Lack of transparency at the Pensions regulator serves no purpose whatsoever.....
The UK arm of Readers Digest has been forced into administration after a deal struck with the American parent company, (in voluntary bankruptcy procedures) trustees of the pension fund and the Pension Protection Fund -- the "Pensions Lifeboat" -- was refused clearance by the Pension Regulator. The deal involved a £10.9m payment to the fund and the transfer of assets to the Readers Digest UK pension fund.
There are about 1600 members of the Readers Digest UK pension fund who will be affected by this move and who could now see their pensions reduced since the Lifeboat will only cover 70% of proposed benefits. The details on which the refusal to clear the proposal were made have not ben made public. They may be very sound. Equally they should be made public so that pensioners, trustees, fund managers and companies all know the rules under which they are supposed to be playing.
There are about 1600 members of the Readers Digest UK pension fund who will be affected by this move and who could now see their pensions reduced since the Lifeboat will only cover 70% of proposed benefits. The details on which the refusal to clear the proposal were made have not ben made public. They may be very sound. Equally they should be made public so that pensioners, trustees, fund managers and companies all know the rules under which they are supposed to be playing.
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