All scheme closure articles – Page 6
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OpinionEditorial: Not Tesco's finest hour
Closing a defined benefit scheme to future accrual is no longer considered a controversial move in the private sector.
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NewsManx Telecom calls time on DB, offers suite of DC options
Communication company Manx Telecom eased the closure of its defined benefit scheme last year by providing members with a range of alternative defined contribution options, alongside a new sharesave scheme.
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NewsTata Steel DB closure flags need for 'holistic' approach to risks
Tata Steel's plan to close its defined benefit scheme to future accrual faces industrial action, leading some experts to call on trustees to give greater consideration to the sponsor covenant.
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News
Deficit quadruples for Johnson Service scheme
Johnson Service Group has seen its defined benefit scheme deficit more than quadruple after a reduction to the discount rate and the closure of the scheme to future accrual.
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Opinion
Communicating difficult benefit changes: a scheme guide
Communicating difficult messages on benefit changes is not easy. The likelihood is that some or all staff are going to suffer some consequence – with the potential knock-on impact of negative feedback, disengagement, loss of productivity or retention issues.
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News
Half of DB schemes unsure how to tackle end of contracting out
Half of defined benefit schemes have not yet decided how they will deal with the end of contracting out, a survey of scheme decision-makers has indicated.
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News
Union mulls counter proposals to rival USS reforms
The UK's largest trade union for academics is debating whether to submit counter reform proposals for the Universities Superannuation Scheme, as negotiations continue over the future of one of the UK's biggest remaining final salary pension schemes.
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Opinion
Five key charts from the PPF's Purple Book
Flying in the face of almost everything else pensions-related this year, the latest annual edition of the Pension Protection Fund's Purple Book revealed few if any big shocks.
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Features
Imerys consults on ceasing DB accrual after merger
Mineral specialist Imerys is undertaking a consultation to cease accrual in its defined benefit pension scheme, following the completion of a scheme merger earlier this year.
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Features
The Pensions Trust to open doors to private sector DB as employers outsource
The Pensions Trust plans to start accepting private sector employers into the scheme from late October, hoping to attract the growing number of small and medium-sized companies outsourcing the management of defined benefit schemes.
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News
Channel 4 looks to shut off DB accrual to quell deficit increase
Channel 4 plans to close its defined benefit pension scheme after its deficit more than tripled, having paused its consultation to give members a chance to understand the personal impact of the changes.
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News
Schemes consider money purchase reversion to reduce employer risk
Legal experts have reported that schemes caught by the recent change in the definition of money purchase are trying to amend their benefits structures to remove the additional risk of guarantees.
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Features
Unite mulls launching CDC scheme as unions back risk sharing
Unite is considering establishing a collective defined contribution scheme, as union groups voice their support for defined ambition benefit structures that share risk between employees.
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Features
EE closes scheme to future accrual on affordability concerns
Telecoms company EE has closed the defined benefit section of its scheme to future accrual in order to equalise benefits offered to members in a structure which will be more sustainable for the company.
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Features
Mercer parent shuts DB scheme to equalise benefits
Marsh & McLennan Companies, the US-based parent of global consultancy Mercer, has decided to close its UK defined benefit scheme to future accrual in a stated attempt to create a level playing field between employees.
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Features
IBM case a lesson to consider scheme history
Schemes must look at historical context when considering and communicating benefit changes, lawyers have urged, after the High Court ruled earlier this month that technology company IBM breached its duty of good faith with employees when closing its defined benefit scheme.
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FeaturesMineworkers scheme extends cash buffer to battle rising longevity
The Mineworkers Pension Scheme has secured a 10-year extension to the repayment deadline of its government-backed investment reserve, as it works to manage increased longevity among scheme members.
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NewsAxa ups benefit in final deal on DB scheme closure
Axa has confirmed it will close its UK defined benefit scheme from next month following a review, with current members receiving additional pension payments under the final agreement.