defined benefit

Civil servant scheme members of Prospect have voted by four to one to accept the government's reform package for the Principal Civil Service Pension Scheme after a year of negotiations.

The combined liabilities of the largest UK charities' defined benefit schemes has reached almost £5bn, accountancy firm BDO says.

Guidance issued by The Pensions Regulator last Friday sends a clear message that it will be flexible when dealing with employers that are unable to fund scheme deficits through cash contributions, says the watchdog.

Ford Motor Company has offered retired members of its US defined benefit pension scheme lump sum payments in order to reduce its liabilities, according to reports.

East Midlands Trains drivers belonging to the ASLEF union have voted to strike over six days in protest at changes to their scheme.

Tesco is consulting with staff on increasing the retirement age of its career average defined benefit (DB) scheme from 65 to 67.

The Pensions Regulator has ruled out releasing its forthcoming scheme valuation guidance before April despite union calls for action.

Prospect has written to the government to demand action on scheme valuations after the Bank of England announced a third wave of quantitative easing.

UK manufacturing firm Brammer's defined benefit scheme liabilities have increased by £3m in six months despite a £1.6m scheme contribution from the employer, earnings show.

Defined benefit funding ratios continued to fall last month with deficits rising by almost £65bn, according to the PPF 7800 Index.