Defined Benefit

Public sector pensions need further reform before 2020 to avoid an annual £32bn liability for UK taxpayers, Centre for Policy Studies research fellow Michael Johnson says.

The majority of financial directors and senior leaders say scheme deficits are hampering their business investments, research shows.

Booker Tate has agreed a buyout of its £20m UK defined benefit scheme with Pension Corporation.

BT has seen its pension deficit rise by 63% in just six months as a result of a reduction in the discount rate used for its IAS19 valuation.

The deficit across private sector pension schemes has climbed by £20bn since October 2011, JLT Pension Capital Strategies research reveals.

JLT Benefit Solutions is to take over the running of Aegon's £710m portfolio of defined benefit schemes as the firm continues its rapid expansion.

Defined benefit members are being left £2-3bn out of pocket every year as trustees and advisers fail to update the terms offered on tax-free lump sums at retirement.

The Government has issued a call for evidence after the Public Service Pensions Bill passed its second reading in parliament this week.

Debenhams will contribute £8.9m per year until 2022 in order to return its two funds to a fully funded position.

Jack Jones analyses the attempts by EIOPA to diffuse tensions over the latest EC pensions directive.