UK/NETHERLANDS - Financial services group Aegon has acquired a 60% stake in Newcastle-based IFA Positive Solutions for an undisclosed sum.
The IFA – which has been operating since 1997 – will become part of Aegon Distribution Holdings which also includes Wentworth Rose, Advisory & Brokerage Services and Momentum.
Positive Solutions will likewise retain its existing identity and have its own board.
Aegon Distribution managing director Peter Dornan will join the IFA’s board while David Harrison will remain as chief executive.
Separately, Aegon’s Dutch arm, Aegon Nederland, is looking to acquire administration agency TKP, according to reports.
The agency was set up by the Dutch telecoms and postal service pension schemes, KPN and TPG, and serves six pension funds with assets of some E6bn.
Enhanced powers for The Pensions Regulator (TPR) to prosecute and fine company directors who "wilfully or recklessly" put their defined benefit (DB) pension scheme at risk will be hard to enforce, commentators say.
Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.
Existing master trusts will be forced to pay £41,000 when applying for authorisation under the upcoming regime, the government has confirmed.
UPDATE 2 - DWP publishes DB white paper: Stronger powers for TPR, DB chair statements to be introduced
The Pensions Regulator (TPR) will be given the power to fine company bosses who deliberately puts their defined benefit (DB) schemes at risk, the government has confirmed.