UK - Members of the Nikko Europe Pension Fund are calling on the government to make its wind-up safeguards retrospective.
Last year’s June 11 Action Plan requires solvent companies to meet their pension obligations when they put a scheme into wind up. But Nikko
Europe fund members – who stand to lose up to 59% of their benefits – say they are not protected because the scheme went into “member voluntary liquidation” in December 2001.
Nikko Europe employed 450 people at its peak.
Scheme members have appealed to regulators in both Japan and London to take action to restore their benefits.
But Independent Pension Trustee, which is dealing with the wind up, said nobody had lost out yet and that it expected the company to respond, once the funding position had been established.
This week's edition of Professional Pensions is out now.
Ben Gunnee reflects on 2018 and talks about the Fiduciary Management trends to keep an eye on in 2019
Lloyds Banking Group secured 630,000 new pension customers last year, according to its 2018 annual results.
Guy Opperman has rejected calls to speed up changes to auto-enrolment (AE) despite increasing pressure to boost contribution rates and overall savings pots.