High Court says Wedgwood Museum collection can be sold 1
Tags: Pensions
David Davison
Head of public sector, charities and not-for-profit, Spence & Partners
David is a director at Spence & Partners Actuaries and Dalriada Trustees.
He performs the role of a professional pension scheme trustee and specialises in providing pensions advice to charities and not-for-profit organisations, especially those who run their own final salary schemes or who participate in the LGPS and multi-employer schemes.
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The High Court in Birmingham has ruled that a 10,000-piece pottery collection housed in the Wedgwood Museum will be made available to pay off creditors seeking funds for a £134m pension shortfall.
Defined benefit pension liabilities on the schemes of 40 of the UK's largest charities total almost £5bn, exclusive new research by Charity Finance has revealed.
Tory peer Lord Flight has called for charities to be exempt from the Pensions Act 2004 "last man standing rule”, in order to protect charity assets from being sold.
The Attorney General will not appeal the recent decision concerning the Wedgwood Museum at the High Court.
Charity Finance Group estimates that up to 5,000 charities are financially damaged by restrictive rules around multi-employer pension schemes.
I read with some dismay the story of the 72-year-old charity volunteer facing ruin as a result of being pursued for nearly £20,000 by the trustee of the pension scheme he was associated with as chairman of a branch of the charity.
Yes and no are not the only options available when it comes to FRS17 pension reports, says David Davison.
Changes which could help charities cope with pension deficits are on the radar, but would require further government consultation, says David Davison.
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