UK - A £2.1bn FRS17 deficit in BAe Systems' final salary scheme has been revealed after an actuarial valuation by Aon Consulting.
The £4.5bn BAe Systems Pension Scheme is introducing a hybrid scheme for new members in April made up of a DB core with a DC overlay.
Employee contributions into the scheme were increased at the end of 2003 and will be reviewed again after a further valuation later this year.
The secretary of state for work and pensions has told MPs clawback and avoidance measures could be imposed for the people responsible for driving Carillion over the cliff.
Occupational pension provision has continued to grow in value, but there remains large variance in incomes across the pensioner age group, according to latest government data.
Defined benefit (DB) schemes could have an aggregate surplus by 2021 under Pension Protection Fund (PPF) projections, its strategic plan for 2018 to 2021 reveals.
Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.