Regulator investigates ‘shape-shifting’ firms who shirk duties on employee pensions July 17, 2019 The Pensions Regulator said today it will hunt down companies that change their names to dodge workplace pension obligations. Several small and medium-sized employers have tried to employ “shape-shifting” tactics to avoid paying their staff’s pensions, it said. Those breaching their auto-enrolment duties could be subject to “short-notice inspections”. Read more: Prudential UK property fund delays [...]
‘Part-time pensions penalty’ slashes women’s retirement pots July 11, 2019 Women are on average £106,000 worse off in retirement than men, partly because such a high proportion work part-time, according to research. By their 60s, women typically have £51,100 in their pension – just one third of an average man’s £156,500 pot, the Pensions Policy Institute has calculated. Read more: Without action, a crisis over [...]
Rolls-Royce offloads one-third of its pension scheme to Legal & General in landmark £4.6bn deal June 6, 2019 Rolls-Royce has handed over responsibility for £4.6bn of its pension scheme to Legal & General, in a record-breaking deal. The FTSE 100 engine manufacturer has offloaded responsibility for paying the pensions of its 33,000 pensions scheme members. The scheme has a total of 76,000 members. Read more: Rolls-Royce among firms kicked off government’s late payment [...]
Wrong state pension forecasts sent to 360,000 savers after Whitehall blunder June 4, 2019 The government has admitted “significant” problems with state pension forecasts, after revealing hundreds of thousands of people have received erroneous information. Read more: Amber Rudd gives pensions dashboard project green light Three per cent of pensioners may have made financial decisions based on false information sent by the government since 2016. This amounts to about [...]
Pensions industry veteran Chris Curry to lead delivery group for dashboard scheme June 3, 2019 A Whitehall initiative designed to give savers easy access to pensions information has taken another step towards hitting the market. Read more: Amber Rudd gives pensions dashboard the go ahead The Money and Pensions Service has appointed industry veteran Chris Curry to help deliver the so called pensions dashboard. He will be tasked with forming [...]
Invest in green energy, urges minister, as financial risks of climate change ‘too important to ignore’ June 3, 2019 Pensions minister Guy Opperman has urged fund managers to “do the right thing” and put money into renewables. Read more: Shell switches 700,000 customers to renewables as it rebrands First Utility Speaking in London, he said pension and investment managers must take their environmental responsibilities seriously to help fight global warming. Opperman said: “The financial [...]
Sir Philip Green must stump up extra £50m to save Arcadia from administration May 31, 2019 Sir Philip Green must plough another £50m into the pension scheme of his Arcadia retail empire to prevent it collapsing, it is reported. Read more: Sir Philip Green to close Miss Selfridge's flagship Oxford Street store The Pensions Regulator (TPR) has ordered the Topshop tycoon to add the £50m in addition to £100m his family [...]
Sir Philip Green told to plug Arcadia’s mammoth pensions deficit with his own cash May 24, 2019 Frank Field has weighed in on the row surrounding Sir Philip Green’s proposed restructuring of Arcadia, calling on the Topshop tycoon to guarantee his staff’s pensions with his own personal fortune. Read more: Arcadia to shut two dozen stores in radical rescue plan In a letter, the Work and Pensions Committee chair said Green should [...]
Marks & Spencer pension scheme transfers £1.4bn to two insurers May 23, 2019 Troubled retailer Marks & Spencer (M&S) has transferred £1.4bn in pension scheme liabilities to two insurance companies, bringing the total insurance coverage to two thirds. Phoenix Group has insured £460m of liabilities, covering 5,000 pensioners, while Pension Insurance Corporation (PIC) has insured £900m of the £10bn pension scheme. Read more: M&S braced for fresh decline [...]
Lloyds Bank boss summoned by MPs to explain pension pay perks despite easing shareholders’ concerns May 23, 2019 Lloyds Bank boss Antonio Horta-Osorio has been summoned by MPs to explain the pension contributions paid to the bank’s executives. The bank avoided a shareholder revolt over pension pay last week despite MPs accusing bosses of “boundless greed” on the eve of its annual meeting. Read more: Lloyds Bank avoids pension pay revolt but faces [...]