UK - Proposed changes in bankruptcy rules will increase the risk of pension funds being left underfunded with insolvent employers, lawyers claim.
They fear plans to reduce the ban on a bankrupt running a business from three years to 12 months may be exploited by individuals as a way of escaping pension fund debts.
The new rules – outlined in the Enterprise Bill – give trustees in bankruptcy only three years to recover property from a debtor.
Lawrence Graham partner Nick Pike said: “Existing bankruptcy regulations are quite strict.
“The trustee in bankruptcy is empowered to sell your assets any time in the future until your debt is discharged.
“The ramifications of the proposed legislation do not appear to have been fully debated or understood.”
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.