Deficits

UK - Aviva has confirmed plans to close both the Aviva and RAC final salary schemes to future accruals.

Uniq has agreed with its trustees to take a pensions holiday until 2013, stopping all contributions to the scheme.

Defined benefit pension funds are £0.3bn in surplus for the first time since June 2008, Pension Protection Fund figures reveal.

UK - Defined benefit pension funds are £300m (US$463m) in surplus for the first time since June 2008, Pension Protection Fund figures revealed.

The Confederation of British Industry has called for a shift to a ‘notional defined contribution' model - effectively pay-as-you-go DC - to tackle the £1trn unfunded public sector pensions deficit.

FTSE100 companies could slash £10bn from their combined pension deficits through non-cash funding this year, PricewaterhouseCoopers says.

Costain has announced it has closed its defined benefit pension scheme to future accrual in a bid to reduce risk and volatility.

The UK industrial sector is at a competitive disadvantage to its foreign counterparts as a result of burgeoning pension deficits, a consultant says.

Another wave of quantitative easing proposed by Mervyn King could push up pension scheme liabilities and increases deficits after a period of relative calm, Aon warns.

UK - Another wave of quantitative easing proposed by Mervyn King could push up pension scheme liabilities and increases deficits after a period of relative calm, Aon warned.