Defined Benefit

O2 is set to close its final salary defined benefit scheme to future accrual due to poor economic conditions and the impending cost of auto-enrolment.

Almost 4,000 members of the Financial Assistance Scheme have had their benefits reduced after overpayments resulting from administrative errors.

Pensions minister Steve Webb has defended supermarket Morrisons from criticisms of its pension scheme.

OCR has secured a buyout with Metlife Assurance for its £11m RSA Examinations Board Retirement Benefits Scheme.

FTSE350 scheme deficits have remained virtually unchanged since 2002 while FTSE100 longevity assumptions have increased for the sixth year running, Mercer says.

The Welsh Assembly Members' scheme will not be reformed as a defined contribution arrangement due to fears this would dissuade "high quality" candidates standing for election.

Nine out of ten people in the industry believe the Pension Protection Fund should be more open about its reasons for denying entry to schemes, according to exclusive PP research.

RM intends to more than double deficit contributions to its defined benefit scheme after closing it to future accrual later this year.

The Pension Protection Fund has bowed to pressure and increased next year's levy estimate by 15% instead of the 25% hike feared by some analysts.

The average length of deficit recovery plans agreed after the latest round of valuation will be three years longer than in 2011, according to research by PwC.