Defined Benefit

Government proposals will leave firefighters retiring before aged 60 due to fitness on just over £9,000 a year, the Fire Bridges Union (FBU) claims.

FTSE350 companies' defined benefit (DB) scheme deficits increased by £6bn over October to hit £102bn on an IAS19 basis, despite rising asset values, Mercer says.

Just over half this week's respondents said a merger of the Local Government Pension Schemes (LGPS) was feasible, while one in eight said the proposal was impractical.

The majority of contributors said trustees were generally using the flexibility in the system when setting assumptions for valuations.

Wincanton is closing its defined benefit (DB) schemes to existing members, 11 years after shutting its doors to new members.

The Tate & Lyle Amylum UK Pension Scheme has agreed an £82m buy-in to cover all liabilities relating its pensioner and deferred members.

Strong asset returns particularly from its bonds and cash allocation sees Dairy Credit reduce its deficit by £38m, its interim results show.

Over two-fifths of schemes never review the performance of their trustees, a Premier survey has found.

Sponsoring employers have been urged to apply pressure on trustees to make sure the full flexibility allowed in actuarial valuation assumptions is used, advisers say.

Lloyds Banking Group (LBG) is consulting with scheme members on removing pensionable pay increases for active members of its defined benefit (DB) schemes.