UK/US - US-based technology firm Zarlink Semiconducter is spending £4m winding up its UK DB pension scheme.
The company decided to wind up the Mitel Semiconductor Pension Plan in a bid to cut costs across its UK operations.
The wind-up is being administered by Towers Perrin.
The scheme’s 710 members will now be offered access to a DC plan. Zarlick has factories and offices in Swindon, Lincoln, Plymouth and Caldicot.
Pension freedoms could generate as much as £1.9bn a year in tax revenue for the next 10 years, according to research by the Pensions Policy Institute (PPI).
The Pension Protection Fund (PPF) has conceded it does not have "all the data we need to calculate" the impact of last month's ruling that some benefits may be unlawful.
A looming court decision on gender equalisation of pension schemes could hit FTSE 100 profits by up to £15bn, Lane Clark and Peacock (LCP) says.
Dutch custodian KAS Bank has created a fintech solution to help schemes save on costs and improve transparency of currency hedging strategies.