MNOPF Trustees Merchant Navy Officers

This week's top stories included the pension tax relief consequences of the Scottish government's decision to differ tax bands for Scottish workers compared to the rest of the UK.

The biggest stories were predictions the Chancellor would introduce a flat rate of tax relief, Merchant Navy Officers closing defined benefit to future accrual, and KPMG expanding its defined contribution team by a third.

Merchant Navy Officers Pension Fund (MNOPF) will close its defined benefit (DB) scheme to future accrual and instead introduce a 30% defined contribution (DC) rate for members.

Paul Blackmur has been appointed as a senior consultant by Pi Consulting as the firm sees increasing demand for governance services.

The RAC (2003) Pension Scheme has completed a £600m longevity swap with Scor Se, which could be a watershed in how small schemes manage longevity risk.

Duncan Higgs has re-joined Towers Watson from Cardano, to work as a senior investment consultant on its delegated investment team.

The trustee of the Merchant Navy Ratings Pension Fund (MNRPF) has appointed Towers Watson to provide fiduciary management services to the £850m scheme.

An industry-wide defined contribution (DC) scheme for maritime employers and employees will launch on 1 August, providing full access to the recently-introduced pension flexibilities.

The trustee of the Merchant Navy Officers Pension Fund (MNOPF) has hedged the longevity risk for £1.5bn of the scheme's members.

The Merchant Navy Officers Pension Fund (MNOPF) has consolidated its pension payments to simplify the process for members.