Investment

The government is set to index private sector pension increases to the Consumer Price Index in a move that could cut £100bn from scheme liabilities.

UK/CANADA - The UK's Pensions Regulator has issued a Financial Support Direction against companies in the Canada-based Nortel grou,p requiring them to provide support for the UK scheme, which had a £2.1bn (US$3.1bn) shortfall on a buyout basis.

EUROPE - The European Commission is considering an EU-wide safety net for pension schemes similar to the UK's Pension Protection Fund (PPF).

European Commission proposals for an adjusted version of Solvency II standards for pension schemes could cost Britain £500bn if they are implemented, the Confederation for British Industry warns.

UK - European Commission proposals for an adjusted version of Solvency II standards for pension schemes could cost Britain £500bn if they are implemented, the Confederation for British Industry has warned.

The Pensions Regulator has issued a Financial Support Direction against companies in the Nortel group requiring them to provide support for the UK scheme, which had a £2.1bn shortfall on a buyout basis.

The Financial Services Authority has fined Gateshead-based IFA N-Hanced £21,000 for exposing their customers to the risk of receiving poor advice about switching their pension.

The anti-avoidance regulations proposed by the government in the budget will increase the use of pension alternatives, providers say.

Concern that The Pension Regulator is ‘directing' rather than ‘guiding' through its guidance is increasing within the industry, participants say.

Alliance Boots employees will be given extra time to reapply for a new defined contribution pension scheme after the firm refused to allow members to "reserve rights" as part of the joining process.