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Financial health of large companies deteriorates

A report from Experian has noted that food retailers and large companies in general have seen their financial credit ratings fall considerably from August last year. (more…)

Category : Corporate Insolvency,Insolvency news — Tags: , , — admin @ 3:36 pm September 29, 2010

Pension schemes, trustees and employer related investments – rule change

As of 23 September 2010, new rules have been applied to bring the UK into line with the EU on employer related investments, or ‘ERI’. The aim is to ensure that pension scheme assets are kept separate from those belonging to the employer – and ultimately the employer’s creditors. (more…)

Pensions Ombudsman and PPF Ombudsman to move to the Pensions Regulator?

In the Daily Telegraph on 24 September, a leaked Cabinet Office list was published, which showed that The Pensions Ombudsman and the PPF Ombudsman would become part of a single pensions regulator. It is not yet clear what savings are to be made by moving these two quangos to Brighton. (more…)

Employer Covenant gamble risks “aggressive” regulatory action

On 9th September Bill Galvin, the Pensions Regulator’s Acting Chief Executive, stated at the CBI Pensions Conference that the regulator would use its powers ‘aggressively’ against schemes that take risks on assessing employer covenant. The regulator is voicing its concern over low security schemes, whose sponsor covenant is insufficient to justify the risks taken within the scheme. (more…)

The Pensions Regulator’s statements on Employer Covenant

In June 2009, TPR issued statement that outlined how assessment of employer covenant fed through to the setting of technical provisions and agreeing scheme specific recovery plans, based on what is reasonably affordable by the sponsoring employer. (more…)

Category : Employer Covenant — Tags: , , — admin @ 1:45 pm September 23, 2010