MPs demand action from pensions regulator over ‘staggering’ deficit in rail sector April 15, 2019 The Pensions Regulator (TPR) has been asked to come clean on the extent of the rail sector's pensions deficit after the issue was brought to a head with the government's decision to ban Stagecoach from bidding for three franchises. MPs on the Committee for Work and Pensions wrote to TPR chief executive Charles Counsell last week [...]
Rail union boss threatens national shutdown following Stagecoach pensions row April 11, 2019 The boss of one of the UK's largest transport unions has threatened a national shutdown on the railways following a row over pensions that escalated after the government barred Stagecoach from bidding for three rail franchises. Yesterday Stagecoach, which runs a partnership with Richard Branson's Virgin Trains, was excluded from bidding for the East Midlands, West [...]
Topshop billionaire Sir Philip Green slammed over potential pensions row as US investor backs out April 10, 2019 Sir Philip Green’s troubles escalated this morning as an influential parliamentary chair hit out at the billionaire tycoon and news emerged of a top US backer pulling out of his retail empire. The Topshop owner has been accused of being up to “old tricks again” by Frank Field, chair of the Work and Pensions Select [...]
Debate: Should personal auto-enrolment pension contributions rise above the current level of five per cent? April 10, 2019 Should personal auto-enrolment pension contributions rise above the current level of five per cent? Yes – Samantha Seaton is chief executive of Moneyhub. The introduction of auto-enrolment has been hugely positive, and it has offered a great opportunity for people to better engage with their finances. The hard truth, however, is that even saving the minimum [...]
British Airways settles long-running pensions battle with trustees April 9, 2019 British Airways has settled a long-running battle with the trustees of one of its staff pension schemes in a case that was set to go to the Supreme Court. The trustees of the nearly 25,000 member Airways Pension Scheme said today they had agreed to an out-of-court settlement to the dispute, subject to the approval of the [...]
Debenhams falls into administration as Sports Direct fails with £200m equity offer April 9, 2019 Embattled department store chain Debenhams has fallen into the hands of its lenders, entering administration despite an 11th-hour bid from Sports Direct billionaire Mike Ashley to keep it public. Read more: Debenhams shares suspended as it falls into clutches of lenders Although the retailer’s 165 stores will continue to trade, some 50 outlets have already been flagged [...]
It’s time for the pensions industry to stop taking customers for granted April 5, 2019 With workplace pension contributions increasing from tomorrow, I’m reminded of a recent industry event that I attended. During the keynote, the speaker cut to a video where members of the public were stopped on the street and asked “who is your pension provider?” Most of those questioned looked confused, unable to recall where their pensions [...]
Amber Rudd gives nod for pensions dashboard project to ‘transform’ retirement planning April 4, 2019 Amber Rudd has given the green light for the long-awaited pensions dashboard project to go ahead, with the first industry models to come out later this year. Under the scheme, workers will be able to see information about their various nest eggs combined on a so-called dashboard, accessible on smartphones, tablets and computers. The plan [...]
Dormant assets scheme could be expanded following government report April 4, 2019 A scheme to reallocate dormant assets to charitable causes could be extended to the investment and wealth management sector following the publication of a government report. An independent report commissioned by the government found that extending the scheme to other financial services, also including the insurance and pensions sector, could "significantly expand the money available to good [...]
DEBATE: Should the audit and consultancy arms of the Big Four firms be divided, as proposed by MPs? April 3, 2019 Should the audit and consultancy arms of the Big Four firms be divided, as proposed by MPs? YES, says Rachel Reeves MP, chair of the Business, Energy and Industrial Strategy Committee. We have two major problems in the audit market today: a lack of competition and quality. The Big Four’s dominance has led to a precarious [...]