Five stories you may have missed this week
This week's top stories include Tesco cutting its defined benefit deficit by £2.8bn after it changed the way it reflected long-dated corporate bond yields in its discount rate.
Also, research found members in 14 of the 17 largest master trusts were missing out on tax relief because their scheme's administration arrangement, while Bentley workers edged towards strike action over the planned closure of their DB plan.
1) Tesco DB deficit plunges by £2.8bn after changing discount rate calculation
Supermarket giant Tesco has halved its overall defined benefit deficit after adapting its discount rate calculations to better reflect trends in long-dated corporate bond yields.
2) Master trusts failing low paid earners on pensions tax relief
Low income earners in the majority of master trusts are missing out on tax relief on their retirement savings due to a legislative technicality, according to research.
3) Bentley workers vote for strike over DB closure plans
Bentley Motors staff have voted for industrial action over the planned closure of the defined benefit Rolls Royce and Bentley Pension Fund to future accrual.
4) DB transfers on the rise; member communication remains paramount
More members are transferring out of defined benefit pension schemes when informed of the option, which suggests trustees must think carefully about member communication, according to research.
5) Barnett Waddingham appoints head of DC investment
Barnett Waddingham has named Sonia Kataora as head of defined contribution investment following the promotion of Alex Pocock last month.
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