More than 40% of firms have closed or are in the process of closing their defined benefit pension schemes, latest research from Aon Hewitt shows.
The consultant’s survey of 300 clients revealed a growing number of schemes are also turning to “flight plans” and buyouts to reduce risk. Aon Hewitt benefits design specialist James Patten said schemes...
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.