News

This week's top stories include Tesco cutting its defined benefit deficit by £2.8bn after it changed the way it reflected long-dated corporate bond yields in its discount rate.

The BT Pension Scheme (BTPS) is to sell two-thirds of its interest in Hermes Fund Managers, the investment company it founded 35 years ago, to American asset manager Federated Investors for £246m.

The time and costs involved in the process of tendering and/or switching a fiduciary manager can be 'considerable' and may make it more difficult for schemes to assess value for money and switch provider.

Low income earners in the majority of master trusts are missing out on tax relief on their retirement savings due to a legislative technicality, according to research.

Granting statutory protection to pre-1997 benefits in defined benefit (DB) schemes would be an unfair cost to sponsors and would force even more closures, according to this weeks' Pensions Buzz respondents.

Pension transfer values rose last month from £232,000 at the end of February to £235,000 by the end of March, according to Xafinity's Transfer Value Index (TVI).

Greg Wenzerul has been appointed Zurich's first head of longevity risk transfer, as it seeks to grow its business in the market.

Women using drawdown can expect to receive £47,000 less in their pension pot over a typical 20 year retirement period, according to Zurich.

Barnett Waddingham has named Sonia Kataora as head of defined contribution (DC) investment following the promotion of Alex Pocock last month.

Half of millennials were saving into a pension in 2016 but the overall total of their savings has dropped, according to analysis.