Deficits of UK defined benefit (DB) schemes rose £36bn to £264bn last month as a result of falling interest rates, figures show.
The latest estimate from JLT Employee Benefits shows funding levels dropped from 84% to 82%. Liabilities for private schemes increased by £56bn to £1.508trn, as a result of falling interest rate expectations....
More needs to be done to speed up DB to DC transfers but, as Jonathan Stapleton says, more also needs to be done to protect members.
The Pensions Ombudsman (TPO) took on 2,566 early resolution cases in 2018/19 after onboarding a team from The Pensions Advisory Service (TPAS), according to its annual report and accounts.
The lifeboat fund is in a good position despite reserves taking a £0.6bn hit. But the ramifications of the EU judgment on member compensation is an area of concern for CEO Oliver Morley, writes Stephanie Baxter