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.
The Department for Work and Pensions (DWP) will develop and test new ways to include 4.8 million self-employed workers in pension savings.
Opt-out rates at the end of June 2018 "remained consistent" with levels before the April contribution rate increase, according the Department for Work and Pensions (DWP).
The Pensions Regulator (TPR) has appointed Charles Counsell as its new chief executive, who will take over from Lesley Titcomb next year.
The Financial Reporting Council (FRC) should be abolished and audit and advisory businesses should be split into separate entities to improve the sector for both savers and investors, two reports published today say.