Defined Benefit

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.

HMV's administrator has submitted section 120 forms to the Pension Protection Fund despite the purchase of its debt by Hilco.

The Pensions Infrastructure Platform will not open to smaller pension schemes until mid-2013, after delays pushed back the fund's launch date.

The government is considering relaxing a black-and-white definition of "money purchase" to avoid shifting the goalposts on defined contribution schemes with guarantees, according to experts.

Unilever's scheme deficit rose by €500m in 2012 due to falling discount rates and a 33% fall in the value of its assets.

Children's charity Barnardo's has announced it will close its defined benefit scheme ahead of auto-enrolment.

Pension Insurance Corporation has signed a second £30m bulk annuity deal with the Cookson Group Pension Plan, following its first buy-in in 2012.

The smallest occupational schemes will only have to send scheme returns to The Pensions Regulator once every five years under the draft pensions bill published today.