Pensions Wire

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  • March 29
    What kind of regulator will emerge?
    ​According to the White Paper on protecting defined benefit pension schemes that was published last week, the Pensions Regulator looks set to gain more influence over the funding of schemes and will have its armoury significantly enhanced to better equip it for tackling behaviours which could results in poor outcomes for schemes. Those undertaking transactions or involved in other corporate acti... Read More
  • March 28
    Protecting defined benefit pension schemes
    ​The Government’s long awaited White Paper on protecting defined benefit pension schemes was published last week.  It proposed a much tougher Pensions Regulator, backed by a stronger set of enforcement powers.  These powers included the possibility of fines and criminal sanctions for those whose deliberate actions put pension schemes at risk. The Pensions Regulator will be working with Governmen... Read More
  • March 03
    Covenant confusion hidden in the new pensions debt regulations
    ​On 26th February 2018 the Department for Work and Pensions published its response to the consultation on their draft amendments to the employer debt regulations.  My blog “Deferring your pensions debt” detailed the proposals set out in the consultation. Under the proposals a new option was to be introduced allowing employers participating in a multi-employer scheme to defer the requirement to p... Read More
  • February 12
    Should pensions take all the credit for insolvency?
    ​In response to a question about private sector pension schemes and their ranking in the creditor chain asked in the House of Commons on 22 January, the Secretary of State for Work and Pensions, Esther McVey, said that it is an important issue that “needs to be brought forward under the governance rules for pensions.” So what are the current rules and how might they change?   UK insolvency law ... Read More
  • 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 d... Read More
  • January 17
    GKN Trustees try to put Melrose (back in their) Place
    ​Yesterday the Trustees of the GKN Group pension schemes took the unusual approach of issuing a press release highlighting the potential impact on their pension schemes of a hostile takeover of GKN plc, a multinational automotive and aerospace components company, by Melrose plc, a turnaround company focusing on the manufacturing sector. Their aim seemed to be to highlight that, if the hostile tak... Read More
  • January 16
    A Frank rebuke for the Rt Hon Mr Field
    ​The chair of the Work and Pensions Committee, the Rt Hon Frank Field has renewed his calls for pension reform and criticised the Government for further delaying its white paper on defined benefit security and sustainability.  This comes after pensions and financial inclusion minister, Guy Opperman, said in parliament last Thursday that "The white paper will be delivered at some stage this s... Read More
  • January 15
    Carillion collapse causes covenant catastrophe
    ​This morning’s news of Carillion’s liquidation adds yet more high profile names to the list of pension schemes which have been unable to meet their objective of providing full benefits to their members. Carillion’s 13 UK DB pension schemes will now enter assessment for entry to the Pension Protection Fund (the ‘PPF’), the lifeboat fund offering compensation to members of DB schemes whose e... Read More