UK - The Atkins Pension Plan has shifted around 1,700 members to its defined contribution (DC) pension scheme after it closed two of its defined benefit (DB) sections to future accrual, according to MandateWire.
Sarah Newell, pensions manager at Atkins, told MandateWire: "The link to final salary will continue whilst employees remain in Atkins' employment."
The 1,700 members who were moved out of the two closed DB sections as at 30 September 2007 to join circa 6,200 active members already in the DC scheme administered by Friends Provident.
The fund has decided not to undertake an ALM study that was announced for 2008 and no longer seeks exposure to private equity investments.
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Two consultancies have reported decreases in defined benefit (DB) transfer quotation requests in Q3, and said guaranteed minimum pension (GMP) equalisation could impact transfer activity.
The Association of Consulting Actuaries (ACA) and Royal London have proposed a "pensions pound" to "radically simplify" defined benefit (DB) pensions rights.