UK - Less than half of companies have moved to reduce their risk rating and levy, while 45% simply did not know what they planned to do about it, a survey by pension consultants Entegria has found.
Pat Wynne, director at Entegria, said the results of the survey on pensions managers showed the annual risk levy for the Pension Protection Fund (PPF) could be a significant burden on companies, but added: It is a tax that can be mitigated through undertaking specific action.
According to Wynne, companies needed to seriously look at their D&B scores (a risk of failure score calculated by Dunn and Bradstreet) to improve their credit assessment ratings, and also look at other actions to reduce the variable part of the levy.
“For example, the simple action of removing county court judgements can significantly reduce credit ratings and markedly reduce the annual levy, said Wynne.
By Damian Clarkson
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.