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West Bromwich Building Society pension scheme agrees £70m buy-in


By Sophie Smith

The West Bromwich Building Society Staff Retirement Scheme has completed a £70m buy-in with Canada Life, securing the benefits of all uninsured scheme members, including around 490 deferred members and 400 pensioner members.

LCP acted as risk transfer adviser to the trustee, while legal advice was provided by Gowling WLG. Canada Life was advised by its in-house legal team


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Rising interest rates improved scheme funding in October

Half-hedged defined benefit (DB) pension scheme funding improved in October, leading to a reasonable surplus, according to analysis from Broadstone

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Pensions Age Awards 2025 - deadline extended

The deadline for submitting entries to the Pensions Age Awards 2025 has been extended to the 15 November 2024

Story 4

DB sponsors urged to take advantage of new endgame opportunities

Defined benefit (DB) pension scheme sponsors have been urged to be proactive and take advantage of new opportunities, with a report from LCP highlighting a number of new endgame options that are available under the revised DB Funding Code

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Nearly half of Brits 'concerned' about inheritance tax changes

Nearly half (47 per cent) of Brits have expressed concern about the government's plans to bring pensions into the scope of inheritance tax, according to research by PensionBee

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M&S in discussions over pension contributions

Marks & Spencer has announced that it is in discussions with the trustees of its UK defined benefit (DB) pension scheme, after its 2024 valuation indicated that the scheme continues to be well funded

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Stakeholder changes could 'significantly' impact DB scheme endgame strategy

A change in key trustee or company stakeholders could “significantly” impact a defined benefit (DB) pension scheme’s endgame investment strategy, Hymans Robertson has warned

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