Barnett Waddingham index says higher gilt and swap yields bring endgame closer
But FTSE 350 schemes are on average just over a decade from a full insurance solution
Barnett Waddingham research considers the impact of freedom on withdrawals
Findings show majority of FTSE 350 schemes are back on track to reach their funding goals
Defined benefit (DB) schemes will have to wait an extra year and a half on average to agree a buyout compared to their pre-Covid-19 endgame journey plans, Barnett Waddingham estimates.
FTSE 350 companies with defined benefit (DB) pension schemes have been hit particularly hard by the economic crisis caused by Covid-19, latest research from Barnett Waddingham shows.
Retirees looking to access additional income from their defined benefit (DB) scheme during the Covid-19 crisis will be victims of a “capacity crunch” as suitable financial advisers flee the market, according to Barnett Waddingham.
The buyout deficit of FTSE 350 pension schemes has reduced by £2.5bn since the introduction of Freedom and Choice due to an increased number of transfer exercises, Barnett Waddingham has found.