Cookson has transferred £50m of liabilities out of its defined benefit scheme through an enhanced transfer value exercise.
The number of people contacting The Pensions Advisory Service helpline has increased 8% this year as the organisation begins taking calls on auto-enrolment.
The Pensions Regulator has slimmed down its guidance on enhanced transfer value exercises but repeated advice that trustees should assume such offers are not in the interest of most members.
The principles that represent the “minimum standard” for enhanced transfer exercises
The Cookson Group Pension Plan has signed a £320m buy-in with Pension Insurance Corporation to insure its pensioner liabilities.
Pensions minister Steve Webb warned further legislation on enhanced transfer value exercises and pension increase exchanges is being "held in reserve" by the government.
Even with the implementation of a sound and wise code of practice, there is a danger that offers of enhanced transfer values by defined benefit pension schemes to their members are a thing of the past.
WS Atkins has cut its pension deficit by a quarter by removing the link between accrued benefits and future increases in pensionable salary.
The code of conduct on enhanced transfer value exercises and pension increase exchanges has thrown into question the degree of responsibility trustees have in ensuring members are treated fairly.