defined contribution

Engineering giant GKN has split its UK defined benefit scheme into two in its latest annual move to curtail scheme deficits and reduce risk, its 2012 final results reveal.

The reduction in defined benefit schemes has resulted in an overall lower pensions coverage, research from Office for National Statistics shows.

UK workers are the worst prepared in the world for retirement and face a 12-year shortfall in retirement income, according to HSBC research.

Telecoms group Everything Everywhere has seen its defined benefit scheme deficit rise by 48% over 2012 as liabilities increased by £60m, according to its results.

The annuity market will come under investigation by the Financial Services Authority later today when a major review is announced.

State Street Global Advisors has unveiled fresh details of its drive to increase its share of the UK defined contribution market, including a move towards direct transactions with employers and trustees.

Legal & General has launched the Master trust Employer Group for schemes in master trust arrangements.

The Pensions Trust has announced its new defined contribution offering, SmarterPensions, will be subject to a 0.45% annual management charge for the majority of its fund.

WH Smith will use Ceridian UK for its auto-enrolment payroll solution for its 16,000 employees.

The industry has welcomed an Office of Fair Trading probe into defined contribution schemes' value for money as the charges debate rolls on.