UK - WHSmith's pension scheme trustees have slashed the deficit payment that private equity manager Permira will have to make if it renews its bid for the retailer.
Permira’s £940m bid collapsed last month after the scheme insisted that any takeover deal would have to include plugging the £215m deficit.
But trustees have told Permira it will only need to make a payment of £150m towards the shortfall after the equity manager asked backers to give the scheme equal status as a creditor.
The Takeover Panel has given Jamaica Trading – a Permira fund backed by banks and other private equity funds – until August 9 to make a fresh bid.
WHSmith is planning to sell or demerge its Hodder Headline publishing subsidiary before the end of the year, with any proceeds going to shareholders. But trustees say if a sale takes place they will expect a further cash contribution to the scheme.
A former energy and climate change secretary has said that by continuing to invest in fossil fuel firms, pension schemes are just making the climate change crisis even worse.
The Royal Mail Defined Benefit Cash Balance Scheme (DBCBS) has ended its first full-year with a £9m actuarial surplus, the company says.
The Salvus Master Trust has launched a mobile app for members after employers revealed they wanted their members to have more access to online tools.
A rise in UK inflation back above the Bank of England's 2% target rate will not change the thinking of its Monetary Policy Committee with regards to interest rates, experts have said.