A continuation of positive trends alongside the benefits of auto-enrolment has shaped the defined contribution pensions space over the past year, but complications surrounding the Covid-19 pandemic have brought the need to mitigate future risks to the fore.

The pensions dashboards project is expected to remain on track to meet its publicised timeline, the programme’s principal d told a Work and Pensions Committee hearing on Wednesday, amid industry concerns that the existing timeline is not feasible.

The deficit of the Universities Superannuation Scheme now exceeds £15bn as an increase in assets was outweighed by rising liabilities, in a year the pension fund’s portfolio performed below its benchmark for the first time since 2013.

Bus and train operator FirstGroup is to engage in “strategic discussions” with its trustees, after the funding valuation for the First UK Bus Pension Scheme was finalised and improvements were made to its technical provisions.

This week — A mega-merger is abandoned after a US Department of Justice intervention, an employer seeks damages from Plumbing Pensions, TPR is reviewing the schemes eligible for fraud compensation and the government is to open a new public sector scheme for judges

On the go: The Department of Work and Pensions' proposals on consolidation within the defined contribution market go “too far, too soon”, and risk eroding the involvement of employers in their workforce’s retirement outcomes, experts have warned.

Detailed analysis of triennial valuations with due dates up to January 2021 shows that almost one in three defined benefit and hybrid schemes are in surplus, but many pension funds face a headwind due to falling interest rates.

The Pensions Regulator and the Pension Protection Fund are undertaking a review of schemes that may be eligible for the Fraud Compensation Fund, following uncertainty surrounding instances where no independent trustee has been appointed to a scheme.

On the go: Improved regulatory clarity and rising inflation rates could mean now is the time for DB pension schemes to consider offering a pension increase exchange to their members, according to LCP.