UK - Textile manufacturer Sherwood Group has appointed Barnett Waddingham to advise on the future of its £11m DB scheme.
The group discussed the option of winding up the scheme in a trading update this week – a move that would cost £14m under the government’s action plan for occupational pensions reform.
The scheme – which has a £2.9m deficit – has been closed to new members since April and is set to face further pressure from a wave of redundancies which will decrease member contributions.
Group chairman Noel Jervis said: “We are about to have a redundancy programme that will leave us with very few active members.”
He added that companies were becoming increasingly unclear of how to measure any pensions shortfall and how this should be made up.
“We’ve now got four measures of deficit: SSAP24, MFR, FRS17 and now the wind-up requirements,” he said.
“It is difficult for us, as managers, to understand what is our exact liability,”
The trading update said the scheme would require an additional £1.8m to increase the funding level to 90% under the minimum funding requirement.
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.