On the go: The Pension Protection Fund has proposed to update the assumptions used in assessment period valuations, which determine if a scheme could secure benefits with an insurer above the levels provided by the lifeboat.

Defined benefit schemes that suffered losses as a result of the recent market volatility are considering bringing legal claims against their asset managers and advisers, legal experts have warned.

On the go: The aggregate funding level of defined benefit schemes improved by around £400bn in 2022, with many of these plans moving into a surplus for the first time, new research has shown.

The Pensions Ombudsman has ordered a trio of pension scheme trustees to repay £12.6mn, after it found “multiple breaches of trust and many acts of maladministration”, which caused the loss of funds and impacted members’ pensions.

On the go: British Airways will not pay deficit reduction contributions as long as the New Airways Pension Scheme is 100 per cent funded, under a new agreement signed with the trustees.

The Pensions Regulator has denied a request from MPs to delay the launch of its defined benefit funding code consultation due to the recent market turmoil, justifying that the document already includes a section about systemic risk.

On the go: The aggregate surplus of the 5,131 defined benefit schemes in the Pension Protection Fund 7800 Index fell by £7.6bn in November.

The Bank of England has called for more regulatory action from the Pensions Regulator to ensure increased resilience in liability-driven investment funds, while supporting investment consultants becoming regulated by the Financial Conduct Authority.

Defined benefit schemes will see the levy paid to the Pension Protection Fund reduced by £420mn in two years, as the lifeboat fund confirms tweaks to its methodology and further work to make legislative changes.

Pension funds will only be allowed to defer their dashboards staging deadline if they are transferring data to a new administrator or are in the process of retendering their scheme administration, new guidance has revealed.