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DB surplus extraction ‘likely to fall short’ of industry expectations, PPI warns


By Callum Conway

Surplus extraction from defined benefit (DB) pension schemes is likely to fall short of sector expectations, despite improving funding levels across the market, according to a report from the Pensions Policy Institute (PPI).

The report, Unlocking DB surpluses: Balancing Risks and Rewards, found that while many private DB schemes are now in surplus, the amount that could realistically be released is likely to be smaller than headline estimates suggest because of funding risks, scheme-specific rules and differing endgame strategies


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LGPS employer contribution rates fall 22% as funding levels improve

Employer contribution rates for Local Government Pension Scheme (LGPS) funds have fallen by around 22 per cent since 2022, according to new analysis from Pensions UK

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DB scheme funding continues to improve with aggregate surplus reaching £220bn

UK defined benefit (DB) pension scheme funding levels have continued to improve over three separate measures in April, with the aggregate surplus hitting £220bn on a low dependency basis, equivalent to a funding level of 124 per cent, according to PwC’s Pension Funding Index

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F.Hinds Pension Fund completes £42m buy-in with Royal London

The F.Hinds Pension Fund has completed a £42m bulk purchase annuity (BPA) transaction with Royal London, securing the benefits of 485 members

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HSB Engineering Insurance Services scheme secures buy-in with Canada Life

HSB Engineering Insurance Services pension scheme has completed a £36m full-scheme buy-in with Canada Life, securing the benefits of 191 pensioner and 128 deferred members

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DB schemes believe covenant risk is rising amid global volatility

Defined benefit (DB) pension scheme professionals believe covenant risk is on the rise due to global volatility, according to LCP.

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Almost two thirds of adults fear running out of money in retirement

Nearly two thirds (63 per cent) of adults are worried about running out of money in retirement, as the latest data from the Office for National Statistics (ONS) revealed that people are living longer, research by LV= has shown

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