DB closure

Unite members in the Royal Mail Pension Plan (RMPP) have narrowly rejected the company's proposal to set up a 'cash balance' scheme when the plan closes to accrual next year.

Engineering group GKN has announced it closed its two UK defined benefit (DB) schemes to future accrual on 1 July, after falls in bond yields increased liabilities in 2016.

Royal Mail has finalised its proposal for its future pension provision ahead of closing its defined benefit (DB) scheme to existing members next year.

This week's top stories included coverage of a regulated apportionment arrangement agreed for Hoover's pension scheme.

BT may close its defined benefit (DB) scheme to future accrual in a bid to stem its ballooning deficit, according to reports.

Royal Mail will close its career average defined benefit (DB) scheme to future accrual from April next year, it has announced.

The aggregate deficit of ITV's defined benefit (DB) schemes grew by 86% last year, according to the broadcaster's preliminary results.

Wealth manager Rathbone Brothers will close its defined benefit (DB) scheme to future accrual and axe the final salary link after its deficit ballooned following the EU referendum.