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Latest DB news
Pension Schemes Bill finalised: Industry hails ‘historic moment’ despite spectre of mandation
The Pension Schemes Bill has been finalised after protracted debates between legislators, and will now move to receive Royal Assent. Pensions Expert rounds up some of the industry reaction across the various elements of the new legislation.
Pricing remains key for schemes considering bulk annuities
Research from Standard Life shows how priorities vary depending on the size of the scheme, but the pricing of bulk annuities remains the key determining factor for most trustee boards.
Bulk annuities latest: Just Group and Rothesay support small scheme buy-ins
Two buy-in deals worth less than £20m in total were announced this week, further evidence of the healthy market for small pension schemes seeking insurance transactions.
Clara launches small scheme service and onboards £43m DB fund
The DB superfund has opened a new section of its structure to offer a streamlined service to smaller pension schemes, while onboarding a camera equipment manufacturer’s pension fund.
Bulk annuities news in association with Canada Life
PPI widens lost pensions survey to include DB schemes as demand for tracing grows
The new study will track how the ‘lost pots’ landscape has changed, examining the number of missing pots, their value and age distribution, while also exploring the underlying causes and the implications for savers and policymakers.
British Coal trustees to lobby government for surplus flexibilities
The BCSSS trustees have met with Chris McDonald, the minister for industry, to discuss changes to the scheme rules that would allow the trustees greater control over how any surplus is used in the future.
Utmost completes first buyout with food supply company
The development means 455 people are now covered by individual annuity policies, after Utmost insured the Noble Foods Limited Pension Scheme last year.
Bulk annuities latest: Services company targets buyout ofter scheme closure
The latest headlines from the bulk annuities sector, including a £1m micro-scheme buy-in for Legal & General and a listed services company’s plan to insure two DB schemes.
Features and analysis
A Christmas wishlist for the pensions industry
With the festive break upon us, it’s time to find out what the pensions industry really wants for Christmas this year. Pensions Expert asked representatives of 21 organisations from across the UK retirement industry to come up with one ‘Christmas wish’ – something they would like to see over the next 12 months.
Outlook 2026: The changing face of DB endgame options
Defined benefit experts give their views on the challenges and opportunities presented by the Pension Schemes Bill and other industry developments.
The unknown cost of pre-97 indexation to DB schemes
Potential changes to the way the PPF’s compensation is calculated and paid could have an impact on its 7800 index and some schemes in its assessment period, as Nick Reeve reports.
The PPF Purple Book: Six key charts for the corporate DB sector
The 20th edition of the Pension Protection Fund’s Purple Book shows a gradual but consistent decline in the number of defined benefit (DB) pension schemes. But below the surface, the sector remains dynamic with millions of people’s retirements at stake.
Five Questions For… Morten Nilsson, Brightwell
Pensions Expert spoke to Brightwell chief executive Morten Nilsson about the government’s surplus release plans, and how he envisages sharing the BT Pension Scheme’s experiences with the wider market.
A Christmas wishlist for the pensions industry
Outlook 2026: The changing face of DB endgame options
The unknown cost of pre-97 indexation to DB schemes
The PPF Purple Book: Six key charts for the corporate DB sector
Five Questions For… Morten Nilsson, Brightwell
More defined benefit news
DB schemes end Q1 with stronger funding ratio despite asset volatility
The conflict in Iran has not hurt the overall funding levels of DB schemes so far this year, although aggregate assets have fallen slightly since the end of 2025.
Low dependency overtakes buyout as DB schemes rethink endgame
Improving funding levels are giving defined benefit schemes more endgame options, but many have yet to put clear governance frameworks in place for surplus and long-term decision-making.
Can in-specie transfers smooth the path to buy-in?
New research from Standard Life indicates that many defined benefit (DB) trustee boards are considering in-specie transfers of illiquid assets to aid their preparation for bulk annuity transactions.
How geopolitics could hurt your scheme’s covenant
As the US-Iran conflict takes another turn, consultancy group LCP has warned that pension scheme trustees need to be aware of the potential impact of geopolitical issues on sponsor covenants.
Bulk annuities update: Aviva insures vehicle manufacturer’s DB scheme
The latest headlines from the bulk annuities sector, including deals for Aviva, M&G, and Canada Life, as well as details of Just Group’s recent acquisition by Brookfield Wealth Solutions.
DB trustees eyeing surplus release as part of endgame plan, says L&G
Bulk annuities remain a key element of most defined benefit pension schemes’ endgame planning, but running on and accessing surplus is becoming a more popular option.
Small scheme insurance boom drives record number of buy-in deals in 2025
Legal & General dominated 2025’s pension insurance market in terms of new business volumes, but data from LCP shows that sub-£100m transactions are driving competition and “exceptional” pricing.
Bulk annuities latest: Rothesay reports on 2025; PIC parent to relocate to London
Plus: Just Group ties up a £32m full scheme buy-in with the Reebok UK Retirement Benefits Scheme, insuring the benefits of 452 members.
Virgin Media ruling: TPR says work can start now on remediation
Trustees do not need to wait for the Pension Schemes Bill to become law before instructing actuaries to begin work on section 37 remediation, the regulator has said.
Bulk annuities update: Buy-ins for Panasonic and Essentra schemes
M&G reports on £140m Panasonic scheme deal, while Aviva ties up a £104m buy-in with Essentra.
Comment & opinion
The Friday Takeaway: The Pension Schemes Bill’s missed opportunity
ABI: A more productive conversation about investment and DB endgames
‘Don’t call us lay trustees’: AMNT on why member reps must be taken seriously
TPR: We need the marketplace to innovate to deliver in the new pensions era
AMNT: Looking to the past for the future of trusteeship