Nestlé agrees with unions to keep career average scheme
Nestlé has agreed a deal with trade unions to secure its £3.8bn career average defined benefit (DB) scheme after the company had tried to close it down.
The new package raises the career average pension from a 60th to 80th accrual rate for all existing members, while introducing a salary cap for pensionable earnings of £45,000 indexed to the consumer prices...
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The Universities Superannuation Scheme (USS) trustee board has warned investment returns will be lower in the future than expected as it edges closer to concluding its 2020 valuation.
Pension transfer values end volatile year 8% up; Scam 'red flags' at record high
Pension transfer values ended 2020 at £259,000, 8% higher than the start of the year, according to XPS Pensions, after suffering periods of substantial volatility linked to the pandemic while potential scams reached record highs.
TPR's long-term funding approach 'will put extra financial pressure' on scheme sponsors
The Pensions Regulator’s (TPR) long-term funding approach will put extra financial pressure on UK pension scheme sponsors, according to Aon.
DB funding - December 2020: Deficit up £76bn over 2020, says PPF
Every month, several firms issue trackers of the aggregate defined benefit (DB) scheme funding position. See here for the December 2020 estimates on the various measures…
ECPA issues warning over changes to sponsor longevity assumptions
Schemes need to dynamically and closely monitor the position of their employer covenant and its corporate longevity, ensuring the assessment is not conducted in isolation, the Employer Covenant Practitioners Association (ECPA) says.
