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.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.