Bank pension schemes compromised by Vickers report
The UK's Independent Commission on Banking proposals could have unintended consequences for financial services pension schemes
Large UK bank pension schemes could lose out financially on insolvency if proposals set out in the UK's Vickers report become legislation, a law firm warns.
One of the proposals in the Independent Commission on Banking report, published last month, is to introduce depositor preference, so that deposits insured by the Financial Services Compensation Scheme rank above unsecured debt.
Sackers partner Robin Simmons (pictured) says this means trustees of bank-sponsored pension schemes could miss out
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