Xafinity

Warnings over enhanced transfer value offers have led to a significant drop off in the number of employees taking them up, industry figures say.

UK private sector pension funding soaring levels soared over 90% last month, with FTSE100 companies reducing their deficits by £26bn.

The ongoing turmoil in the markets has triggered a dramatic trebling of FTSE100 companies' pension deficits in the last week, according to Towers Watson research.

Pension deficits have dropped to just over £300bn as a fall in the price inflation outlook shaved £50bn off scheme liabilities in a month, according to Xafinity.

HR Trustees has appointed Chris Bamford as director.

DC members are 25% worse off than seven weeks ago because poorly designed investment strategies have failed to protect from volatility and market falls, Xafinity says.

The aggregate deficit of UK defined benefit schemes improved by £15bn last month despite market volatility, thanks to price inflation outlook, Xafinity Corporate Solutions says.

Xafinity has binned its in-house trustee firm HR Trustees and appointed Bridge Trustees for its master trust after The Pensions Regulator highlighted industry-wide conflict of interest concerns.

UK defined benefit scheme liabilities remained at about £1.4trn at the end of July, owing to easing price inflation and tightening of corporate bond yields, research finds.

A 15-point auto-enrolment checklist has been published to help employers comply with increased regulatory oversight ahead of the introduction of auto-enrolment next year.