Diageo has formed a pension funding partnership with its scheme’s trustees, which will hold maturing whisky spirit as assets, as part of a 10-year recovery plan. (Details on p.7.)

UK Stewardship Code: the Financial Reporting Council has published a code for institutional investors setting out good practice on engagement with the companies in which they invest. It requires asset managers to disclose publicly on their websites how they are applying the code. (Details on p.8.)

PS10/10: Delivering the Retail Distribution Review. Corporate Pensions – Feedback to CP09/ 31 and Final Rules: the Financial Services Authority has issued rules introducing consultancy charging for group personal pension products and consequentially banning the payment of commission for selling such products. (Details on p.2.)

In PNPF Trust Co Ltd v Taylor, the High Court held that an employer is deemed to have exited a multi-employer scheme, and hence is potentially liable for a s.75 debt, when it ceases to employ any active members or anyone eligible to join the scheme even if it re-employs former members who are not eligible to rejoin. (Details on p.8.)