Deficits

Workers at EDF Energy have backed a deal negotiated by GMB and Unison which allows new entrants access to a defined benefit (DB) pension scheme.

Pension professionals believe the industry spends too much time dealing with problems that affect a small number of high earners, according to PP research.

Defined benefit pension schemes should be braced for a year of low funding ratios, weaker returns, and more volatility against an uncertain economic backdrop, according to BlackRock.

The saga continues

Trustees of the Brunel pension fund have agreed a recovery plan with the scheme's sponsor, which is being investigated by The Pensions Regulator (TPR) over concerns about a corporate restructuring.

The Smiths Group has cut contributions to the Smiths Industries Pension Scheme (SIPS) by 60% after a dramatic improvement in funding levels allowed trustees to de-risk its investments.

The total deficit of schemes in the Pension Protection Fund (PPF) 7800 index fell to £262.5bn at the end of October as both gilt yields and equity markets rose.

Debenhams has agreed to pay a total of £76m into its defined benefit (DB) schemes over the next eight years following the completion of the fund's triennial valuation in June.

FTSE350 defined benefit (DB) schemes paid out £13bn more than they received in contributions last year, raising the risk they could be forced to sell assets at depressed prices.

The funding deficit of the British Steel Pension Scheme (BSPS) has dropped from £550m to £90m as a result of cost cutting measures agreed following tough negotiations.