The introduction of long-term funding targets for defined benefit (DB) schemes could create an accounting gap of £260bn between the liabilities reported by companies and schemes, XPS Pensions has warned.
The advent of such targets is expected either this year or next, with The Pensions Regulator (TPR) expected to publish rules and guidance on what these targets should be and how can they be arrived at....
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