View more on these topics

Sea Containers withdraws appeal to the Pensions Regulator

Sea Containers has withdrawn its appeal to the Pensions Regulator against a decision to issue two financial support directions on the company.

Sea Containers will now have to provide a form of financial support to two pensions schemes belonging to its subsidiary Sea Containers Services within 30 days.

In June 2007, the Pensions Regulator determinations panel decided to issue two FSDs on the company after parent company Sea Containers went into Chapter 11 administration in 2006.

The Regulator ordered Sea Containers, which owns the train company GNER, to inject at least £90m into its pension funds or face court action.

An FSD requires a connected or associated party to support a final salary pension scheme within the same corporate group.

This marks the first time that the watchdog has obtained permission to demand cash on behalf of pension trustees from a company that it fears will abandon its retirement liabilities.


Threadneedle takes over Invesco’s DC business

Threadneedle has bought Invesco Perpetual’s full-service defined-contribution pension business which has total assets of £470m.Threadneedle launched its DC product in 2001 and manages pension funds for over 100 clients with total assets of around £1.3bn. It intends to grow DC business and says Invesco’s transferred clients will get access to a broader fund range, improved […]

Building society would look at bids

Derbyshire Building Society’s new chief executive Graham Picken says the mutual will consider takeover bids but he would prefer it to remain independent.Picken, previously a non-executive director, last week replaced chief executive Peter Richardson who is retiring early after being in the role for eight years.The society was recently put on review for a possible […]

Clients round the world don’t want to pay by fee

An international study has found that fewer than 10 per cent of consumers are willing to pay for advice on insurance, mortgages and investments.The World Insurance Report by Capgemini Financial Services surveyed more than 11,000 customers in 10 countries.Only 8 per cent say they are willing to pay for advice on insurance policies and the […]

Oil industry: only the fittest will survive

The actions of OPEC have forced the oil supply to fall and producers to cut costs and rationalise, says Richard Hulf In an interview with journalist Alexis Xydias, Richard Hulf, manager of the Artemis Global Energy Fund, explains the impact of the fall in the oil price on energy companies. Alexis also quizzes Richard on […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm