UK - Capital Cranfield looks set to step down as independent trustee at pension liberator The Brand New Carpet Company and Glenworthy.
OPRA appointed Capital Cranfield to wind-up the Brand New Carpet Company a year ago. The position is now up for renewal, but the firm looks set to refuse.
The independent trustee has already raised concerns with OPRA over the funding arrangements in its role.
Chairman Andrew Benke said the firm was not willing to be paid for its role using pension fund money that was collected by “illicit” means.
He also criticised the pensions regulator for its “lacklustre” approach in cracking down on pensions liberation firms.
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.
This week's top stories included coverage of the much-anticipated defined benefit (DB) white paper and the sector's reaction.