Defined Benefit

The £1.2bn Cornwall Council Pension Fund has appointed Invesco Perpetual to manage its £50m diversified grown mandate.

Diageo is to make a one-off £400m contribution to its pension scheme in order to help make good a billion pound plus deficit, its interim results have shown.

The combined deficit of all UK schemes increased by £150bn last year to reach a total of £550bn, research by Xafinity shows.

Engineering firm Renishaw has seen its deficit increase by more than £3m in the last year despite a strong performance from its assets.

The Treasury should use the proceeds from winding up quantitative easing to prop up failing pension schemes and support the Pension Protection Fund, the National Association of Pension Funds says.

The Trustee of the Nortel Networks UK Pension Plan and the Pension Protection Fund have been left empty-handed after an international mediation failed to settle the dispute over the assets of collapsed telecoms giant Nortel Networks Corporation.

Trustees hoping to secure a buyout must develop a contingency plan as the bulk annuities market could struggle to meet growing demand says a consultant.

The closure of defined benefit schemes hit its fastest rate ever during 2012, with the proportion of open schemes falling from 19% in 2011 to 13% by the end of last year, National Association of Pension Funds figures show.

Capita is recommending that all employers with dependents pensions should abandon them if possible.

The Department for Work and Pensions has launched a consultation on creating an objective for the Pensions Regulator to consider the long-term affordability of deficit recovery plans for defined benefit schemes' sponsors.