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...These “buyouts” — of pension plans and the assets backing them — are regarded as the gold standard for safeguarding benefits....
...Thousands of members of the pension plan of collapsed retailer Debenhams are to have their retirement benefits restored under a groundbreaking deal for the UK’s nascent “superfund” market....
...The group would use mutuality as a pitch to pension trustees, chief executive Barry O’Dwyer told me....
...The Parliamentary Contributory Pension Fund is a “defined benefit” plan which means MPs and ministers are promised a pension for life, based on career average salary, length of service and age....
...Both pension schemes are defined benefit plans, which pay a secure pension dependent on length of service, salary and age....
...The chancellor is also expected to outline further details on reforming defined benefit pensions and unlocking funds from local authority pension schemes. The BVCA declined to comment....
...The proposals come after the funding positions of defined benefit retirement plans have improved significantly over the past 18 months due to rising interest rates making it cheaper for the schemes to meet...
...Portfolios of private assets are being dumped by so-called defined benefit pension schemes — funds offering members a set amount in retirement — as they try to prepare themselves for a buyout by an insurance...
...The $38tn US retirement system is one of the world’s largest, and US employers were among the first to shift from defined benefit pensions to defined contribution plans....
...Trustees of UK pension schemes would be prevented from taking “overly risky” decisions after government plans to ease employers’ access to billions of pounds in pension fund surpluses, ministers said....
...One of the triggers of the dispute was a 2020 valuation of USS at the height of a market crash, which recorded a deficit of £14bn and led to a cut to benefits, resulting in criticism of how the scheme was...
...The contrast between the defined contribution schemes of private companies and the inflation-linked defined benefit schemes of the public sector has become increasingly stark....
...This only leaves the issue of how to persuade the civil service and others to forego their current benefit structure to join the majority of private sector employees in defined contribution arrangements....
...The sharp fall in the deficit was in line with wider funding improvements for thousands of corporate defined benefit (DB) plans in the UK, which promise members a pension for life....
...The Pensions Regulator said it was “delighted” to have supported the first pension scheme transferring into a defined benefit superfund....
...Among them was a controversial proposal for the state-backed pensions lifeboat fund to be given an expanded role as a consolidator of corporate pension plans, giving it a bigger pot of assets to invest in...
...Pension experts said the chancellor’s plans to require defined contribution schemes to publicly compare performance data against competitors would “pull back the curtain” on pensions....
...Perhaps the biggest winner has been the diminishing pool of defined benefit pension schemes. Saved from operational collapse, solvency levels have improved beyond recognition....
...Another proposal in the Autumn Statement aims to make it easier for employers to access surpluses built up in thousands of well-funded defined benefit (DB) “final salary” style pension plans....
...This is because UK pension assets have been historically dominated by defined benefit (DB) schemes and public sector pensions....
...Pension pundits have also weighed in, suggesting umpteen ways for company defined benefit pensions to put more of their £1.7trn assets into equities....
...A spokesperson for The Pensions Regulator said: “Our job is to make sure pension savers are protected, and we are currently in discussions with the trustees of the CBI Retirement Benefits Plan and the CBI...
...Currently, the PPF has a remit only to compensate members of failed private sector “defined benefit” pension plans, of which there are 5,200 in the UK, with about 10mn members....
...In a move aimed at stimulating economic growth, Hunt confirmed plans to introduce a new requirement on “defined contribution” and local authority pension funds to disclose their allocations to UK and international...
...The decision of SoftBank to favour New York with the initial public offering of subsidiary Arm, a UK-based chip designer, also hurt local pride....
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