funding level

UK defined benefit schemes have hit a funding low after combined deficits increased nearly £100bn last month to hit £312bn, statistics show.

FTSE100 scheme liabilities remained static over 2011, Barnett Waddingham says.

Severn Trent has established a new defined contribution scheme which will replace the current DC and defined benefit plans by 2015.

Dairy Crest has reduced its pension scheme's liabilities by £14.6m through an enhanced transfer value exercise.

FirstGroup has boosted its UK Bus Pension Scheme funding position by almost £75m through a programme of de-risking activities.

Babcock International saw its pension deficit rise by £40m to £266m over the year to the end of March, driven principally by a fall in discount rate applied to liabilities.

The Home Retail Group Pension Scheme has seen its accounting deficit jump from £7.5m to £115.3m over the last 12 months.

UK private sector scheme funding levels have fallen from 93% to 85% over the last year, leading to difficulties for firms with triennial valuations due, says JLT Pension Capital Strategies.

The Pensions Regulator has published updated guidance on how trustees and employers should approach funding valuations in the current challenging economic environment.

Whitbread has seen its pensions deficit grow by £111m in the 12 months to the end of march, despite paying in more than £95m in recovery funding.