Insurance giant Aviva is set to scrap plans to cancel £450m of high-yielding preference shares at par value, following "strong feedback and criticism" from investors.
Aviva announced its intention to cancel the preference shares on 8 March 2018, following legal advice owing to regulatory requirements, which mean preference shares will no longer count as regulatory capital...
The increase in minimum AE contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows.
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