The Virgin Media/NTL case has raised significant legal and operational concerns for defined benefit (DB) pension schemes that were formerly contracted out
In this session at IV24, Toby Nagle of the Financial Times spoke about the complexity of both Defined Benefit and Defined Contribution consolidation, citing potential benefits such as economies of scale and improved governance
She mentioned that pensions and growth, responsible investment, and the future of defined benefit pension schemes will be key themes for the year ahead
Many savers are opting to transfer out of their defined benefit (DB) pension scheme without understanding the risks involved
A panel of experts at the recent PLSA Investment Conference 2024 examined the next steps for The Pensions Regulator’s new General Code and Defined Benefit funding regulations – currently a big area of interest for PLSA members
The PLSA’s DB Forum debates the priorities facing defined benefit schemes this year. A general election may be planned for 4 July, but the impact of regulation and the funding code, the endgame options schemes are faced with and improving member engagement remain priorities for many defined benefit (DB) schemes and were the key themes of the DB Forum organised by the Pension and Lifetime Savings Association (PLSA) in May
When a scheme’s employer becomes insolvent, triggering the entry of an eligible Defined Benefit scheme into the PPF’s assessment period, a s143 valuation is needed to assess if the scheme can secure benefits with an insurer at or above the levels provided by the PPF
Throughout 2024 we’ll also continue looking at the areas of better Defined Contribution, the future of Defined Benefit, tomorrow’s LGPS, engagement, responsible investment, governance and administration.
There is a significant difference in employer contribution rates to defined benefit (DB) and defined contribution (DC) schemes continues, with about half of DB savers receiving employer contributions higher of 20% or more, compared to around a fifth of those in DC schemes
But as an open Defined Benefit scheme, the LGPS is different from DC
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