Including: UK - Punter Southall urges caution over buyouts; US - WR Grace to add $24m contributions
In a letter to the Financial Times, Joanne Livingstone, a principal with Punter Southall, said trustees could not stand down yet, despite the rise of the buyout industry. She said most pension schemes could not afford to offload liabilities and urged schemes to consider the suitability of the products on offer.
US - WR Grace to add $24m contributions
The Wall Street Journal (WSJ) has reported chemical company WR Grace is to add a $24m contribution to its defined benefit (DB) pension plan, despite undergoing Chapter 11 bankruptcy proceedings. The WSJ additionally reported the company has contributed over $300m to the scheme since 2003.
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.