Defined contribution (DC) contributions were scaled back by 11% in the second quarter of 2020 as the impact of the pandemic set in, according to the Office for National Statistics (ONS).
The BBC Pension Scheme has completed a £3bn longevity swap deal with Zurich and Canada Life Reinsurance, covering the risk of pensioner and dependent members.
The Smiths Industries Pension Scheme has secured a £146m buy-in with Canada Life in its fourth bulk annuity and its sponsor’s tenth overall.
The £2.3bn withdrawn flexibly from pensions in Q3 represents a 2% year-on-year decrease from monies withdrawn during the same months in 2019, HM Revenue and Customs (HMRC) figures show.
One in ten UK workers have paused their pension contributions during the Covid-19 pandemic with their absence from the defined contribution (DC) space bringing serious implications for the retirement landscape.
The Hays Pension Scheme has agreed a six-year contract extension with EQ Paymaster to deliver services including GMP equalisation, data cleansing, and address tracing.
The UBS (UK) Pension and Life Assurance Scheme has hedged the longevity risk of around half its defined benefit (DB) liabilities through a £1.4bn longevity swap completed with Zurich and Canada Life Reinsurance.