UK - The pensions industry needs a single, standard basis for calculating debt, according to Hazell Carr Pensions Consulting.
Director Kenneth Donaldson told delegates that relying on individual scheme funding standards is “untenable”.
He said: “I cannot help but think of DB occupational pension schemes as little mutual insurance companies, and as such, they should be subject to insurance company-type insolvency standards.”
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.
The lifetime allowance will rise to £1,054,800 from April next year as the Office for National Statistics (ONS) recorded inflation at 2.4% in the year to September.
The national procurement frameworks for the Local Government Pension Scheme (LGPS) has been expanded to include member data services.
The government is seeking ways to ensure "parity" of compensation treatment between Financial Assistance Scheme (FAS) members from solvent and insolvent schemes.