News

UK defined benefit schemes have hit a funding low after combined deficits increased nearly £100bn last month to hit £312bn, statistics show.

The Treasury is under so much pressure it should consider becoming funded directly by the financial services industry, former cabinet secretary Gus O'Donnell has said.

Royal Bank of Scotland has told staff members they will have to work longer and contribute 5% of salary to their defined benefit scheme.

WPP is facing a bruising executive pay defeat at the hands of rebellious shareholders at its AGM on Wednesday.

The Association of British Insurers has downplayed the impact of charges on pension pots, pointing instead to the importance of increasing contributions and saving earlier.

Alliance Trust Savings has sold its small self-administered scheme business to Xafinity's specialist arm, Hazell Carr SSAS.

The industry has welcomed the code of conduct on enhanced transfer value exercises and pension increase exchanges, but questions remain over how it will impact take-up of offers.

House of Fraser has closed its defined benefit pension schemes to future accrual after the shortfall in the two funds shot up by more than £50m last year.

Cambridge Local Government Pension Fund and Trinity Hall, University of Cambridge, have launched Cambridge & Counties bank.

Extending working lives and promoting private pensions are essential in making pension systems sustainable and adequate according to the OECD.