Diageo

The National Association of Pensions Funds (NAPF) has been renamed the Pensions and Lifetime Savings Association.

Pension professionals are divided on whether members know and understand what they want in retirement.

Diageo saw the deficit in its UK and Ireland defined benefit schemes fall from £1.1bn to £552m over the year to the end of June.

The latest set of financial results from FTSE companies has re-ignited the debate over smoothing discount rates as strong asset returns were wiped out due to falls in discount rates.

Diageo is to make a one-off £400m contribution to its pension scheme in order to help make good a billion pound plus deficit, its interim results have shown.

Falling discount rates have pushed Diageo's pension deficit up by almost a quarter to more than £1bn.