UK - The Royal Bank of Scotland (RBS) Group pension scheme may use more than £800m of taxpayer cash to shore up the funding position of its pension fund.
The RBS fund, which closed to new members in 2006, still has some 65,000 members still accruing benefits and 165,000 deferred or pensioner members.
The news comes soon after it emerged former chief executive Sir Fred Goodwin was eligible for annual pension payments of £693,000 a year and had earned a pension pot worth in excess of £16m (Globalpensions.com; 26 February 2009), which could be difficult or impossible for the taxpayer to reclaim.
RBS could not be contacted for comment.
Ex-BHS owner Dominic Chappell has been ordered to pay a total of £87,000 in fines and court costs after he was found guilty of failing to provide The Pensions Regulator (TPR) with information.
The Department for Work and Pensions (DWP) has said it while believes in the benefits of consolidating defined benefit (DB) schemes, there are significant issues to overcome.
There is just one week left to register to enter the Workplace Savings and Benefits Awards 2018.
Nearly a third (32%) of employers believe new technologies, such as augmented and virtual reality, will play a part in benefits communications, latest research from Aon Employee Benefits reveals.