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More pension funds raids expected

Lawyers are expecting more raids on pension scheme surpluses by employers as more common law courts support company&#39s claims.

The forecast follows strike threats by Ford workers after a proposed merger of two company pension schemes lead to claims the company would then raid the £507m surplus to plug a separate deficit.

The Ford example precedes a similar UK case involving a surplus in the National Grid pension scheme, which is set to go before the Lords next year.

Law firm Eversheds partner Robin Ellison says: “There have been recent court cases in the US, New Zealand and South Africa about surpluses and who owns them and in almost all the cases they have said the surplus belongs to the employer.”


“Ethically unsound” insurance companies attacked

UK insurance companies are failing to take environmental and social issues seriously, according to a new report by Friends of the Earth.The report contains a league table of insurance companies and their environmental policies.FoE is urging insurance companies to pressurise the companies they invest in to clean up their acts.FoE policy and campaigns director Tony […]

Lloyds TSB ditches endowments

Lloyd&#39s TSB is joining other high street lenders by ditching endowment mortgages.From Thursday its interest-only endowment mortgages will be pulled following the withdrawal from the market by Nationwide, Halifax, HSBC and Barclays.Lloyd&#39s TSB says its endowments are being axed after forecasts of continued low interest rates and a decline in sales of the controversial policies.Lloyd&#39s […]

Carreras hits right note for ScotEq

Scottish Equitable owner Aegon UK is to sponsor a Scottish charity spectacular featuring world famous tenor Jose Carreras.The opera singer&#39s December 8 appearance, in the inaugural concert at the newly refurbished Usher Hall, Edinburgh, is aimed at raising money for Leukaemia. It will be the first time in nearly 20 years he has performed in […]

Opra sings out against stakeholder

The Occupational Pensions Regulatory Authority has blasted stakeholder plans for small companies as virtually &#39unworkable&#39.The regulator fears Government proposals allowing firms with less than five employees not to offer stakeholder will simply prove too difficult to regulate unless new guidelines are introduced.Opra wants stakeholder plans to be redrafted so firms must only set down the […]


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