Archive for September 2005

Brian Spence

The news that the planned £250m takeover of Uniq was in danger of collapse as a result of concerns over the £102m hole in Uniq’s pension fund, serves only to back up the view that pension scheme liabilities are definitely curbing M&A activity. Last year saw the collapse of high profile deals involving WH Smith and Marks & Spencer and recent research suggested that nearly half of FTSE350 Chief Financial Officers believe that deals are being adversely impacted. Read more »

Brian Spence

I read with great interest the news that Government ministers had bowed to pressure from local authorities and found an extra £1bn to plug this year’s budget shortfalls, £300m of which was necessary to fund their collective pension scheme deficits. The move followed lobbying by the Local Government Association in an attempt to stave of what would have been a politically unpalatable 10 per cent rise in council tax in the run up to the general election. Read more »

Brian Spence

From 6 th April 2006 scheme trustees, administrators and members must be aware that the level and type of benefits which will be permitted to be paid on the death of a member in an occupational pension scheme will change significantly. Should employers and trustees agree to amend the rules of their schemes to avail of the changes it will present many scheme members with the option of greater flexibility as well as the potential for IHT planning. Read more »

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