WEEKEND DIGEST:Aviva, one the State's largest pension providers, has told staff that it plans to close its defined benefit pension scheme, the Sunday Times reported.
Aviva chief executive Seán Egan has written to pension scheme members saying Aviva no longer thinks it is possible or justifiable to keep up the level of investment required to continue defined benefit arrangements.
Aviva is the first life company to propose closing its defined benefit pension scheme, according to the newspaper.
The scheme has a deficit of €295 million.
Defined benefit schemes offer members a guaranteed pension based on their final salary.
Conor Foley, the former chief executive and largest shareholder of WorldSpreads, is to be pursued by creditors of the defunct spreadbetter, according to the Sunday Telegraph.
WorldSpreads was placed into special administration in March. Administrators at KPMG have indicated to creditors that they would like permission to gather evidence and attempt to build a case against former members of the board.
The administrators, Jane Moriarty and Samantha Bewick, are now “involved in a fact-finding mission”, having been sanctioned by the creditors’ committee, the paper said.
WorldSpreads was based in Dublin but quoted on the London Stock Exchange’s junior Aim market.
Last March it told the UK financial services authority that it only had £16.6 million (€21 million) in cash to repay £27.9 million of client funds.
Foley had left the company ahead of it being placed in administration, as did its finance director, Niall O’Kelly.
Investment company One51 has pulled the sale of its plastics business, which was expected to fetch about €50 million, the Sunday Business Post and Sunday Independent reported.
The company was close to entering exclusive talks with one buyer, but decided to abandon the process because of the price and the conditions attached to the deal, said the Sunday Business Post.
A shortlist of three buyers had been drawn up and there were both trade and private equity players interested, the Sunday Independent said.
One51 is selling assets to reduce debt and earlier this year sold its stake in ICG.
