ABI Slams Pension Accounting New study from Association of British Insurers (ABI), Understanding Companies' Pension Deficits, accuses key accounting standard, FRS17, of 'exaggerating' threat to pension schemes 28.03.07 Telegraph, Corporate Governance
Royal Mail Closes Final Salary Pension 200k member Royal Mail will be one of largest defined benefit schemes to close, among the first in public ownership, business is valueless with current pension deficit 09.02.07 Times
New Rule Forces Pension Disclosure Financial Reporting Council (FRC) will today publish new rule on reporting pension funds in company accounts, based on report Retirement Benefits - Disclosures, will increase pressure to close schemes and withdraw benefits 22.01.07 Guardian, Corporate Governance
Ericsson Pension Trustee Disqualified David John Foster, HR director and chair of Employee Benefits Scheme at telecom equipment maker Ericsson, is first trustee to be disqualified by Pension Regulator, misrepresented benefits, took 'exceptionally favourable' pension for himself 16.01.07 Telegraph, Pension Regulator
IFA in Improper Pension Transfer The Financial Services Authority (FSA) has prohibited Ivan and Valerie Richards from performing certain controlled functions, case relates to advice provided by Alexanders, and IFA, regarding transfer of employees from final salary pensions of one company to personal pensions scheme of another following a takeover 07.05.07 FSA Press Release, Financial Services, Financial Services Authority, TUPE
Extension of Pension Assistance Govt has announced details of a funding review with the aim of giving further help to people who lost money when their pension schemes wound up under-funded, to be led by Andrew Young, Directing Actuary of the Government Actuary's Department, review will be advised by panel of leading experts 24.04.07 DWP Press Release, Financial Services, Insolvency, Pension Protection Fund
Report on Personal Pension Accounts Investment Management Association (IMA), says Commons committee for Work and Pensions have produced a thoughtful and well-argued report into Personal Accounts, rightly emphasised the need for simplicity, particularly in relation to the collection of contributions 29.03.07 IMA Press Release, Financial Services
Review of FAS Asset Management DWP secretary John Hutton yesterday announced a review of pension scheme assets held by insolvent employers, review will examine best use of assets in pension schemes winding up under-funded with insolvent sponsor, determine if these funds could be used to assist affected members 29.03.07 DWP Press Release, Insolvency, Pension Protection Fund, Pension Regulator
Budget Impact on Pensions Budget deals with a number of issues impacting occupational pension schemes, including Financial Assistance Scheme (FAS), inheritance issues, alternatively secured pensions and term assurance policies 22.03.07 LegalDay Blog, Law Now, Budget 2007
Rewards for Investors in Class Actions National Association of Pension Funds (NAPF), has published paper encouraging UK pension trustees to participate in securities class actions in the US, $20b paid out in damages last year alone 16.03.07 NAPF, Capital Markets
Tax on Occupational Pensions The Revenue has published revised guidance on the test for determining whether employer contributions to occupational pension schemes are tax deductible, guidance is in the Business Income Manual 03.03.07 Law Now, Employment Law, UK Tax
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JP Morgan Suing Lovells Mediator ruled in favour of Finnish insurer on JP Morgan's advice in buying Polish pension business from Norwich Union, now bank is suing lawyer Lovells as source of poor advice 27.03.07 Times, Company Law
Court Backs Pensioners Mr Justice Bean says pension minister John Hutton had no power to reject report of ombudsman Ann Abraham, case of four pensioners whose penison schemes collapsed when sponsoring companies became insolvent, prior to pension protection fund, ruling could affect on 85k pensioners 22.02.07 BBC, Employment Law, Pension Protection Fund
Insolvency Betrays Pensioners Govt had encouraged workers to save through occupational pension schemes, assured that they would be paid in cases of insolvency, application for judicial review of govt decision to reject compensation, affects 125k private sector workers 08.02.07 Daily Mail, Insolvency, Pension Protection Fund
Judge Raps DWP in Pension Case Mr Justice Collins has summoned DWP officials to explain the department's failure to meet a deadline in judicial review of pension scheme collapse 05.12.06 Telegraph
Pension Bankruptcy Pension trustees at Armstrong Group, an otherwise healthy business, reject management plan for pension deficit to access superior funds available after bankruptcy through Financial Assistance Scheme 15.03.06 Telegraph, Insolvency, Pension Protection Fund
Part-Time Rights Lords rule part-time workers to have same pension, sick pay rights as full-time workers, expected to set precedent for thousands of tribunals 02.03.06 Guardian, Employment Law
