Thomas Cook pension funds in talks over buyout deal September 27, 2019 Thomas Cook’s pension funds are in talks with insurers to mitigate cuts to payments for the employees of the collapsed travel firm. Chair of trustees Steve Southern has launched discussions with several parties about a buyout deal to prevent pension scheme members losing out on payments, Sky News reported. Read more: 40 per cent of [...]
Align directors’ pensions with workforce or risk shareholder dissent, companies told September 27, 2019 Companies that do not produce credible plans to pay executive directors the same pension contributions as their workforce by the end of 2022 risk further shareholder dissent over the issue, a new report by the Investment Association (IA) has warned. The IA said it would begin giving firms that breach its guidelines on directors’ pensions [...]
Rothesay Life and Telent agree UK’s biggest ever pension transfer deal September 26, 2019 Insurer Rothesay Life and telecoms firm Telent have agreed a £4.7bn pension transfer deal – the largest ever made in the UK – covering the pensions of 39,000 people. Companies are increasingly keen to offload pension liabilities to insurers, in deals known as buy-ins and buy-outs. The mammoth Rothesay deal smashed the record set in [...]
Adventure capital: Young firms offer strong returns, so why aren’t pensions invested? September 25, 2019 Are you taking on enough risk? Because a common concern among money experts is that pension savers, particularly those who won’t reach retirement age for decades, are not. If you have opted for your pension provider’s default fund, it’s highly likely that you will be invested in companies that are well-established, but only give you [...]
Tate & Lyle agrees £930m ‘de-risking’ pension deal with Legal & General September 19, 2019 Food and drink ingredient supplier Tate & Lyle has agreed a £930m annuity insurance “buy-in” with Legal and General. Tate & Lyle has transferred its pension scheme so it is underwritten by the financial services giant, which it said would provide “certainty and security” for its affected members. Read more: Tate & Lyle reports flat [...]
Local Government Pension Scheme under pressure to drop active fund managers September 14, 2019 The Local Government Pension Scheme (LGPS) has said it is under pressure from government officials to switch to passive management after the suspension of the Woodford Equity Income fund in June. LGPS, which is the largest public-sector pension scheme in the UK with almost 6m members, has 60 per cent of its holdings in active [...]
Debate: Should the tapered annual allowance for tax on pensions be abolished? September 13, 2019 Should the tapered annual allowance for tax on pensions be abolished? Yes – Steve Webb is director of policy at Royal London. To understand why this issues matters, just look at doctors. Most senior doctors are well-paid and are in a good pension scheme. But when doctors who work harder can end up out-of-pocket, something [...]
Santander accused of circumventing professional PPI claims firms September 11, 2019 Professional claims managers have accused Santander of trying to minimise its PPI payments after the bank started going above their heads, dealing directly with customers. The bank confirmed it was talking to customers, skipping the claims management companies (CMCs) to save time on the process. Read more: Lloyds suspends share buyback as PPI costs rise [...]
What a con: Four common tactics used to scam pension savers September 11, 2019 The impact of pension fraud can be devastating, with victims losing an average of £82,000 last year. Even those of us who are savvy with our money can end up falling victim to fraud. In fact, it is estimated that five million pension savers in the UK are at risk, with 42 per cent of [...]
Just Group share price falls as new regulations slash profits by a quarter September 4, 2019 Life insurer Just Group shares fell 10 per cent this morning after it revealed profit fell more than a quarter in the first half of the year. The company suffered a hit after new rules from the Prudential Regulation Authority, which require more capital behind lifetime mortgages, which is one of its key products. The [...]