Defined Benefit

UK - The aggregate funding position of the 7400 defined benefit pension funds monitored by the Pension Protection Fund worsened to a deficit of £173.2bn in August.

Whitbread is set to close the defined benefit section of its group pension fund to future accrual at the end of 2009.

Scheme deficits increased in August following declines in corporate bond yields during the month, industry research reveals.

Balfour Beatty has announced plans to make further cuts to benefits paid under its defined benefit pension scheme in a bid to reduce its deficit.

FTSE100 firms are set to spend more on pension payments for past employees than current staff for the first time over the next year, KPMG research reveals.

Interserve is set to close its defined benefit scheme to future accrual for all non-passport members from the end of this year.

The aggregate funding position - total assets minus total liabilities - of defined benefit schemes improved by over £40bn over the last month, the Pension Protection Fund says.

Barclays could modify its plans to close its final salary scheme to future accruals in a bid to address the concerns of thousands of workers.

ITV is consulting over changes to its scheme - including capping the growth of pensionable salary - in a bid to reduce its pension scheme deficit of £538m.

Only three FTSE100 companies - Cadbury, Diageo and Tesco - still offer defined benefit pension schemes to new employees, Lane Clark & Peacock research reveals.