UK - Standard & Poor's has cut Rolls Royce's credit rating to just two places above junk status because of its pension liabilities.
S&P said that while the outlook for Rolls Royce was “stable” it had cut the firm’s rating to triple-B after the engine manufacturer reported a “significant post-retirement liability” of approximately £1.4bn.
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.