Pensions Wire

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  • March 24
    Is the BHS settlement fair?
    ​Last month an agreement was reached on BHS between Sir Philip Green and the Pensions Regulator. Details of the settlement are in a previous blog. This will allow members to transfer to a new pension scheme with benefits which are better than PPF compensation, but less valuable than the benefits they were originally promised in the BHS schemes. But is the new benefit structure fair to all members... Read More
  • March 22
    Medical marvels
    ​In the news recently has been the new drug evolocumab (a PCSK9 inhibitor for the doctors amongst us which is sold as a monthly injection under the brand name Repatha) with most of the focus on the Number Needed to Treat (“NNT”) figure.  Evolocumab is the next iteration of the statin type drugs designed to reduce the prevalence of heart attacks and strokes which still cause around 22% of deaths. ... Read More
  • March 22
    GKN – renaming your pensions debt
    ​It was reported at the weekend that the FTSE 100 engineering company, GKN plc, was considering issuing bonds of up to £250 million in order to help finance its UK pension deficit.  This follows the publication of GKN plc’s full year results for 2016 which revealed a deficit in respect of its UK pension schemes of £1.2 billion (with corresponding assets of £2.3 billion and liabilities of £3.5 bil... Read More
  • March 07
    Unions nuke the Government’s plans to cut NDA pension benefits
    ​The GMB, ASLEF, Unite and Prospect Unions secured a significant victory for their members in reaching a deal with the Energy Minister last week, which will see Nuclear Decommissioning Authority (“NDA”) employees ‘pay more and get more’ rather than ‘pay more for their pensions and get less when they retire’. Under the deal, which is subject to a ballot of each Union’s members, contributions will... Read More
  • March 06
    Peugeot: Finding a DB pensions solution?
    The owner of Peugeot, PSA, has announced a €2.2 billion agreement to buy General Motors Co’s Opel/Vauxhall subsidiary.  The deal makes PSA the second-largest car maker in Europe and valued Opel and Vauxhall’s operations at €1.3 billion and €0.9 billion respectively.  This deal has gone ahead despite Opel/Vauxhall’s estimated $10 billion non-US pension problem (deficit). All of Opel/Vauxhall’s ... Read More
  • February 28
    Sir Philip Hands Over the Green to BHS Pensioners
    ​Today the Pensions Regulator has announced that it has reached a settlement with Sir Philip Green over the two BHS pension schemes. The deal involves the payment of £343m of cash into an escrow account (which will ultimately go into a new pension scheme) and up to £20m to cover expenses (relating to establishing the new scheme and providing independent financial advice to members on their option... Read More
  • February 28
    Car crash for the general insurance industry
    ​General insurance industry stocks took a battering yesterday after the Government dramatically increased the amount insurers will have to pay for personal injury compensation claims with effect from 20th March 2017.  Such claims typically result in the injured party being awarded a lump sum settlement as compensation for a loss of future earnings (including pension benefits) and/or to cover futu... Read More
  • February 28
    Will other schemes be left to clean up Hoover’s mess?
    ​It was reported at the weekend that Hoover is in discussions with the Pensions Regulator and the Pension Protection Fund (“PPF”) over a possible compromise of its pension scheme liabilities. Hoover’s latest statutory accounts, for the 18 month period to 30th June 2015, show that it operates four defined benefit pension schemes in the UK.  According to reports, the talks relate only to the large... Read More