January 18
Next up – Barclays

Readers of The Times will have seen the article on Monday questioning the decision by Barclays to assign their pension scheme to the non ring-fenced part of their business as part of the restructuring they are carrying out to comply with new legislation.  Today it is reported that the chair of the Work and Pensions Committee, the Rt Hon Frank Field is also raising questions surrounding the move despite the Barclay’s Trustees having written to members to provide reassurances and considerable detail on the move (an extract from the letter was posted on twitter yesterday).

Trustees are required to do their upmost to protect members’ benefits and providing members with greater transparency on their deliberations is to be welcomed.  Going forwards, however, Trustees and Sponsors will need to be mindful of the greater public scrutiny of such restructurings and the need to justify their decisions not just to the Pensions Regulator but also their members, Frank Field and the wider press.
Magnifying glass.jpg

Add Comment

Items on this list require content approval. Your submission will not appear in public views until approved by someone with proper rights. More information on content approval.