UK - HBOS has said it will pay £800m into its defined benefit pension schemes before the end of 2006.
The payment is a preliminary step in a 10-year plan announced last year to eliminate the IFRS deficit in the company’s DB schemes, which stood at £1.8bn as of 2004.
The company has pledged to pay an additional £1bn over the next five years. Halifax and Bank of Scotland merged to become HBOS in 2001.
By Lisa Haines
There is just one week left to register to enter the Workplace Savings and Benefits Awards 2018.
Nearly a third (32%) of employers believe new technologies, such as augmented and virtual reality, will play a part in benefits communications, latest research from Aon Employee Benefits reveals.
Universities UK (UUK) has suggested a collective defined contribution (CDC) scheme could be a replacement for the defined benefit (DB) element of the Universities Superannuation Scheme (USS).
This week's top stories included a Pensions Institute report suggesting the aviation industry's practice of constantly evaluating mistakes should be applied to defined benefit pensions.