The changing face of pension schemes

Trustees of many defined benefit (DB) pension schemes continue to work with sponsors who struggle to maintain covenants against a background of increased accountancy disclosures, volatile markets and challenging risk reserves, while recent court rulings have changed mindsets on acceptable minimum funding levels and the role and power of trustees. There is also evidence to suggest there is more scrutiny on trustee decision-making on the way.

We now have about €108 billion worth ...