Defined Benefit  

No-deal Brexit could lead to transfer values being cut

But Ian Neale, director at pensions specialist Aries Insight, cautioned against generalising across all DB schemes.

Mr Neale noted that market factors, including possible tariffs, the proportion of scheme investments dependent on the UK economy, and the business sector in which the scheme sponsor operates will be material for the impact of Brexit for pension schemes.

He said: "The general feeling in the industry seems to be that if UK exit does happen, then it is more likely to depress than enhance scheme valuations."

maria.espadinha@ft.com