UK - Local authorities have been short-changed if they have used cash from council house sales to plug scheme deficits.
A House of Commons public accounts committee report claims council houses have been undervalued because the original model was flawed.
A total of 41 English councils, representing 16 pension funds, have been given the go-ahead to deposit capital receipts into their pension schemes. At least 10 have already done so and the others have until March 31, 2004, to finalise transactions.
The £343m London Borough of Brent Superannuation Fund has moved about £2.8m to boost its pension fund.
The £860m West Sussex Council Pension Fund confirmed that four councils – Adur, Arun, Chichester and Crawley - have contributed capital receipts to the fund totalling £28.5m. A spokeswoman indicated this was likely to have been the result of council house sales.
But the Commons Improving Social Housing Through Transfer report said: “The requirement that local authorities use a standard model to calculate the transfer value of homes may have led to the undervaluation of the homes transferred so far.”
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.