UK - The Pensions Compensation Board is imposing its first levy on schemes for seven years after receiving a "significant" number of claims.
The board, which provides financial support to members at schemes where assets have been reduced through theft or fraud, says the levy will be set at its previous rate of 23p per member. The last time schemes were levied was 1997.
Pensions minister Malcolm Wicks said: “It is vital that the PCB has adequate funds to be able to provide financial help when appropriate.”
But Wicks said the general levy – used to fund the Occupational Pensions Regulatory Authority, the pensions ombudsman, the pensions advisory service OPAS and the Pensions Scheme Registry – would remain at its current rate for 2004-05.
Schemes with two to 11 members will pay a flat rate of £12, while schemes with 12 to 99 members will pay £1.25 per member.
Schemes with 100 to 999 members will pay 90p per member, while those with 1000-4999 members will pay 70p per member. Schemes with between 5000 and 9999 members will pay 53p per member and those with over 10,000 members will pay 37p per member.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.