UK - Scottish Equitable has slammed the government for failing to tackle pension issues that are now more than 10 years old.
Scottish Equitable’s pensions development director Stewart Ritchie – who has marked the the 10th anniversary of his Ritchie Papers - claims the current funding crisis was recognised in his first edition.
He said: “Ten years on, we are still talking about the crisis in final salary scheme funding.
“The difference today is that, by all reasonable measures, the crisis is very much worse.”
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.