DB scheme buyout alternative launched

The scheme is the brainchild of firm Occupational Pensions Trusts (OPT), which says the launch heralds a new approach to dealing with closed pension concerns while safeguarding and even enhancing members’ pension rights. It says all member schemes will continue to be run under existing arrangements but overseen by a team of professional independent trustees. Schemes joining OPT receive an immediate cash injection from the incumbent sponsoring company in return for removing the employer covenant. Ben Shaw, development director of OPT, says this will enable the scheme to continue operating...