FINLAND - Neste Oil will transfer is supplementary pension plans to insurer OP Life Assurance, the firm said today.
The transfer of €270m (US$435.9m) in liabilities will be complete in April 2010. The liabilities are currently part of the Neste Oil Pension Fund. The supplementary plan covers employees who joined the firm before 1994.
This is the second recent pension transfer for Neste. In December, the firm transferred its statutory occupational pension schemes to Ilmarinen.
Jonathan Stapleton asks whether newly-accredited professional trustees should be a statutory fixture on pension scheme boards.
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.