US - Bryn Mawr Bank has announced it will freeze its defined benefit (DB) pension scheme from 31 March.
Employees will be enrolled in to the company defined contribution (DC) 401(k) plan, which offers a dollar-for-dollar match on the first 3% of base salary and an additional contribution of 3% of employees' base salary.
Ted Peters, chairman and CEO, Bryn Mawr, said: "We found ourselves to be one of the few remaining banks our size in our market with a defined benefit pension plan. We decided to move to a benefit structure and retirement plan that provides more predictable retirement costs."
More needs to be done to speed up DB to DC transfers but, as Jonathan Stapleton says, more also needs to be done to protect members.
The Pensions Ombudsman (TPO) took on 2,566 early resolution cases in 2018/19 after onboarding a team from The Pensions Advisory Service (TPAS), according to its annual report and accounts.
The lifeboat fund is in a good position despite reserves taking a £0.6bn hit. But the ramifications of the EU judgment on member compensation is an area of concern for CEO Oliver Morley, writes Stephanie Baxter