US - Tenneco Incorporated will freeze its defined benefit pension plans and replace them with defined contribution plans in a bid to save money.
The change will effect nearly all US-based and non-union hourly employees and will be implemented on 1 January 2007. The move to DC should see the $4.4bn company saving around $11m, pre-tax, per annum...
“Mounting red flags of financial stress” have meant almost two-thirds of listed companies with defined benefit (DB) schemes have issued profit warnings this year, EY says.
With rumours once again swirling around the future of pensions tax relief in the run up to this year's Budget, any reduced incentive for long-term savers could risk further exacerbating the generational divide in pensions, says Tom Selby
Trustees are set to have an increased duty of care to ensure employees and members make informed choices when accessing their pension, according to Wealth At Work.
The Family Building Society’s 250-member defined benefit (DB) scheme has transferred into TPT Retirement Solutions’ master trust, DB Complete.