UK - Four years is not too long a time to wind up a scheme, the pensions ombudsman has decided.
David Laverick rejected 46 complaints made by members of the GBE International Pension Scheme and said that four years was not an excessive amount of time if the firm had to reconcile data with the National Insurance Contribution Office.
Laverick also said that independent trustees were not “dragging their heels”.
The determination said matters beyond the scheme’s control – such as computer problems and backlogs by NICO – were causing the delays.
The secretary of state for work and pensions has told MPs clawback and avoidance measures could be imposed for the people responsible for driving Carillion over the cliff.
Occupational pension provision has continued to grow in value, but there remains large variance in incomes across the pensioner age group, according to latest government data.
Defined benefit (DB) schemes could have an aggregate surplus by 2021 under Pension Protection Fund (PPF) projections, its strategic plan for 2018 to 2021 reveals.
Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.