UK - Receivers at beleaguered food group Albert Fisher have appointed Hogg Robinson as an independent trustee to run the company's pension schemes.
The former trustee board resigned to let independent trustees take control of the schemes and begin a process of due diligence. They are also looking at the asset mix to make sure it meets the changed circumstances of the fund.
The company called in KPMG as receivers in May.
Aon Consulting pensions director Chris Bamford, the schemes’ actuary, said: “The priority is in addressing the investments for the future.
“With no sponsoring company now in the background, the trustees have to consider themselves as being on their own.
“That gives less confidence because if they get the investments wrong, there is no company there to bail them out.”
As well as gathering information on the schemes, Hogg Robinson is also talking to the new owners of several Albert Fisher businesses about them paying money in to the schemes to cover former employees.
Hogg Robinson lead consultant Fiona Lawrance said no decision had been made on the future of the Albert Fisher schemes, but she hoped a letter would be sent to members this month.
The principal Albert Fisher Pension Scheme has 753 current, 786 deferred and 433 pensioner members.
Hyperbolic discounting and political temptation: Why Brexit-fuelled AE reversal would be a 'monumental' mistake
The home secretary has suggested AE should be scrapped in the event of a no-deal Brexit. Darren Philp explains why this would be misguided
The trustees of the Kodak Pension Plan No.2 (KPP2) have said it will likely enter the Pension Protection Fund (PPF) in "due course" after reviewing the scheme's investment in Kodak Alaris.
A US company has completed a £285m pensioner bulk annuity for around 1,100 of UK members with Legal & General (L&G).
Former BHS chief Dominic Chappell has been accused of trying to rewrite history as he seeks to overturn a conviction for failing to hand over information to the regulator.