US - US communications giant Crown Castle International has pledged to plug the scheme deficit at its UK subsidiary which is being sold to National Grid Transco.
The pledge follows talks with broadcasting union BECTU which urged the US firm to use some of the profits from the sale to clear the £16.5m deficit.
BECTU pointed out that the £1.13bn NGT is paying for the business is more than four times the £233m Crown Castle paid when it bought the transmitter business from the BBC in 1997.
BECTU national official Willie Leslie said Crown Castle has made a considerable profit on the sale and the union’s objective was “to get them to use that money to make good on the deficit”.
He said the scheme would now remain open but would be run on a career average rather than final salary basis.
HMRC has confirmed providers operating relief at source pension schemes can continue to collect automatic tax relief at a basic rate of 20% under new Scottish Income Tax rules.
The Pensions Regulator (TPR) is seeking "improved" powers to set a schedule of contributions in defined benefit (DB) schemes in the government's upcoming white paper, it has revealed.
New regulatory rules which require providers and advisers to produce annuity illustrations will not solve the problem of consumer detriment as they are "fundamentally" flawed, according to Retirement Advantage.
Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.