17 Nov 2017 | 10:39
Defined benefit pension schemes managed by Cheviot Trust, a multi-employer mastertrust, reached an average funding level of 102 per cent at the end of 2016, according to latest figures released today.
This compares to a pensions industry average of 85 per cent* and comes amid a context of growing deficits in defined benefit or final salary pensions as a whole.
Chief Executive Ellie McKinnon said: “Our trustees combine decades of know-how with effective long-term working relationships with our advisors. Schemes we manage benefit from shared costs and counsel typically not available to smaller funds.”
She added that this included features such as a long-established facility to draw down funds.
The latest figures come as Cheviot has also completed the second stage of the Mastertrust Audit and Assurance framework as a further benchmark of quality.
Cheviot manages defined benefit schemes ranging between £1m to £70m with cost-effective active investment advice. It also has a growing defined contribution pension portfolio.
*According to The Pensions Regulator as at December 31st, 2016, based on Tranche 12 analysis.
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