DMGT) has agreed a plan to tackle its pension deficit by making payments of £34m a year with additional contributions if it engages in share buy backs.

The burden of complying with an updated European pensions directive and changes announced in the Budget could lead employers to wind up small schemes, warns a consultant.

Norfolk, Suffolk and Hackney Pension Funds have appointed HSBC Securities as custodian through the National Local Government Pension Scheme (LGPS) Frameworks.

Marston's has announced it will close its final salary pension scheme to future accrual from 30 September 2014.