ROYAL BANK of Scotland's chief executive Sir Fred Goodwing yesterday refused to comment on the group's position on Abbey, which last week agreed to an £8.2bn takeover by Spanish bank Banco Santander.
According to the Scotsman, this leaves the RBS open to join what would become a bidding war for the Glasgow-based insurer.
Goodwing told the paper he would offer "no comment whatsoever" whether the group is to bid for Abbey or not. He also refused to rule out any future move.
MEANWHILE, THE Times reports the two-year increase in life expectancy of the average Briton over the last couple of years will add another £20bn to the pension bill of the UK’s 100 biggest listed companies.
A report by actuarial firm Lane Clark & Peacock suggests this increase will up the pension deficit recorded by the FTSE 100 companies by nearly 50%.
While the report’s figures show that the pension scheme deficit in FTSE companies had dropped from £55bn to £42bn in the last twelve months, the £20bn shortfall would take the total deficit to £62bn.
Chris Tavener, a partner in LCP, said: “The extra deficit will reduce company profits, as well as their scope to invest in areas such as research and development.
“Employers may also have to pay more into their defined benefit schemes.”
PRUDENTIAL’S DECISION to call off the sales process of its 79% stake in Egg saw the Internet bank’s shares lose a quarter of its stock market value yesterday, says the Daily Telegraph.
Egg lost 40p to 104p, while Prudential shed 5.25p to 447p.IFAonline
Went into administration April 2018
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Retirement Planner Forum 2019