UK - Pension Corporation has doubled its stake to over 20% in cooker manufacturer Aga Foodservice, a move rumoured to be the start of a full takeover of the company's healthy pension scheme.
A spokesperson for Pension Corporation confirmed it had increased its stake to 20%, but could not provide further comment because it was a listed company.
The market cap of Aga is only £370m, however, according to its interim report published in September, its pension scheme is worth £791.9m.
The pension scheme has a surplus of £73.4m on an IAS 19 basis, because a £4.5m payment was due to the pension scheme in 2007 after the 2005 actuarial valuation. In the first half of 2007, £1m was paid in, with a further £3.5m paid in the second half.
The group appointed KPMG Pensions to assist in assessing how best to address the financial strategy for the scheme against a changing market for risk management of such schemes, the interim report revealed.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers