UK - Less than 30 employees have joined British Airways' DC scheme since the closure of the final salary New Airways Pension Scheme.
BA closed NAPS last May but only 26 members of staff have taken up the DC option since its launch earlier this year.
In comparison, Marks & Spencer – which opened its DC scheme to members at the same time – said more than 800 new employees had joined the scheme – a take-up rate of around 20%.
Partner Insight: Members' evolving needs and expectations are driving changes in scheme administration. As the pensions landscape inevitably continues to change, how will your scheme's approach need to develop to keep pace?
The Pensions Regulator (TPR) is "working closely" with government contractor Interserve and the trustees of its defined benefit (DB) pension schemes, it has confirmed.
The industry has welcomed the Department for Work and Pensions' (DWP) consultation on defined benefit (DB) consolidation as a way to address scheme covenant issues.
BMO Global Asset Management has opened a UK fiduciary management business, promising a "truly open architecture" approach to deliver "better client outcomes".