YET ANOTHER final salary pension fund is about to be wound up, to the detriment of around 2,000 scheme members, says this morning's Times newspaper.
Workers at Ballast UK, a former subsidiary of Dutch group Ballast Nedam, now face losing 70% of their pension after falling through a year-long gap between two government plans to protect members of failed pension schemes.
Trustees of the largest of three underfunded pension schemes have had to wind up the plan because Ballast has insufficient funds to keep it afloat long enough to allow members to fall under the government’s pension protection fund (PPF).
According to the Times, the main Ballast scheme has 1,500 members and 300 pensioners expecting payouts worth £98m from assets of only £42m while two smaller schemes are yet to be wound up but have a combined shortfall of more than £25m.
British trade union representatives will also go head to head today with the billionaire owner of Turner & Newall at a meeting in New York to try and safeguard the pensions of 40,000 people in Britain, says the Guardian.
A meeting is being held to discuss the future of car parts firm Turner & Newall's pension scheme, which has an £875m deficit and is now being frozen by administrators of the company's American parent group, Federal-Mogul.
Unions have warned that up to 20,000 current and former employees could lose up to 70% of their pensions and 20,000 existing pensioners will not get inflation-linked rises if the pension scheme is wound up.
The Guardian is also warning all holidaymakers returning from Spain or the Canaries of a parking and speeding fine hoax being played out with British tourists.
A statement was issued by the Office of Fair Trading after hundreds of tourists complained about phoney demands for cash on non-existent motoring penalties, particularly when many had not driven in Spain but were concerned about the threat of country court action against them.
Letters sent to tourists are said to have come from three linked firms which appear to be official Spanish debt collectors and bailiffs - Deuda Recuadar Alguacil Y Exigir Servicios (Drayes), White Drayes and Medio de Corte Credito Recoudado Estorbar Exigir (McCree).IFAonline
The forces at play in investment - most obviously, regulatory change, uncertain markets and shifting demographics - are as strong today as they were when Professional Adviser launched its sister magazine Multi-Asset Review in 2017.
Regulator has visited some firms already
Platforms react to Fidelity blocking Income Focus purchases
Chris Hill's letter to Treasury
Cash balance surges