The legal situation seems to arise because former Allders owner Minerva still retains a 60 per cent holding in Scarlett Retail, the company that took Allders private.New legislation to protect company pensioners was supposed to help. The pensions protection fund, which comes into being in April, allows up to six years to determine who (including former owners) is liable for the company’s final-salary pension scheme deficit. This is a long period of uncertainty for all directors concerned. My worry is that this new pension legislation could lead to the higher-calibre non-executive directors of quoted companies stepping down from boards if they think trouble is brewing on the pension front. As NEDs are on boards to protect shareholders and create added value, the best ones could quit their positions, leaving room for less scrup-ulous or inexperienced independent directors. This is the key issue. It is the weakest companies or those with the biggest pension problems that require the services of the premium non-executive directors. Urgent action must therefore be taken that balances the interests of management teams, shareholders and company pensioners. Luke AhernDirector of broking,Corporate Synergy,London
Sales of annuities have almost trebled in the past 10 years and the market will more than double again by 2012, according to the Association of British Insurers.
Chartwell chief executive Craig Wetton is calling for IFA firms to do more to convince consumers that there is value in advice.
HSBC has become the first bank to multi-tie, offering highstreet customers funds from Fidelity, Gartmore, Invesco Perpetual, JP Morgan Fleming and Schroders.
Michael Walker has resigned as director of Murray VCTs 2 and 3, after the trusts moved management of their funds from Aberdeen to Close. Aberdeen fund manager Bill Nixon had suggested merging some of the Murray VCTs as a means to reduce costs. IFAs and industry commentators have speculated that the decision to sack Nixon […]
Ryan Medlock, Investment Proposition Manager, Royal London Royal London Asset Management’s (RLAM) new head of multi-asset is officially up and running. I want to look at what expertise Trevor brings to the table and how this affects the Governed Portfolios (GPs) and Governed Retirement Income Portfolios (GRIPs). Trevor Greetham joined RLAM in April 2015 from […]
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Three advice firms have stopped giving pension transfer advice following work by the FCA over the future of the British Steel Pension Scheme. A statement this afternoon details the FCA’s “information gathering exercise” to identify the firms that have been most active in advising people to transfer out of the scheme. The regulator got information from […]
The FCA has launched a consultation on its approach to authorisation and competition, which will be open to responses until March next year. Following the launch of the FCA’s mission in April, the approach documents are the second and third in a series of papers explaining how the watchdog tackles regulation. The first document, the […]