SWITZERLAND/UK - Private equity house Gresham is to separate from its parent company Zurich Financial Services, following a management buyout.
Gresham’s management has set-up a limited partnership to acquire the firm, which will be led by chief executive Paul Marson-Smith and directors Mike Henebery, Simon Inchley, Ken Lawrence and Paul Thomas.
ZFS will continue to support Gresham and invest £265m in the firm.
Enhanced powers for The Pensions Regulator (TPR) to prosecute and fine company directors who "wilfully or recklessly" put their defined benefit (DB) pension scheme at risk will be hard to enforce, commentators say.
Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.
Existing master trusts will be forced to pay £41,000 when applying for authorisation under the upcoming regime, the government has confirmed.
UPDATE 2 - DWP publishes DB white paper: Stronger powers for TPR, DB chair statements to be introduced
The Pensions Regulator (TPR) will be given the power to fine company bosses who deliberately puts their defined benefit (DB) schemes at risk, the government has confirmed.