US - The Pension Benefit Guaranty Corporation (PBGC) has stepped in protect the pensions of more then 900 former employees of two underfunded pension plans.
In the first case, the PBGC assumed responsibility for a plan covering 464 former employees of Oklahoma Fixture Company, a bankrupt manufacturer of retail store fixtures and architectural woodwork.
It stepped in because the pension plan was abandoned following the sale of substantially all of the company's properties to Tulsa-based Penloyd LLC.
In a separate development, the PBGC has taken on responsibility for the underfunded pension plan covering 477 former employees of furniture manufacturer Keller Manufacturing Co. Inc.
It stepped in because Keller Manufacturing is unable to fund the pension plan.
In both cases, the PBGC said retirees and beneficiaries will continue to receive their monthly benefit checks without interruption, and other participants will receive their pensions when they reach retirement age.
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.