26 04, 2018

Bentley Workers Mull Strike over Pension Closure

2018-04-26T09:30:55-07:00April 26th, 2018|Categories: Pension Funding|Tags: , |

In a move toward a possible strike, workers at Bentley Motors headquarters in Crewe, UK, have voted in support of industrial action in a consultative ballot over plans to close the company’s defined benefit pension plan. Members of union Unite, including car production workers, senior staff, and managers, backed a strike action by an overwhelming 98% on a 92% turnout in the consultative ballot. The union warns that the move to close the pension plan could cost Bentley workers tens [...]

15 04, 2016

Government drags feet on pension protection boost

2016-04-15T00:38:06-07:00April 15th, 2016|Categories: Defined Benefit Plans|Tags: , |

The government has been accused of dragging its feet over plans to give greater pension protection to long-serving workers. Changes to the Pension Protection Fund (PPF), the pension lifeboat that takes over the defined benefit (DB) pension schemes of failed company, have not been implemented despite being written into the Pension Act 2015. The scheme pays pension income to retired and current workers when an employer goes bust. The PPF has been thrust in to the limelight in the [...]

5 05, 2015

UK’s largest companies under pressure over pension contributions

2015-05-05T23:40:37-07:00May 5th, 2015|Categories: Pension Funding|Tags: , |

Some of the UK’s largest companies will come under pressure to ramp up contributions to their company pension schemes, advisers warn, as deficits continue to soar. The alert comes as 30 FTSE 100 companies are due to begin triennial financial health checks on their defined benefit pension schemes — with most facing ballooning deficits. Advisers say that since the last round of valuations three years ago, deficits have worsened — despite the improving economy — largely in response to [...]

22 04, 2015

Tesco staff pensions under threat as bosses post warning

2015-04-22T17:20:11-07:00April 22nd, 2015|Categories: Defined Benefit Plans|Tags: , , |

Tesco has written to its 300,000 staff outlining plans for the future of the supermarket’s pension scheme as it looks for ways to plug the estimated £5bn black hole and official consultation starts. In a letter sent to staff, seen by The Independent, Ruston Smith, the company’s pensions director, wrote: “In January we announced our plans to consult on closing our existing pension scheme and replacing it with a new scheme … These proposed changes would allow us to [...]

10 02, 2015

Corporate Governance Is The Very Essence Of A Business

2015-02-10T23:01:49-07:00February 10th, 2015|Categories: Corporate Governance|Tags: |

It can take at least 24 hours for the enormity of a corporate governance scandal to be fully comprehended. But it should never take eight to ten years for it to be revealed. The UK’s corporate governance code balances on the workability of ‘comply or explain.’ It sets standards for corporate behaviour, and seeks to encourage best practice, exhorting business to ‘tone from the top’, via its boardrooms. But what happens when boardrooms shroud themselves in complexity and when it comes to the [...]

30 09, 2014

UK Corporate Governance Code 2014 focuses on long-term risk

2014-09-30T20:26:14-07:00September 30th, 2014|Categories: Corporate Governance|Tags: |

Stephen Haddrill, CEO of the Financial Reporting Council (FRC), has suggested that the recent changes to the UK Corporate Governance Code are “designed to strengthen the focus of companies and investors in the longer term and the sustainability of value creation”. But while many of the reforms reflect a conscious move towards long-term sustainability, we do consider the impact of certain changes as subject to interpretation by corporates. Accordingly, there is still room for the more recalcitrant to hide [...]

13 06, 2014

Pension plans in best position for seven years

2014-06-13T23:55:56-07:00June 13th, 2014|Categories: Pension Funding|Tags: , |

Britain’s biggest companies are nearing the best position to fund pension schemes since before the financial crisis, following a sudden reversal of fortunes for UK corporate pension plans, a study out today shows. Firms listed in the FTSE 350 are better placed to support their defined benefit pension schemes than at any time over the past seven years, according to the research from PwC. The company said the Pensions Support Index, which tracks levels of support from FTSE 350 [...]

2 06, 2014

More than one in three have no pension plans at all

2014-06-02T17:40:21-07:00June 2nd, 2014|Categories: Retirement|Tags: , |

Shocking new statistics have revealed that not only are nine in ten people in the UK going to fall short of their retirement plans, but 39% have completely failed to make any plans at all. There’s a very real risk these people will enter retirement in terrible financial difficulties.So how did we end up in such a dire state? The figures come from retirement planning company Aegon, which carried out a study of Global Retirement Readiness to find out [...]

29 05, 2014

Have Retirees Been Misled About Full State Pension Payments?

2014-05-29T21:39:11-07:00May 29th, 2014|Categories: Retirement|Tags: , , |

A highly publicised promise made during the recent state pension system shake-up stated that all British retirees who’ve paid National Insurance (NI) contributions for 30 years will receive a weekly payment of £155 from April 2016. But after accounting for the fine print, an article published by The clause is so complicated that HMRC are struggling to calculate income and final pension payment figures with any real degree of accuracy. The crux of the matter concerns employees who’ve taken [...]

20 03, 2014

United Kingdom: Is Your Defined Contribution Pension Scheme Up To Scratch?

2014-03-20T20:17:47-07:00March 20th, 2014|Categories: Corporate Governance|Tags: , |

Over the past year the Pensions Regulator has started to look seriously at the governance of money purchase pension schemes. In July 2013 it produced guidance explaining the type of good quality pension schemes it expected employers to provide to their workers to comply with auto-enrolment. Then it released a set of defined contribution guidance (dealing with good practice) and a code of practice (dealing with legal compliance) in November 2013. […]

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