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Latest DB news
Budget round-up: Leaks, sacrifices, and unexpected changes
Pensions Expert gathers all the essential pensions reading from chancellor Rachel Reeves’ 2025 Budget speech in one place, from salary sacrifice to surplus release, and pre-1997 indexation to the financial market reaction.
How the PPF will pay inflation-linked compensation to FAS members
The PPF expects to begin paying inflation-linked compensation to members with pre-97 benefits from January 2027, subject to the progress of the Pension Schemes Bill.
Government to introduce pre-97 indexation for PPF and FAS members
The chancellor has pledged to allow the Pension Protection Fund to share its reserves with members whose benefits do not automatically increase in line with inflation.
British Coal pensioners to share in £2.3bn investment reserve
Chancellor Rachel Reeves confirmed that the investment reserve would be transferred to British Coal Staff Superannuation Scheme members, following a similar decision last year affecting the Mineworkers’ Pension Scheme.
Budget to reduce tax bill for DB surplus sharing from 2027
The change means that schemes can share surpluses with pensioner members without recipients incurring large tax bills and without permanently increasing pension payments.
BBC strikes £6bn longevity swap deal to extend scheme insurance
The broadcaster’s defined benefit pension scheme has secured a longevity swap transaction with MetLife and Zurich, five years after its first such deal was completed.
Bulk annuities update: Just announces trio of sub-£50m buy-ins
Insurance company Just Group has announced three buy-ins this week, totalling approximately £80m in premiums paid.
SPP warns against blanket law change on pre-1997 indexation
The Society of Pension Professionals has urged the government not to impose a universal requirement for DB schemes to grant inflation increases on pre-1997 pensions.
Features and analysis
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.
Pensions lawyers call on government to resolve s37 uncertainty
DB pension schemes have been left in legal limbo in relation to section 37 confirmations, with the High Court expected to take several months to produce its latest judgement.
Innovation needed to stop illiquid assets delaying bulk annuities
Consultancy giant Aon has written to insurers calling for more innovation on tackling illiquid assets held by pension schemes approaching the bulk annuity market.
Outlook 2025: New insurers set to make waves in busy DB market
From an evolving bulk annuity market to debates over the use of pension scheme surpluses, next year looks set to be as busy as ever for the defined benefit sector, writes Alex Janiaud.
Changing course: The case for reinvesting pension scheme surpluses
Ahead of chancellor Rachel Reeves’ Mansion House speech on Thursday, Pensions Expert explores changing attitudes towards defined benefit scheme surpluses and how they could be used to benefit members, employers and the wider economy.
Five Questions For… Morten Nilsson, Brightwell
Pensions lawyers call on government to resolve s37 uncertainty
Innovation needed to stop illiquid assets delaying bulk annuities
Outlook 2025: New insurers set to make waves in busy DB market
Changing course: The case for reinvesting pension scheme surpluses
More defined benefit news
PPF consults on zero levy as industry awaits Pension Schemes Bill
The lifeboat fund has set out plans to charge a zero levy for the 2026-27 financial year, with fallback options if the Pension Schemes Bill has not passed into law in time to facilitate the zero charge.
Bulk annuities: Wolseley taps £600m buy-in with Aviva
Plus: Troubled pub group Stonegate insures two pension schemes with Utmost, while Transport Friendly Society strikes a deal with Just Group for £3.3m buy-in.
PMI launches partnership initiative to boost training and development
Three administration providers have signed up as founding members of the PMI’s Development Partnerships programme, after a regulatory report flagged recruitment and retention issues in the sector.
From £160bn to £11bn: Government reins in surplus release estimate
Data highlighted by the Society of Pension Professionals shows that the government’s central estimate for capital released from DB surpluses is less than 10% of the £160bn it cited at the launch of the Pension Schemes Bill.
Updated sole trustee code launched as TPR eyes increased oversight
The Association of Professional Pension Trustees has updated its code for sole trusteeship to include additional guidance on due diligence and measures providers should take to manage conflicts of interest.
TPT names trustee board for run-on superfund
The new superfund will be chaired by Aretas Trustees’ Nadeem Ladha, TPT has announced, along with professional trustees from Law Debenture, Bestrustees, and Capital Cranfield.
Box Clever members transferred to ITV Pension Scheme to end decade-long saga
Box Clever members have been receiving benefits level with PPF compensation since 2014, but will now see these restored in full and back payments made after members were transferred to the ITV scheme on 1 October.
Bulk annuities latest: Just, Canada Life and L&G announce deals
This week’s announcements include buy-ins for a transport and logistics company, Ford’s motor racing arm, and the producer of Irn-Bru.
Comment & opinion
Superfunds stepping into the spotlight through Pension Schemes Bill
Why pensions administration is having a ‘Cinderella moment’
SPP: Is tail risk starting to wag the dog?
The Friday Takeaway: A gathering storm?
Irritation or anxiety? The financial impact of member data errors