Defined Benefit

DCLG reveals which schemes pay the most for admin and fund management

The settlement which saw the Kodak Pension Plan (KPP) take ownership of two of its former sponsor's businesses has been approved by a bankruptcy court in the US.

Department for Communities and Local Government (DCLG) has launched a third consultation into draft regulations for next year's local authority pension reforms.

The accounting deficit of Dixons' UK defined benefit scheme rose from £261.9m to £406.4m over the 12 months to the end of April.

Around half of firms with defined benefit schemes have been forced to cut corporate investment in a bid to deal with deficits, latest Bank of England research shows.

The Comet Pension Scheme deficit remained unchanged at €40m (£34m) last year, despite the scheme receiving additional contributions in a deal which released former sponsor Comet from its obligations.

Six out of 10 respondents said employers were generally failing to make sufficient provisions for ill-health retirement when closing DB schemes.

Trustees should work with employers to agree funding solutions that balance member interests with business growth according to The Pension Regulator chairman Michael O'Higgins.

Pensions minister Steve Webb has said he envisages automatic transfers being used in defined benefit (DB) schemes to counter the issue of deferred members.

The Communication Workers Union (CWU) has threatened a national strike after it "firmly rejected" the proposals from the Royal Mail to make changes to its pension plan.