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.
The Environment Agency Pension Fund (EAPF) has joined a coalition of 88 investors to demand companies disclose more information on environmental impact.
The cross industry guaranteed minimum pension (GMP) equalisation working group has formed five sub-committees to each work on a key component of the guidance.
KAS Bank has launched an end-to-end cost transparency solution for defined contribution (DC) schemes to assist in the delivery of chair's statements.