Coats Group

Here it is, our monthly digest of the most important pension articles Professional Pensions has written and published over the last month, along with some contextual notes.

Coats Group has agreed with its UK pension trustees to defer the payment of its remaining deficit recovery contributions (DRCs) for 2020.

Coats Group has recorded a narrow defined benefit (DB) surplus of $1m (£0.8m) across its three UK schemes.

This week's top stories included reports that chancellor Philip Hammond is considering cutting higher-rate tax relief in the Autumn Budget, while the Court of Appeal ruled IBM had the right to impose a cap on increases in pensionable pay.

The Financial Reporting Council (FRC) has extended the scope of its investigation into the conduct of individuals who oversaw the three Coats Group defined benefit (DB) schemes.

Coats Group has agreed a £74m settlement with The Pensions Regulator (TPR) to end enforcement action for the third of its defined benefit (DB) schemes.

The combined deficit of Coats Group's three defined benefit (DB) schemes rose by £181m over 2016, according to its annual financial report.

The Pensions Regulator (TPR) has given Coats Group written assurances that action over two of its defined benefit (DB) schemes will be dropped once settlement is complete.

The Pensions Regulator (TPR) has secured a £255m payment to save the benefits of 24,000 Coats Group scheme members, marking the start of the end to a three-year saga.