UK - Scottish conglomerate CJ Lang & Son has blamed the closure of its DB scheme for a £2m drop in profits.
The company, which owns the Spar convenience stores, has blamed its poor performance on the “exceptional costs” incurred in making provisions for the closure of its pension scheme.
CJ Lang & Son chairwoman Joan Scott-Adie said the drop in profits reflected the predicted costs of funding the scheme deficit and related fees.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.