All insolvency articles – Page 5
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OpinionPPF’s role in company restructuring and insolvency events
Over the past few years we have seen a number of high-profile company insolvencies and restructurings. When a company with a defined benefit pension scheme faces such a situation, the Pension Protection Fund gets involved.
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News
Arcadia CVAs approved
On the go: Arcadia Group, the struggling fashion empire controlled by Sir Philip Green, can move forward with its restructuring plans after a challenge from US landlords was withdrawn.
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NewsArcadia CVAs challenged by US property group
Arcadia has received applications challenging two of its seven company voluntary arrangements, raising questions over the future of its pension schemes.
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News
PPF criticises industry's customer service after weathering tricky year
The Pension Protection Fund has revealed it is investing in technology to improve its customer service, as the lifeboat’s membership swelled in a year of record claims.
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News
Rumours of buyout for British Steel scheme
On the go: Trustees of the British Steel Pension Scheme are mulling a full buyout of the rescued scheme, according to reports from Sky News.
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News
Fate of Arcadia on a knife edge
On the go: A crucial vote takes place today on a rescue package for Sir Philip Green’s beleaguered Arcadia Group.
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ECJ ruling could force PPF to provide buyout uplift
On the go: An opinion given to the European Court of Justice by its Advocate General could mean that defined benefit lifeboats like the Pension Protection Fund have to cover the entire value of members’ benefits when their sponsor becomes insolvent.
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NewsPPF could soon face court challenge on CVA stance, says barrister
The Pension Protection Fund could soon face a challenge to the way it acts in company voluntary arrangements, according to one legal expert, as it is seen as a ‘super creditor’ with preferential treatment in these restructuring processes.
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OpinionIn pensions as in Brexit, it pays to plan for the worst
Editorial: The government would not be expected to flirt with the prospect of not achieving a Brexit deal without prior contingency planning. It is time for pension fund trustees to think carefully about what they would do if their sponsor goes under.
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News
Debenhams scheme survives pre-pack administration
On the go: Trustees of the Debenhams pension schemes have reassured members that they still have a sponsoring employer after the retailer went into a pre-pack administration on Tuesday.
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NewsCharity blames insolvency on pension costs and local govt rules
A charity in Northern Ireland has announced it is closing this month, citing pension costs and a lack of flexibility in the region's local government scheme as the reason behind its insolvency.
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News
Field condemns TPR failure to act on Johnston Press pension
On the go: The chair of the Work and Pensions Select Committee has condemned The Pensions Regulator’s finding that restructured publisher Johnston Press did not use a ‘pre-pack’ insolvency to avoid its pension obligations.
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News
PPF beset by fresh court proceedings over 50% payout level
On the go: Court proceedings have started against the Pension Protection Fund, seeking to challenge its approach for calculating any increases due to its members as a result of a European Court of Justice ruling last September.
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News
PPF starts payments following ECJ ruling
On the go: The Pension Protection Fund has begun to top up the compensation of members receiving less than 50 per cent of their original pension promise, following a landmark ruling by the Court of Justice of the European Union.
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OpinionPre-pack administrations are not the bogeyman they seem
To some, the phrase ‘pre-pack administration’ can evoke a sense of loss and injustice, evidenced by criticism in the press, particularly where the sale is to the current owners or management. To others, it can provide an opportunity to rescue a business and save jobs.
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News
PPF benefit top-up met with anger from solvent FAS members
The Pension Protection Fund’s plan to top up compensation where members receive less than half of their original pension unfairly misses out some members of the Financial Assistance Scheme, according to a pensions campaign group.
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FeaturesNortel's £2.4bn buyout pricing beats offers from superfund
When Canadian telecoms company Nortel filed for bankruptcy in 2009, prospects for its defined benefit pension scheme members looked bleak.
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News
PPF must not cut pensions by more than half, EU court rules
The Court of Justice of the European Union has ruled that the cap imposed on benefits paid by the Pension Protection Fund is unlawful when it reduces the payments made to a saver by more than half.
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News
CJEU rules against PPF cap
On the go: The Court of Justice of the European Union has ruled that the cap imposed on benefits paid by the Pension Protection Fund is unlawful when it reduces the payments made to a saver by more than half.
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News
FRC review threatens to impact actuarial profession
An advisory group to the government review of the Financial Reporting Council is to explore the extent to which actuaries should be subject to formal regulation in response to the pensions-related nature of recent corporate failures.