Advisory group endorses pension buyouts - papers 28 Nov

Samuel, who is chairman of the Rank Group pension funds and a trustee of Unilever's pension fund, is also head of an advisory group set up by the Chartered Institute of Management Accountants (CIMA). The paper reports Samuel as saying: "Buyout is an objective that probably all defined benefit schemes should have in the future." He said companies which are closing their DB schemes must ask themselves, "are we happy to run it indefinitely?" and suggested they would be better off under the management of an insurance company. RACHEL LOMAX, deputy governor of the Bank of England, issued...