UK - Glass manufacturer Pilkington looks set to freeze its £1bn final salary scheme following an interim actuarial valuation.
Group pensions manager Bob Neate said: “The trustees will have the findings of the new actuarial evaluation in May, and will decide in the light of that whether they can pay discretionary increases from July.”
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.