UK - Two Compass directors have had their pensions increased to 10 times the proposed £1.4m lifetime savings cap.
Chairman Sir Francis Mackay’s pension is now worth £13.7m, a rise of £2m, while chief executive Michael Bailey’s fund has increased by over £1.5m to £13.6m.
Both increases would have exceeded the proposed lifetime limit on tax-free pension savings.
The pair were awarded the increase after helping the catering firm achieve a 10% rise in operating profits and a 6% rise in like-for-like sales in 2003.
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.
An independent expert panel will be commissioned to review how the £6.1bn funding deficit figure for the Universities Superannuation Scheme (USS) was reached, Universities UK (UUK) has announced.
Responses to the Professional Trustee Standards Working Group's consultation have flooded in. While the industry mostly welcome the proposals, there is disagreement on some areas, writes Kim Kaveh.