UK - The £1bn Pearson Group Pension Plan will close to new members from January 1.
The media giant is setting up a defined contribution scheme – Money Purchase 2003 – in its place with a pledge to double employee contributions.
The pledge applies to employee contributions up to a maximum of 8% which matches Pearson’s policy for the money purchase section of its existing hybrid scheme.
Pearson director for people David Bell said the new scheme would make it easier for the company to estimate its future liabilities and that its flexibility meant it was better suited to the needs of many employees.
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.