A £250m contingent payment, due to be paid in 2019, was created for Airways Pension Scheme (APS) trustees to use however they wanted, according to its former chairman.
The claim was made by Paul Spencer during the High Court trial where British Airways (BA) is contesting the decision by APS trustees to award a 0.2% discretionary increase - above the Consumer Price Index...
The Pension Regulator’s (TPR) strengthened powers under the Pension Schemes Bill could lead to a revival of its clearance process, according to advisers and lawyers.
The long-debated Pension Schemes Bill has received parliamentary approval, guaranteeing its place on the statute book.
Some £20.1bn of defined benefit (DB) pensions were advised to transfer between 2018 and 2020, while £10.2bn were recommended not to transfer, Financial Conduct Authority (FCA) data reveals.
Pension trustees will have much more involvement in business discussions and corporates will need to think more about pensions when the watchdog’s increased powers come into force, LCP says.
Mediation has been under-utilised historically as a means of dispute resolution in this area. Mark Blyth and Geoff Egerton think this is going to change.