UK/US - US-based technology firm Zarlink Semiconducter is spending £4m winding up its UK DB pension scheme.
The company decided to wind up the Mitel Semiconductor Pension Plan in a bid to cut costs across its UK operations.
The wind-up is being administered by Towers Perrin.
The scheme’s 710 members will now be offered access to a DC plan. Zarlick has factories and offices in Swindon, Lincoln, Plymouth and Caldicot.
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.