FD

Marks and Spencer (M&S) has announced proposals to close its UK defined benefit (DB) scheme to future accrual as it sets out a turnaround plan for the business.

Jonathan Stapleton speaks to the RMPP about how it improved its governance processes, implemented a risk management and modelling system and overhauled communications with members.

Lawyers have warned that defined benefit (DB) schemes face unnecessary extra VAT charges unless HM Revenue and Customs (HMRC) makes it less complicated for them to reclaim tax.

The increasing cost of servicing its £1.2bn pension shortfall helped push pre-tax profits at John Lewis down over a quarter in the first half of the year.

Providing a pension scheme without additional support and financial education is "becoming insufficient", Scottish Widows warns.

Better comms could ensure the £20bn spent on DB each year isn’t wasted

Concern firms could suffer 'reputational damage'

Bond market slowly begins to catch up with demand

FTSE350 companies have enjoyed a 7% month-on-month decrease in their defined benefit (DB) pension scheme deficits despite recent turmoil in the equity markets, according to Mercer.

There has been a significant rebound in the asset values of UK defined benefit (DB) pension schemes since this week's ‘Black Monday' stock market turmoil.