Industry News

Our Industry News updates provide an overview and insightful comment on new developments in the world of pensions that may be of particular interest to trustees and/or scheme sponsors. Our In Focus briefings provide an in-depth analysis and views on particular issues. News and In Focus contain information of general interest and not advice. If you require advice on the implications for your own circumstances, please contact a HamishWilson consultant. For a general update on the main pensions issues, please see The Agenda. To register to receive e-alerts to future editions of News, please complete our online form or send an email to enquiries@hamishwilson.com.

Latest Industry News

  • June 14, 2004 Pension shortfall hits bid for WH Smith

    The discussions between Permira, the private equity group and WH Smiths have drawn attention to the importance of pensions in mergers and acquisitions. The WH Smith pension scheme has a deficit in excess of £200 million.  Contributions are currently being paid with a view to eliminating this over 12 years.  Permira bid £940 million for [...]

  • June 9, 2004 Pensions Simplification and the £1.5 million Cap

    The pension simplification regime introduces a lifetime limit (initially £1.5million but set to grow).  The new regime comes in to play from April 2006. The intention is that members can accumulate funds (from all sources) up to the limit without any special treatment from the Inland Revenue.  Funds over this limit will be subject to [...]

  • June 7, 2004 Boots Pension Fund

    The Boots Pension Fund trustees plan to allocate 15% of their fund (£425m) away from bonds towards hedge funds and equities.  This is a surprise. Boots attracted great publicity in 2001 when they announced that their fund had been moved entirely into bonds.  The move to bonds was not (as many believe) a market timing [...]

  • May 14, 2004 £400m ‘assistance’ fund for workers who have lost their pensions is announced

    The Pensions Secretary, Andrew Smith, has announced proposals for a Financial Assistance Scheme (FAS) to support workers who have lost their pensions. The Pension Protection Fund (PPF) has already been introduced by the Pensions Bill but is only intended

  • May 6, 2004 Actuaries warned over legal conflicts

    Actuaries have been warned about the legal pitfalls they may face when representing both the trustees of a pension scheme and the employer which sponsors it.  The warnings on conflict of interest are detailed in a letter from Herbert Smith – a leading City firm of solicitors - in response to a request from the Institute’s [...]