Defined Benefit

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.

The government's proposed reforms to public sector pension schemes will cut the average benefit for members by more than a third, the Pensions Policy Institute says.

The Royal Opera House has confirmed it is consulting with scheme members on closing its final salary scheme next year.

Britain is among eight governments which have signed a letter saying they are "very concerned" that the cost of European Union pensions will rise to £2bn a year by 2045.

The Independent Parliamentary Standards Committee has proposed a career average revalued earnings scheme to replace MPs' defined benefit plan.

The Public Service Pensions Bill will penalise members of the NHS scheme and "entrench disparities" within public sector schemes, the British Medical Association says.