US - The Pension Benefit Guaranty Corp (PBGC), the US pension lifeboat insurer, has taken over responsibility for workers in the Propex pension plan.
The PBGC said it estimated the two Propex pension plans - the Cash Balance Retirement Plan and the Cash Value Retirement Plan - were about 67%, with combined assets of US$40.6m and liabilities of $61m.
The agency said it expected to cover about half ($19.4m) of the $20.4m funding shortfall and would soon communicate with members of the two Propex schemes to inform them of the changes to their retirement plans in the coming weeks.
The two Propex plans were frozen, in 2006 and 2005 respectively.
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.