DB scheme sponsor profit warnings fall for the first time in 12 months

<!DOCTYPE html> <html lang="en"> <head> <meta charset="UTF-8"> <meta name="description" content="The number of profit warnings issued by UK-listed companies with a defined benefit (DB) pension scheme fell by 18 per cent in Q1 2024, marking the first fall in the past 12 months, EY-Parthenon’s latest profit warnings report has found"> <meta name="keywords" content="EY Parthenon, profit warnings, EY"> <meta name="author" content="Paige Perrin"> <meta property="og:title" content="DB scheme sponsor profit warnings fall for the first time in 12 months" /> <meta property="og:type" content="article" /> <meta property="og:description" content="The number of profit warnings issued by UK-listed companies with a defined benefit (DB) pension scheme fell by 18 per cent in Q1 2024, marking the first fall in the past 12 months, EY-Parthenon’s latest profit warnings report has found" /> <meta property="og:site_name" content="Pensions Age Magazine" /> <meta property="og:locale" content="en_GB" /> <meta property="article:author" content="Paige Perrin" /> <meta property="og:url" content="https://www.pensionsage.com/pa/DB-scheme-sponsor-profit-warnings-fall-for-first-time-in-12-months.php" /> <meta property="og:image" content="https://www.pensionsage.com/pa/images/2019-pension-tag-min.jpg" /> <meta name="twitter:card" content="summary_large_image"> <meta name="twitter:site" content="@PensionsAge"> <meta name="twitter:title" content="DB scheme sponsor profit warnings fall for the first time in 12 months"> <meta name="twitter:description" content="The number of profit warnings issued by UK-listed companies with a defined benefit (DB) pension scheme fell by 18 per cent in Q1 2024, marking the first fall in the past 12 months, EY-Parthenon’s latest profit warnings report has found"> <meta name="twitter:creator" content="@PensionsAge"> <meta name="twitter:image:src" content="https://www.pensionsage.com/pa/images/2019-pension-tag-min.jpg"> <meta name="twitter:domain" content="https://www.pensionsage.com">  <meta name="viewport" content="width=device-width, initial-scale=1">  <title>DB scheme sponsor profit warnings fall for the first time in 12 months - Pensions Age Magazine</title> <script type="application/ld+json"> { "@context": "https://schema.org", "@type": "NewsArticle", "mainEntityOfPage": { "@type": "WebPage", "@id": "https://www.pensionsage.com/pa/DB-scheme-sponsor-profit-warnings-fall-for-first-time-in-12-months.php" }, "headline": "DB scheme sponsor profit warnings fall for the first time in 12 months", "image": [ "https://www.pensionsage.com/pa/images/2019-pension-tag-min.jpg" ], "datePublished": "2024-05-16T12:10:30+0100", "dateModified": "2024-05-16T12:10:30+0100", "author": { "@type": "Person", "name": "Paige Perrin" }, "publisher": { "@type": "NewsMediaOrganization", "name": "Pensions Age", "logo": { "@type": "ImageObject", "url": "https://www.pensionsage.com/pa/img/pensions-age-logo.jpg" } }, "description": "The number of profit warnings issued by UK-listed companies with a defined benefit (DB) pension scheme fell by 18 per cent in Q1 2024, marking the first fall in the past 12 months, EY-Parthenon’s latest profit warnings report has found" } </script>  <html itemscope itemtype="http://schema.org/Article">  <meta itemprop="name" content="DB scheme sponsor profit warnings fall for the first time in 12 months"> <meta itemprop="description" content="The number of profit warnings issued by UK-listed companies with a defined benefit (DB) pension scheme fell by 18 per cent in Q1 2024, marking the first fall in the past 12 months, EY-Parthenon’s latest profit warnings report has found"> <meta itemprop="image" content="https://www.pensionsage.com/pa/images/2019-pension-tag-min.jpg">  <script async src="https://www.googletagmanager.com/gtag/js?id=UA-134331442-1"></script> <script> window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'UA-134331442-1'); </script>  <link rel="shortcut icon" href="https://www.pensionsage.com/favicon.ico" type="image/x-icon" />  <link href="/fontawesome-free-6.4.2-web/css/fontawesome.css" rel="stylesheet"> <link href="/fontawesome-free-6.4.2-web/css/brands.css" rel="stylesheet"> <link href="/fontawesome-free-6.4.2-web/css/solid.css" rel="stylesheet">  <link href="https://fonts.googleapis.com/css?family=Roboto+Condensed%7CRoboto+Slab:300,400,700%7CRoboto:300,400,500,700" rel="stylesheet"> <link href="https://fonts.googleapis.com/css?family=Merriweather:400,700" rel="stylesheet"> <link rel="preconnect" href="https://fonts.googleapis.com"> <link rel="preconnect" href="https://fonts.gstatic.com" crossorigin> <link href="https://fonts.googleapis.com/css2?family=Courgette&display=swap" rel="stylesheet">  <link rel="stylesheet" href="/pa/bootstrap/css/bootstrap.min.css"> <link rel="stylesheet" href="/pa/bootstrap/css/main.css"> <link rel="stylesheet" href="/pa/bootstrap/css/style.css?ver=65"> <link rel="stylesheet" href="/pa/bootstrap/css/colors.css"> <link rel="stylesheet" href="/pa/bootstrap/css/responsive.css?ver=5"> <link rel="stylesheet" href="/pa/bootstrap/css/jquery-ui.min.css">   <link rel="stylesheet" href="/pa/bootstrap/css/cookiealert.css">  </head> <body>  <div id="wrapper" data-color="red">  <div class="hidden-lg" style="margin:6px 0 6px 0;"> </div> <style> @media only screen and (max-width: 767px) { .right-top-menu { right:0 !important; } } @media only screen and (max-width: 767px) { .ad-logo-js img { height: 70px !important; padding: 3px !important; float: left; } } @media only screen and (max-width: 767px) { .ad-logo-js { float: left !important; height: 70px; } } .ad-logo-js img { height:90px; } .ad-logo-js { float: right; margin-right:150px; } .button-job-js:hover { background-color: #d4000e !important; color:white !important; } .button-job-js a:hover { background-color: #d4000e !important; color:white !important; } </style> <header id="header">  <div class="top-menu">  <div class="container">  <ul class="left-top-menu"> <li class="address"><a>Established 1996</a></li> </ul>   <ul class="right-top-menu pull-right"> <li style="margin-top:25px;"> <div class="search-container"> <div class="search-icon-btn"> <span><i class="fa fa-search"></i></span> </div> <div class="search-input" style="position: absolute; right: 40px; z-index: 1;"> <script> function checkform(msg) { document.search.submit(); } </script> <form name="search" id="search" action="/pa/search.php" method="POST"> <input type="search" class="search-bar" placeholder="Search..." title="Search" id="querystring" name="querystring" /> </form> </div> </div> </li> </ul>   </div>  </div>   <div class="container">  <div class="header-logo"><a href="/pa/index.php"><img src="/pa/img/pa-logo.gif" alt="Site Logo" /> </a></div>   <div class="header-add-place"> <div class="desktop-add" style="padding-top:20px;"> <div id="adbannerwrapjs"> <ins class='dcmads' style='display:inline-block;width:728px;height:90px' data-dcm-placement='N830975.140386PENSIONSAGE/B31943960.407014362' data-dcm-rendering-mode='iframe' data-dcm-https-only data-dcm-api-frameworks='[APIFRAMEWORKS]' data-dcm-omid-partner='[OMIDPARTNER]' data-dcm-gdpr-applies='gdpr=${GDPR}' data-dcm-gdpr-consent='gdpr_consent=${GDPR_CONSENT_755}' data-dcm-addtl-consent='addtl_consent=${ADDTL_CONSENT}' data-dcm-ltd='false' data-dcm-resettable-device-id='' data-dcm-app-id=''> <script src='https://www.googletagservices.com/dcm/dcmads.js'></script> </ins></div> </a> </div> </div>   <nav class="navbar navbar-default" id="mobile-nav"> <div class="navbar-header"> <button type="button" class="navbar-toggle" data-toggle="collapse" id="sidenav-toggle"> <span class="icon-bar"></span> <span class="icon-bar"></span> <span class="icon-bar"></span> </button> <div class="sidenav-header-logo"><a href="/pa/index.php"><img src="/pa/img/pa-logo.gif" alt="Site Logo" /> </a></div> </div> <div class="sidenav" data-sidenav data-sidenav-toggle="#sidenav-toggle"> <button type="button" class="navbar-toggle active" data-toggle="collapse"> <span class="icon-bar"></span> <span class="icon-bar"></span> <span class="icon-bar"></span> </button> <div class="sidenav-brand"> <div class="sidenav-header-logo"><a href="/pa/index.php"><img src="/pa/img/pa-logo.gif" alt="Site Logo" /> </a></div> </div> <ul class="sidenav-menu"> <li class="active"><a href="/pa/index.php">Home</a></li> <li><a href="/pa/aboutus.php">About</a> </li> <li><a href="/pa/signuppa.php">Sign Up</a> </li> <li><a href="/pa/contactus.php">Contact</a></li> <li><a href="/pa/video-archives.php">Videos</a></li> <li><a href="/pa/roundtable-archive.php">Roundtables</a></li> <li><a href="/pa/pensionsblog.php">Blog</a></li> <li><a href="/jobs">Jobs</a></li> <li><a href="/pa/pa-digital-editions.php">Digital Editions</a></li> <li><a target="_blank" href="http://www.pensionsage.com/awards/">Pensions Age Awards</a></li> <li><a class="active">Other Awards</a> <div class="icon-sub-menu" data-sidenav-dropdown-toggle><span class="sidenav-dropdown-icon show" data-sidenav-dropdown-icon></span><span class="sidenav-dropdown-icon up-icon" data-sidenav-dropdown-icon></span></div> <ul class="sidenav-dropdown" data-sidenav-dropdown> <li><a target="_blank" href="http://www.europeanpensions.net/awards/">European Pensions Awards</a> </li> <li><a target="_blank" href="http://www.europeanpensions.net/irishawards/">Irish Awards</a></li> </ul> </li> <li><a class="active">Conferences</a> <div class="icon-sub-menu" data-sidenav-dropdown-toggle><span class="sidenav-dropdown-icon show" data-sidenav-dropdown-icon></span><span class="sidenav-dropdown-icon up-icon" data-sidenav-dropdown-icon></span></div> <ul class="sidenav-dropdown" data-sidenav-dropdown> <li><a target="_blank" href="https://www.pensionsage.com/northernconference/">Northern Conference</a></li> <li><a target="_blank" href="https://www.pensionsage.com/springconference/">Spring Conference</a></li> <li><a target="_blank" href="https://www.pensionsage.com/autumnconference/">Autumn Conference</a></li>   </ul> </li>  <li><a href="/pa/events.php">Events</a></li> <li><a target="_blank" href="http://www.europeanpensions.net/ep/">European Pensions</a></li> <li><a href="/pa/podcast-archives.php">Podcasts</a></li> </ul> </div> </nav>  </div>   <div class="navbar" id="fixed-navbar">  <div class="main-menu nav navbar-collapse collapse" id="fixed-navbar-toggle">  <div class="container">  <ul class="nav navbar-nav"> <li><a href="/pa/index.php">Home</a></li> <li><a href="/pa/aboutus.php">About</a> </li> <li><a href="/pa/signuppa.php">Sign Up</a> </li> <li><a href="/pa/contactus.php">Contact</a></li> <li><a href="/pa/video-archives.php">Videos</a></li> <li><a href="/pa/pensionsblog.php">Blog</a></li> <li class="button-job-js" style="background-color: #fcfcfc;border-top: solid 1px #d4000e;border-bottom: solid 1px #d4000e;"><a style="color: #d4000e; font-weight: 500;" href="/jobs">Jobs</a></li> <li><a href="/pa/pa-digital-editions.php">Digital Editions</a></li> <li><a target="_blank" href="http://www.pensionsage.com/awards/">Pensions Age Awards</a></li> <li class="dropdown"> <a class="dropdown-toggle" data-toggle="dropdown">Other Awards</a> <ul class="dropdown-menu"> <li><a target="_blank" href="http://www.europeanpensions.net/awards/">European Pensions Awards</a> </li> <li><a target="_blank" href="http://www.europeanpensions.net/irishawards/">Irish Awards</a></li> </ul> </li> <li class="dropdown"> <a class="dropdown-toggle" data-toggle="dropdown">Conferences</a> <ul class="dropdown-menu"> <li><a target="_blank" href="https://www.pensionsage.com/springconference/">Spring Conference</a></li> <li><a target="_blank" href="https://www.pensionsage.com/northernconference/">Northern Conference</a></li>  <li><a target="_blank" href="https://www.pensionsage.com/autumnconference/">Autumn Conference</a></li>   </ul> </li> </ul>  </div>  </div>   <div class="second-menu navbar" id="nav-below-main">  <div class="container">  <div class="collapse navbar-collapse nav-below-main">  <ul class="nav navbar-nav">  <li><a href="/pa/events.php">Events</a></li> <li><a href="/pa/roundtable-archive.php">Roundtables</a></li> <li><a target="_blank" href="http://www.europeanpensions.net/ep/">European Pensions</a></li> <li style="background-color: #ed1c24;"><a style="color: white;font-weight: 500;" href="/pa/podcast-archives.php">Podcasts</a></li> </ul>  </div>   <div class="clock"> <div id="time"></div> <div id="date"></div> </div>  </div>  </div>  </div> </header>   <section id="main-section" class="box"> <p><a class="divLink" target="_blank" href="https://thepeoplespension.co.uk/employers/what-we-offer/?utm_source=brand&utm_medium=ad_print&utm_campaign=Y-AP-TPP-0005-1028-ENG"></a></p>  <section class="module">  <div class="container" style="padding: 25px 0 0 0 !important;">   <div class="outer"> <div class="breaking-ribbon"> <h4>Latest News</h4> </div>  <div class="newsticker"> <ul> <li> <h4><a href="/pa/Wednesbury-Pension-Scheme-completes-43-million-buy-in-with-Just-Group.php"> Wednesbury Pension Scheme completes £43m buy-in with Just Group</a></h4> </li> <li> <h4><a href="/pa/DB-pension-transfer-values-fall-to-lowest-value-since-October-2023.php"> DB pension transfer values fall to lowest value since October 2023</a></h4> </li> <li> <h4><a href="/pa/TPO-upholds-complaint-against-Mid-Air-Site-Services-Ltd-for-unpaid-pension-contributions.php"> TPO orders employer to pay outstanding pension contributions</a></h4> </li> <li> <h4><a href="/pa/Trustees-shouldnt-forget-bigger-picture-before-considering-details-of-DB-Funding-Code.php"> Trustees shouldn’t forget 'bigger picture' before considering details of DB Funding Code</a></h4> </li> <li> <h4><a href="/pa/APPG-call-for-evidence-finds-significant-shortcomings-at-the-FCA.php"> APPG call for evidence finds ‘significant shortcomings’ at the FCA</a></h4> </li> <li> <h4><a href="/pa/More-than-half-of-pensioners-dont-like-asking-for-financial-help.php"> More than half of pensioners don’t like asking for financial help</a></h4> </li> </ul> <div class="navi"> <button class="up"><i class="fa fa-caret-left"></i></button> <button class="down"><i class="fa fa-caret-right"></i></button> </div> </div>  </div>   </div> </section>   <section class="module">  <div class="container" style="padding: 0;">  <div class="row no-gutter">  <div class="col-md-7">  <div class="row no-gutter"> <div class="col-md-12"> <div id="adbannerwrapjsx"><a href=" " target=""></a><center> <ins class='dcmads' style='display:inline-block;width:728px;height:90px' data-dcm-placement='N6540.140386PENSIONSAGE/B32286627.398254181' data-dcm-rendering-mode='iframe' data-dcm-https-only data-dcm-api-frameworks='[APIFRAMEWORKS]' data-dcm-omid-partner='[OMIDPARTNER]' data-dcm-gdpr-applies='gdpr=${GDPR}' data-dcm-gdpr-consent='gdpr_consent=${GDPR_CONSENT_755}' data-dcm-addtl-consent='addtl_consent=${ADDTL_CONSENT}' data-dcm-ltd='false' data-dcm-resettable-device-id='' data-dcm-app-id='' data-dcm-click-tracker=''> <script src='https://www.googletagservices.com/dcm/dcmads.js'></script> </ins></center></div> </div> </div>  <div class="row no-gutter" style="margin-bottom:20px;"> <div class="col-md-12"> <div id="adbannerwrapjs"><a href="http://www.pensionsage.com/pa/link.php?url= https://www.pensionsage.com/awards/booking_form.php" target="_blank"><img src="https://www.pensionsage.com/pa/../../pa/images/728x90__MPU_animated-pa-awards-1123.gif" border="0""></a></div> </div> </div>  <article class="post post-full clearfix"> <div class="title-left title-style04 underline04"> <h2 style="font-weight: 500;line-height: normal;font-size: 3rem;"> DB scheme sponsor profit warnings fall for the first time in 12 months </h2> </div> <div class="post-meta-elements" style="margin: 10px 0 10px 0; width: 100%; background-color: #f7f7f7; padding: 5px 10px; color: #101010;"> <address class="post-meta-author author"> <i class="fa fa-user"></i>By Paige Perrin</address> <time pubdate datetime="16/5/24" class="post-meta-date"> <i class="fa fa-calendar"></i>16/5/24</time> </div> <div class="entry-main"> <div class="entry-content"> <p>The number of profit warnings issued by UK-listed companies with a defined benefit (DB) pension scheme fell by 18 per cent in Q1 2024, marking the first fall in the past 12 months, EY-Parthenon’s latest profit warnings report has found. <br /> <br /> Across all UK-listed companies, companies with DB pension schemes issued more than a quarter (26 per cent) of the 70 profit warnings issued in Q1 2024, with 18 warnings issued by companies with a DB scheme in Q1, down from 22 in Q4 2023. <br /> <br /> However, EY pointed out that the 18 warnings issued in the first quarter of the year still mark a 29 per cent year-on-year increase from the 14 warnings previously issued in Q1 2023. <br /> <br /> The analysis also showed that almost a quarter (24 per cent) of UK-listed companies with a DB pension scheme have issued a profit warning in the past 12 months. <br /> <br /> The sector that issued the most warnings in Q1 was companies with DB sponsors in the household goods and home construction sector, followed closely by industrial support services and banks. <br /> <br /> According to the analysis, the main reasons for warnings from UK-listed companies with a DB sponsor were rising costs, tightening credit and contract issues. <br /> <br /> For the first time since Q1 2022, however, weaker consumer confidence was not cited as a reason for any warnings from companies with a DB scheme.<br /> <br /> Commenting on the report, EY-Parthenon partner and UK pensions covenant advisory leader, Karina Brookes, said: “While the number of profit warnings from companies with DB-pension schemes has declined for the first time in the last 12 months, the number is still higher than this time last year. <br /> <br /> “Macroeconomic pressures are continuing to challenge businesses, and many DB sponsors have moved into 2024 with earnings challenges due to the high costs and tightening credit conditions that characterised much of 2023.<br /> <br /> “Notably, consumer confidence wasn’t cited as a reason for any warnings from companies with a DB pension scheme for the first time in two years this quarter, suggesting consumer spending is returning as inflation falls.”<br /> <br /> However, Brookes stated that while there are signs that economic recovery may have begun, new pensions regulation, and ongoing election and geopolitical uncertainty mean there are “challenges” facing sponsors in the short, medium, and longer-term.<br /> <br /> “Depending on long-term goals, covenant over the entire horizon of all schemes – even those that are well-funded – must remain an important consideration,” she said.<br /> <br /> EY UK pensions consulting leader, Paul Kitson, added: “Credit tightening continues to challenge many corporate sponsors of UK DB pension schemes, so CFOs must consider whether run-on could provide a much-needed additional source of income in the future.<br /> <br /> “While it is positive to see profit warnings from companies with DB pension schemes fall this quarter, the overall increase in warnings year-on-year mean covenant assessment remains essential. <br /> <br /> “Critical to this consideration is identifying what third party capital may be required to make run-on feasible.”</p> <br> <hr> <div class="sharewrap"> <div class="sharestorytext">Share Story:</div> <div class="jsiconwrap"> <a href="https://x.com/intent/tweet?text=DB scheme sponsor profit warnings fall for the first time in 12 months&url=https://pensionsage.com/pa/DB-scheme-sponsor-profit-warnings-fall-for-first-time-in-12-months.php"> <i class="fa-brands fa-square-x-twitter" style="color:black;"></i> </a> </div> <div class="jsiconwrap"> <a href="http://www.linkedin.com/shareArticle?url=https://pensionsage.com/pa/DB-scheme-sponsor-profit-warnings-fall-for-first-time-in-12-months.php"> <i class="fa-brands fa-linkedin" style="color:#3371b7;"></i> </a> </div> </div> </div> </div> </article>  <div class="comment-title title-style01"> <h3>Recent Stories</h3> </div>  <div class="article"> <div class="entry-block-small"> <div class="entry-image"><a class="img-link" href="/pa/concentration-in-dc-pensino-landscape-continues.php?utm_source=jsrecent"><img class="img-responsive img-full" src="/pa/images/tpr-logo-schema.jpg"></a></div> <div class="content"> <h3><a href="/pa/concentration-in-dc-pensino-landscape-continues.php?utm_source=jsrecent">DC market concentration continues; average DC pot value down 66%</a></h3> <div> <a href="/pa/concentration-in-dc-pensino-landscape-continues.php?utm_source=jsrecent"><span class="read-more">READ STORY</span></a> </div> </div> </div> <div class="entry-block-small"> <div class="entry-image"><a class="img-link" href="/pa/DB-scheme-sponsor-profit-warnings-fall-for-first-time-in-12-months.php?utm_source=jsrecent"><img class="img-responsive img-full" src="/pa/images/2019-pension-tag-min.jpg"></a></div> <div class="content"> <h3><a href="/pa/DB-scheme-sponsor-profit-warnings-fall-for-first-time-in-12-months.php?utm_source=jsrecent">DB scheme sponsor profit warnings fall for the first time in 12 months</a></h3> <div> <a href="/pa/DB-scheme-sponsor-profit-warnings-fall-for-first-time-in-12-months.php?utm_source=jsrecent"><span class="read-more">READ STORY</span></a> </div> </div> </div> <div class="entry-block-small"> <div class="entry-image"><a class="img-link" href="/pa/blog-mental-health-awareness-week-2024.php?utm_source=jsrecent"><img class="img-responsive img-full" src="/pa/images/ian-bottom-feature-piggy.jpg"></a></div> <div class="content"> <h3><a href="/pa/blog-mental-health-awareness-week-2024.php?utm_source=jsrecent">Blog: Mental Health Awareness Week 2024</a></h3> <div> <a href="/pa/blog-mental-health-awareness-week-2024.php?utm_source=jsrecent"><span class="read-more">READ STORY</span></a> </div> </div> </div> </div>   <div class="row no-gutter"> <div class="col-md-12"> <div style="float:left;width:100%;"> <div id="adbannerwrapjs"><a href="http://www.pensionsage.com/pa/link.php?url= https://www.europeanpensions.net/irishawards/booking_form.php" target="_blank"><img src="https://www.pensionsage.com/pa/../../pa/images/IPA2024_Book_728x90-0724.gif" border="0""></a></div> </div> </div> </div> <br>  </div>   <div class="col-md-3">  <div class="sidebar-add-place"><a href="/pa/peoples-pension-mpu-29102024" class="link-06c"></a><p class="rightsmall"> <div class="sidebar-add-place"> <iframe src="/pa/peoplespensionadv3/index.html" scrolling="no" width="300" height="250" frameBorder="0" marginwidth="0" marginheight="0" hspace="0" vspace="0"></iframe> </div></p></div> <div class="sidebar-add-place"> <div class="ft_async_tag"> <noscript> <a href="https://servedby.flashtalking.com/click/1/243387;8498616;0;209;0/?gdpr=${GDPR}&gdpr_consent=${GDPR_CONSENT_78}&us_privacy=${US_PRIVACY}&ft_width=300&ft_height=250&url=39252371" target="_blank"> <img border="0" src="https://servedby.flashtalking.com/imp/1/243387;8498616;205;gif;PensionsAge;Display300x250/?gdpr=${GDPR}&gdpr_consent=${GDPR_CONSENT_78}&us_privacy=${US_PRIVACY}"> </a> </noscript> <img src="data:image/png,ft" style="display: none" onerror=' (function(img) { window.ftClick = ""; window.ftExpTrack_8498616 = ""; window.ftX = ""; window.ftY = ""; window.ftZ = ""; window.ftOBA = 1; window.ftContent = ""; window.ftCustom = ""; window.ft300x250_OOBclickTrack = ""; window.ftRandom = Math.random()*1000000; window.ftClick_8498616 = ftClick; if(typeof(ft_referrer)=="undefined"){window.ft_referrer=(function(){var r="";if(window==top){r=window.location.href;}else{try{r=window.parent.location.href;}catch(e){}r=(r)?r:document.referrer;}while(encodeURIComponent(r).length>1000){r=r.substring(0,r.length-1);}return r;}());} var ftDomain = (window==top)?"":(function(){var d=document.referrer,m=(d)?d.match("(?::q/q/)+([qw-]+(q.[qw-]+)+)(q/)?".replace(/q/g,decodeURIComponent("%"+"5C"))):"",h=(m&&m[1])?m[1]:"";return (h&&h!=location.host)?"&ft_ifb=1&ft_domain="+encodeURIComponent(h):"";}()); var ftV_8498616={pID:"8498616",width:"300",height:"250",params:{ftx:window.ftX,fty:window.ftY,ftadz:window.ftZ,ftscw:window.ftContent,ft_custom:window.ftCustom,ft_id:window.ftID||"",ft_idEnabled:window.ftIDEnabled||"",ftOBA:window.ftOBA,ft_domain:((ftDomain||"").match(RegExp("&ft_domain=([^&$]+)","i"))||["",""])[1],ft_ifb:((ftDomain||"").match(RegExp("&ft_ifb=([^&$]+)","i"))||["",""])[1],ft_agentEnv:window.mraid||window.ormma?"1":"0",ft_referrer:encodeURIComponent(window.ft_referrer),gdpr:"${GDPR}",gdpr_consent:"${GDPR_CONSENT_78}",us_privacy:"${US_PRIVACY}",ftClick:window.ftClick,cachebuster:window.ftRandom},winVars:{ftClick_8498616:window.ftClick_8498616,ftExpTrack_8498616:window.ftExpTrack_8498616,ft300x250_OOBclickTrack:window.ft300x250_OOBclickTrack},DTimeout:1E3,GTimeout:1E3}, ftPProc=function(d){var c=this;d=JSON.parse(JSON.stringify(d));var f=[],l=function(a,b){b="undefined"===typeof b||isNaN(b)?1:parseInt(b,10);a=a||"";for(var e=0<=b?b:0;e--;)a=encodeURIComponent(a);return a},h=function(a){a=a.constructor==Array?a:[];for(var b=0;b<a.length;b++){var e=a[b].t&&"w"==a[b].t?"winVars":"params",c=d[e][a[b].p],g=l(a[b].n||"",a[b].e),h=l(a[b].v||"",a[b].e);g=(g?g+":":"")+h;""!==g&&(c="undefined"===typeof c||""===c||"o"===a[b].m?"":c+";",d[e][a[b].p]=c+g)}a=!0;for(b=0;b<f.length;b++)if(!f[b].deployed){a=!1;break}a&&k()},k=function(){k=function(){};deployTag()};c.getVars=function(a){return JSON.parse(JSON.stringify(a?"string"===typeof a&&"undefined"!==typeof d[a]?d[a]:{}:d))};c.getSrcString=function(){var a=c.getVars("params"),b=[],e;for(e in a)a.hasOwnProperty(e)&&"undefined"!==typeof a[e]&&""!==a[e]&&b.push(e+"="+a[e]);return b.join("&")};c.deployWinVars=function(){var a=c.getVars("winVars"),b;for(b in a)a.hasOwnProperty(b)&&"undefined"!==typeof a[b]&&(window[b]=a[b])};c.addPProc=function(a){a.deployed=!1;f.push(a)};c.init=function(){d.v=5;var a=[];0===f.length?k():(f.forEach(function(b){a.push(b.id);b.timeout=parseInt(isNaN(b.timeout)?d.DTimeout:b.timeout,10);b.timer=setTimeout(function(){var a={};clearTimeout(b.timer);b.deployed||(b.deployed=!0,h(a))},b.timeout||d.DTimeout);b.deploy(c.getVars(),function(a){clearTimeout(b.timer);b.deployed||(b.deployed=!0,h(a))})}),window["ftPPIDs_"+d.pID]=d.v+";"+a.join(","))}},ft8498616PP = new ftPProc(ftV_8498616); var deployTag = function(){deployTag = function(){};clearTimeout(gTimer);ft8498616PP.deployWinVars(); var ftTag = document.createElement("script"); ftTag.id = "ft_servedby_8498616"; ftTag.src = "https://servedby.flashtalking.com/imp/1/243387;8498616;201;jsappend;PensionsAge;Display300x250/?"+ft8498616PP.getSrcString(); ftTag.name = "ftscript_300x250"; img.parentNode.insertBefore(ftTag, img.nextSibling); },gTimer = setTimeout(function(){clearTimeout(gTimer);deployTag();},ftV_8498616.GTimeout);ft8498616PP.init(); })(this); '> </div> </div>  <div class="sidebar-add-place"><a href="/pa/signup-new-mpu-0124" class="link-06c"></a><p class="rightsmall"><div style="padding-top:0px;"><a href="https://www.pensionsage.com/pa/signuppa.php" target="_blank"><img src="/pa/images/pa_mpu-enews_advert-012024.jpg" border="0" alt="BANNER" title="BANNER"></a></div></p></div> <div class="jswrap4"><div class="jstitle4">Closing the gender pension gap</div><div class="jswrap5"><video class="jsvideo4" poster="/pa/images/270x170_ScotWidows_PensionGap.jpg" controls="" width="100%"><source src="/pa/jwplayer/ScottishWidows_PA.mp4" type="video/mp4"><source src="/jwplayer/" type="video/ogg"> Your browser does not support HTML5 video.</video></div><div class="jswrap6"><div class="jstext4">Laura Blows discusses the gender pension gap with Scottish Widows head of workplace strategic relationships, Jill Henderson, in our latest Pensions Age video interview</div></div></div> <br> <div class="jswrap4"><div class="jstitle4">Endgames and LDI: Lessons to be learnt</div><div class="jswrap5"><video class="jsvideo4" poster="/pa/images/270x170-ssga-video-interview-PLSA-show.jpg" controls="" width="100%"><source src="/pa/jwplayer/StateStreetGlobalInvestors_2.mp4" type="video/mp4"><source src="/jwplayer/" type="video/ogg"> Your browser does not support HTML5 video.</video></div><div class="jswrap6"><div class="jstext4">At the PLSA Annual Conference, Laura Blows spoke to State Street Global Advisors EMEA head of LDI, Jeremy Rideau, about DB endgames and LDI in the wake of the gilts crisis of two years ago</div></div></div> <br>  <div class="jswrap4"><div class="jstitle4">Keeping on track</div><div class="jswrap5"><img src="/pa/images/Podcast-main-picture-2new.jpg"><audio controls><source src="/pa/podcast/PDP-podcast-final.mp3" type="audio/ogg"><source src="/pa/podcast/PDP-podcast-final.mp3" type="audio/mpeg">Your browser does not support the audio element.</audio></div><div class="jswrap6"><div class="jstext4">In the latest Pensions Age podcast, Sophie Smith talks to Pensions Dashboards Programme (PDP) principal, Chris Curry, about the latest pensions dashboards developments, and the work still needed to stay on track</div></div></div> <div class="jswrap4"><div class="jstitle4">Building investments in a DC world</div><div class="jswrap5"><img src="/pa/images/Podcast-main-picture-replacement.jpg"><audio controls><source src="/pa/podcast/PA-USSIM-podcast.mp3" type="audio/ogg"><source src="/pa/podcast/PA-USSIM-podcast.mp3" type="audio/mpeg">Your browser does not support the audio element.</audio></div><div class="jswrap6"><div class="jstext4">In the latest Pensions Age podcast, Sophie Smith talks to USS Investment Management’s head of investment product management, Naomi Clark, about the USS’ DC investments and its journey into private markets</div></div></div> <br> <div class="sidebar-tabs"> <div class="panel"> <div class="panel-body"> <div class="tabbable">  <ul class="nav nav-tabs nav-tabs-solid nav-justified"> <li class="active"><a href="#solid-justified-tab1" data-toggle="tab" aria-expanded="true">Popular</a></li> <li class=""><a href="#solid-justified-tab2" data-toggle="tab" aria-expanded="false">Recent</a></li> <li class=""><a href="#solid-justified-tab3" data-toggle="tab" aria-expanded="false">Jobs</a></li> </ul>  <div class="tab-content">  <div class="tab-pane active" id="solid-justified-tab1"> <ul> <li><a href="/pa/blog-mental-health-awareness-week-2024.php"> <div class="mostreadnumbers">1</div> <p>Blog: Mental Health Awareness Week 2024</p> </a></li> <li><a href="/pa/Unnamed-pension-scheme-completes-first-BPA-deal-tos-hare-value-with-corporate-sponsor.php"> <div class="mostreadnumbers">2</div> <p>Unnamed pension scheme completes £500m 'first of its kind' BPA deal </p> </a></li> <li><a href="/pa/PDP-shares-update-pensions-dashboards-reporting-standards-2024.php"> <div class="mostreadnumbers">3</div> <p>PDP shares updated pensions dashboards reporting standards </p> </a></li> <li><a href="/pa/DC-pension-savers-at-risk-of-advice-gap-both-at-and-in-retirement.php"> <div class="mostreadnumbers">4</div> <p>DC pension savers ‘at risk’ of advice gap both at and in retirement</p> </a></li> <li><a href="/pa/Blog-Pensions-Awareness-Week-2024.php"> <div class="mostreadnumbers">5</div> <p>Blog: Pensions Awareness Week 2024</p> </a></li> <li><a href="/pa/Blog-The-voices-behind-the-megaphone.php"> <div class="mostreadnumbers">6</div> <p>Pension Attention 2024: The voices behind the megaphone </p> </a></li> <li><a href="/pa/research-reveals-employees-risk-sleepwalking-into-retirement.php"> <div class="mostreadnumbers">7</div> <p>Workers risk 'sleepwalking' into retirement amid lack of contribution understanding</p> </a></li> <li><a href="/pa/Pension-professionals-urged-to-understand-risks-and-pportunities-of-new-funding-regime.php"> <div class="mostreadnumbers">8</div> <p>Report highlights risks and opportunities under new DB funding regime </p> </a></li> <li><a href="/pa/Electricity-Supply-pension-scheme-completes-buy-in-with-Aviva.php"> <div class="mostreadnumbers">9</div> <p>National Grid pension scheme completes £1.7bn buy-in with Aviva </p> </a></li> <li><a href="/pa/Brits-delaying-retirement-by-almost-4-years-due-to-high-cost-of-living.php"> <div class="mostreadnumbers">10</div> <p>Brits delaying retirement by almost four years due to high cost of living</p> </a></li>  </ul> </div>   <div class="tab-pane" id="solid-justified-tab2"> <ul> <li><a href="/pa/Rothesay-foundation-made-2-47-m-donation-to-age-uk.php"> <div class="mostreadnumbers">1</div> <p>Rothesay Foundation makes £2.47m donation to Age UK benefits check service </p> </a></li> <li><a href="/pa/APPG-call-for-evidence-finds-significant-shortcomings-at-the-FCA.php"> <div class="mostreadnumbers">2</div> <p>APPG call for evidence finds ‘significant shortcomings’ at the FCA</p> </a></li> <li><a href="/pa/Trustees-shouldnt-forget-bigger-picture-before-considering-details-of-DB-Funding-Code.php"> <div class="mostreadnumbers">3</div> <p>Trustees shouldn’t forget 'bigger picture' before considering details of DB Funding Code</p> </a></li> <li><a href="/pa/More-than-half-of-pensioners-dont-like-asking-for-financial-help.php"> <div class="mostreadnumbers">4</div> <p>More than half of pensioners don’t like asking for financial help</p> </a></li> <li><a href="/pa/TPO-upholds-complaint-against-Mid-Air-Site-Services-Ltd-for-unpaid-pension-contributions.php"> <div class="mostreadnumbers">5</div> <p>TPO orders employer to pay outstanding pension contributions</p> </a></li> <li><a href="/pa/Wednesbury-Pension-Scheme-completes-43-million-buy-in-with-Just-Group.php"> <div class="mostreadnumbers">6</div> <p>Wednesbury Pension Scheme completes £43m buy-in with Just Group </p> </a></li> <li><a href="/pa/DB-pension-transfer-values-fall-to-lowest-value-since-October-2023.php"> <div class="mostreadnumbers">7</div> <p>DB pension transfer values fall to lowest value since October 2023 </p> </a></li> <li><a href="/pa/Brits-delaying-retirement-by-almost-4-years-due-to-high-cost-of-living.php"> <div class="mostreadnumbers">8</div> <p>Brits delaying retirement by almost four years due to high cost of living</p> </a></li> <li><a href="/pa/DC-pension-savers-at-risk-of-advice-gap-both-at-and-in-retirement.php"> <div class="mostreadnumbers">9</div> <p>DC pension savers ‘at risk’ of advice gap both at and in retirement</p> </a></li> <li><a href="/pa/Pension-funds-remain-largest-asset-owners-despite-slower-growth.php"> <div class="mostreadnumbers">10</div> <p>Largest asset owners reach record $26.3trn; pension funds see smallest growth</p> </a></li>  </ul> </div>   <div class="tab-pane" id="solid-justified-tab3"> <ul> <li><a href="/jobs/Trustee-Director-of-the-Peoples-Pension-Trustee-Limited-2024-11-27.php"> <div class="mostreadnumbers">1</div> <p>Trustee Director of the People’s Pension Trustee Limited</p> </a></li> <li><a href="/jobs/Pensions-Project-Manager-22-11-2024.php"> <div class="mostreadnumbers">2</div> <p>Pensions Project Manager</p> </a></li> <li><a href="/jobs/Assistant-Trustee-Executive-22-11-2024.php"> <div class="mostreadnumbers">3</div> <p>Assistant Trustee Executive</p> </a></li> <li><a href="/jobs/DC-Pensions-Governance-15-11-2024-.php"> <div class="mostreadnumbers">4</div> <p>DC Pensions Governance</p> </a></li> <li><a href="/jobs/In-House-Scheme-Pensions-Specialist-Buy-out-project-work-daily-administration-14-11-2024.php"> <div class="mostreadnumbers">5</div> <p>In-House Scheme, Pensions Specialist, Buy-out project work & daily administration</p> </a></li> <li><a href="/jobs/Senior-Pensions-Manager-In-House-07-11-2024.php"> <div class="mostreadnumbers">6</div> <p>Senior Pensions Manager, In-House</p> </a></li> <li><a href="/jobs/Senior-Pensions-Client-Manager-07-11-2024-22-11-2024-REMOVED-DWB.php"> <div class="mostreadnumbers">7</div> <p>Senior Pensions Client Manager</p> </a></li> <li><a href="/jobs/Assistant-Trustee-Executive-15-11-2024-22-11-2024-REMOVED-DWB.php"> <div class="mostreadnumbers">8</div> <p>Associate Pensions Executive, Governance</p> </a></li> <li><a href="/jobs/Independent-Chair-to-the-Pension-Board-Members-of-the-Senedd-Pension-Scheme-06-11-2024.php"> <div class="mostreadnumbers">9</div> <p>Independent Chair to the Pension Board – Members of the Senedd Pension Scheme</p> </a></li> <li><a href="/jobs/Senior-Pensions-Projects-Administrator-01-11-2024-07-11-2024-REMOVED-DWB.php"> <div class="mostreadnumbers">10</div> <p>Senior Pensions Projects Administrator</p> </a></li>  </ul> </div>  </div> </div> </div> </div> </div> </div>  <div class="col-md-2"> <div class="sidebar-add-place"> <A TARGET="_blank" HREF="http://www.pensionsage.com/pa/link.php?url= https://www.pensionsage.com/awards/booking_form.php" ALT=""><img src="https://www.pensionsage.com/pa/../../pa/images/120x600_animated-pa-awards-1123.gif" border="0""></a> <A HREF="http://www.pensionsage.com/pa/link.php?url= " ALT=""></a> </div> <div class="sidebar-add-place"> <A TARGET="_blank" HREF="http://www.pensionsage.com/pa/link.php?url= https://www.europeanpensions.net/irishawards/booking_form.php" ALT="AWARDS"><img src="https://www.pensionsage.com/pa/../../pa/images/IPA2024_Book_120x600.gif" border="0""></a> <A HREF="http://www.pensionsage.com/pa/link.php?url= " ALT=""></a> </div> <div class="sidebar-add-place"> <A TARGET="_blank" HREF="http://www.pensionsage.com/pa/link.php?url= https://www.europeanpensions.net/awards/entry_form.php" ALT="BANNER"><img src="https://www.pensionsage.com/pa/../../pa/images/EPA2025_ofe_120x600 animated.gif" border="0""></a> <A HREF="http://www.pensionsage.com/pa/link.php?url= " ALT=""></a> </div> <div class="sidebar-add-place"> <A TARGET="_blank" HREF="http://www.pensionsage.com/pa/link.php?url= https://www.pensionsage.com/springconference/" ALT="BANNER"><img src="https://www.pensionsage.com/pa/../../pa/images/120x600_skyscraper---animated-PA-spring-conference.gif" border="0""></a> <A HREF="http://www.pensionsage.com/pa/link.php?url= " ALT=""></a> </div> <div class="sidebar-add-place"> <A TARGET="_blank" HREF="http://www.pensionsage.com/pa/link.php?url= https://www.moneyage.co.uk/assetmanagementawards/entry_form.php" ALT="AWARDS"><img src="https://www.pensionsage.com/pa/../../pa/images/WAMA25_ofe_120x600 static.jpg" border="0""></a> <A HREF="http://www.pensionsage.com/pa/link.php?url= " ALT=""></a> </div> <div class="sidebar-add-place"> <A TARGET="" HREF=" " ALT=""></a> <A HREF=" " ALT=""></a> </div> <div class="sidebar-add-place"> <A TARGET="" HREF=" " ALT=""></a> <A HREF=" " ALT=""></a> </div> </div>  </div>  </section>   <IMG SRC="https://ad.doubleclick.net/ddm/trackimp/N830975.140386PENSIONSAGE/B31943960.394421751;dc_trk_aid=585717056;dc_trk_cid=214703612;ord=1732676592;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;gdpr=${GDPR};gdpr_consent=${GDPR_CONSENT_755};ltd=;dc_tdv=1?" attributionsrc BORDER="0" HEIGHT="1" WIDTH="1" ALT="Advertisement"> <div class="container"> <div class="card" style="margin-top: 70px"> <div class="card-body"> <div id="fillme"></div> </div> </div> </div>  <div class="text-center cookiealert" role="alert"> We use cookies to ensure you get the best experience on our website. I confirm I am an institutional investor. <a href="http://www.perspectivepublishing.com/privacy_policy.html" target="_blank" style="color: #3fd600;">Learn More</a> <button type="button" class="btn btn-sm acceptcookies"> Accept </button> </div>    <script src="/pa/bootstrap/js/cookiealert.js"></script>  <div id="copyrights">  <div class="container">  <div class="copyright"> © 2019 Perspective Publishing     <a style="color:white;" href="http://www.perspectivepublishing.com/privacy_policy.html">Privacy & Cookies</a></div>   <div class="footer-social-icons"> <ul> <li> <a href="https://www.twitter.com/pensionsage" class="twitter"><i class="fa-brands fa-square-x-twitter"></i></a> </li> </ul> </div>  </div>  </div>  </div>   <script src="/pa/bootstrap/js/jquery-3.1.1.min.js"></script> <script src="/pa/bootstrap/js/bootstrap.min.js"></script> <script src="/pa/bootstrap/js/jquery-ui.min.js"></script> <script src="/pa/bootstrap/js/plugins.js"></script>  <script src="/pa/bootstrap/js/functions.js?ver=1"></script> </body> </html>

CINXE.COM

DB scheme sponsor profit warnings fall for the first time in 12 months - Pensions Age Magazine