UK - The funding position of RBS Group's pension scheme fell by £2.3bn during 2008, company results reveal.
It said this was due to a decline in the value of plan assets, although it was partially offset improvements in the valuation of its liabilities, driven by increases in the value of AA+ rated corporate bond yields and a falling assumed rate of inflation.
This comes as it was revealed the bank's former chief executive Sir Fred Goodwin, who left the bank in October last year, is already drawing a pension worth £650,000 a year.
Chancellor Alistair Darling told the BBC this morning such excesses could not be justified in the face of failure, and said government lawyers were looking at whether some of the money could be clawed back for taxpayers.
However, Buck Consultants head of technical services Kevin LeGrand said it might not be possible to recover any of the pension assets as they could be contractually guaranteed.
He told Global Pensions: "From a general point of view, if he actually earned it through the terms of his employment contract that gives him the rights to this level of pension, then it should be protected.
"HM Revenue & Customs would not let you take pensions away like that. They wouldn't be able to take money away unilaterally."
He added: "Unless he agreed to waive part of the pension, it would be a quite difficult legal thing to do."
Proposed changes to The Pensions Regulator's (TPR) notifiable events framework so it can be more proactive when corporates make changes will create a very challenging workload, it has been said.
Aviva has created a new pension skill for Amazon Alexa that allows customers to find out how much they have saved towards their retirement.
PP has compiled a list of what to watch out for over the coming months.
The proposed cold-calling ban may be ineffective if a collaborative regulatory approach between the UK and the European Union (EU) is not maintained post-Brexit, the Pensions Management Institute (PMI) has warned.