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.
Royal London saw its new group pension business decline over the first half of 2018 as the rollout of auto-enrolment (AE) drew to a close, according to its interim results.
Now Pensions has made "huge progress" in resolving legacy administration issues - switching systems and completing unit adjustment for a "large proportion" of members, it says.
Trustees of the Airways Pension Scheme (APS) will not make a firm decision on whether to appeal the Court of Appeal's judgment on discretionary increase payments until September.
Accountant Hashmukh Shah has pleaded guilty to deliberately providing false information to The Pensions Regulator (TPR) when stating a pension scheme had been set up for staff of a London-based restaurant.