PRUDENTIAL LOST top director Mark Tucker yesterday after he resigned in search of a chief executive ...
PRUDENTIAL LOST top director Mark Tucker yesterday after he resigned in search of a chief executive position that was not opening up at the company where he spent 18 years, The Daily Telegraph reports.
The company's highest paid director, and in charge of its Asian operations, Tucker is said to have come up against a "glass ceiling" at the firm, where many of his fellow board members are in their 40s – meaning he would have to wait possibly a decade before getting a shot at the top job.
Tucker is leaving without compensation, although analysts say he "could easily get a job with a bank", the Telegraph writes.
EXECUTIVE PENSION POTS may not be in trouble, but a new report from the NAPF indicates that just 20% of UK firms now still operate a DB scheme, after the closure in the past 12 months of 40% of such schemes previously offered.
The Scotsman says the misery was compounded yesterday when BT and Royal Mail together reported a £11bn black hole in their pension funds, which in total have some 700,000 members.
The companies have said that members should not worry as they will pump more money into the schemes, but unions are furious that they took contributions holidays in the 1990s worth £18bn, according to Inland Revenue figures.
JAPAN SEEMS to be offering the FSA an alternative for dealing with life companies under financial pressure because of low reserves and promises of guaranteed payments.
The FT reports that the Japanese government is passing into law new rules that allow life insurance companies to stop paying guaranteed yields.
This will give the top ten life insurers there a lifeline for dealing with the estimated £10bn gap between promised yields and returns on their investments.
ID CARDS WILL be put on the agenda for new legislation in the next session of Parliament, The Times says today.
The forecast is based on a Home Office policy paper, which recommended that national ID cards be issued in order to limit illegal immigration and curb the black economy.
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