Oil giant Shell is to close its defined benefit pension scheme to new joiners and replace it with a UK defined contribution plan.
The Anglo-Dutch said the move was a reflection of "market trends in the UK". The company was one of the last FTSE100 companies to operate an open DB scheme. The company said the replacement DC scheme...
Defined benefit (DB) schemes are looking for alternatives to seeking additional cash contributions from sponsors to manage payouts in the wake of the Covid-19 market disruption, according to Willis Towers Watson (WTW).
The Pension Protection Fund (PPF) will look to appoint a new administrator to oversee an investigation into the collapse of Laura Ashley, according to reports.
Down again from March
Every month, several firms issue trackers of the aggregate defined benefit (DB) scheme funding position. See here for the April 2020 estimates on the various measures…
The Society of Pension Professionals (SPP) estimates only 5-10% of scheme sponsors will suspend or reduce contributions during the coronavirus pandemic while majority have no need to alter their payment schedules.