UK - Newspaper and magazine distributor Dawson Holdings has revealed an FRS17 deficit of £6m on its £30m pension scheme.
The scheme, which closed to members in 1999, has increased member contributions – for two categories of employees – from 5% to 6% and 4% to 4.5%.
Chairman Peter Brown said: “Because of actions taken in the past and the willingness of the members to share the increasing cost of funding, the scheme has a manageable deficit even if the stock market remains at current levels.”
The company’s 2002 interim financial results reduced its equity exposure moving from an 80-20 equity/bond split to a 60-40 allocation.
Railways Pension Trustee Company chief executive Phil Willcock has quit the scheme after only 10 months to take up a position as head of AIG UK Life.
The Financial Conduct Authority (FCA) has launched a consultation on how to enable defined contribution (DC) savers to invest in patient capital via unit-linked funds.
The Pension Protection Fund has published its final levy rules for 2019/20 following a consultation launched in September.
The Competition and Markets Authority's (CMA) final report on the investment consultant market has been celebrated as having "real teeth" to produce better outcomes for members.