ETV

Cookson is to offer deferred members of its defined benefit scheme an enhanced transfer value to leave the scheme to cut its future liabilities.

PZ Cussons has conducted a £2.4m enhanced transfer value exercise after its UK defined benefit schemes moved into surplus.

The Pensions Regulator should be given responsibility for policing enhanced transfer value exercises to allay political concerns on the issue, a lawyer says.

Kesa Electricals has cut the liabilities of its UK pension scheme by more than £20m through enhanced transfer and buyout exercises.

Jonathan Stapleton analyses a member's right to choose

Pensions minister Steve Webb has again vowed to clamp down on companies offering a "bung of cash" to staff who give up defined benefit pensions.

Financial Services Authority guidance on incentive exercises such as ETVs needs to be strengthened and made a legal requirement, Aon Hewitt believes.

Alan Howard of Aon Hewitt discusses incentive exercises

Bad practice in ETV exercises highlighted by Steve Webb has already been eradicated and the real problem lies with constrictive legislation on pension transfers, a consultant says.

Trustees of the WS Atkins Pension Plan have agreed a ten-year recovery plan with its sponsor to tackle the scheme's £293m deficit.