UK - Manufacturing union Amicus-AEEU is urging the government to restore advanced corporation tax to help save final salary schemes.
ACT – which allowed scheme to take dividends from their equity investments tax-free – was scrapped by the Labour government when it came to power. Critics claim the move has cost schemes up to £5bn.
Amicus said that its demand for the restoration of ACT will form part of a concerted campaign to try to highlight the true scale of the problems facing the pensions industry.
It will urge its 300,000 members to lobby MPs and it is setting up a website outlining how they have been affected by scheme closures.
Amicus head of pensions Julian Richards said: “Every day we speak to companies which cite the removal of ACT as the ‘killer fact’ in what they do to their pension scheme.
“I’m concerned that the government thinks that there is no crisis in occupational pensions, and that it is manufactured by people like us and the media.
“So part of this campaign will be to get our members to raise their concerns as individuals and scheme members to the government that this affects ordinary people.”
The Insolvency Service has disqualified four directors of trustee firms from running companies for a total of 34 years following an investigation.
Errors in the Competition and Markets Authority's (CMA) data analysis make its provisional decision on the investment consultants market investigation "flawed", and lacks an "adequate evidential basis" to impose remedies, Mercer has said.
Environmental, social and governance (ESG) issues could be the key to greater engagement with members if the power of investments is communicated well, says Emma Douglas.