Nuclear power plant losses threaten to blow Japanese electronics giant away

WITH TRICIA PHILLIPS THE number of employers automatically enrolling staff into workplace pensions has hit 500,000, according to the Pensions Regulator.

While it’s excellent news that more than 6.5million workers are saving towards their retirement, there are concerns many could lose out because their cash is invested in the wrong funds to meet individual needs.

Management consultancy firm Decision Technology (Detech) says £9billion invested into default automatic enrolment funds, the schemes firms end up in if they don’t choose their own pension provider, will be wasted each year from 2019.

Henry Stott, a director at Dectech, said: “Our findings show the one-size-fits-all approach to auto enrolment is damaging the futures of millions of people.”

Detech wants the Government to make it clear to employers that default funds are not recommendations and better pension schemes may be available.

Workers need to take notice of their pension otherwise they won’t know if they are on track to have sufficient savings for a secure financial future. ■■THE BLACK HOLE in more than 4,300 final salary pension schemes fell £16billion last month. The drop, to £226bn is thanks to better returns on government gilts reducing the future liabilities of the schemes. Just under 1,500 defined benefit schemes are in surplus, said the Pension Protection Fund.

Wine chain’s managing director is quitting to join high street Hobbycraft after just 18 months in the job. One reason John Colley, who has kids aged four and seven, is leaving is the 250 round trip from his Dorset head to Majestic’s HQ.

£700million takeover of payment processor VocaLink has been approved by the competition watchdogs.

has extended its tie-up with the Alzheimer’s Society, including training staff to help people with dementia. JAPANESE electronics giant Toshiba is fighting for survival.

The firm, which makes everything from TVs to nuclear power plants, faces a race against time after losses ballooned.

Bosses yesterday admitted there was “substantial doubt about the company’s ability to continue as a going concern”.

The firm. famed for its 80s advert “’Ello Tosh, got a Toshiba”, could now be kicked off the Tokyo Stock Exchange.

It came after Toshiba, founded in 1939, twice delayed publishing its latest results. They revealed losses leapt tenfold to £3.9billion in the final three months of last year.

It suggests annual losses in the GOODBYE TOSH? Famous advert year to March could have topped 1.1 trillion yen, around £8bn. The accounts were released despite not being approved by its auditors, PriceWaterhouseCooper.

Toshiba, which employs 188,000 people globally, has been crippled by massive cost overruns at four nuclear reactors that are under construction in the US.

That led to Westinghouse, Toshiba’s American nuclear arm, filing for bankruptcy protection late last month.

It places further doubt over the planned Moorside nuclear plant in Cumbria, which Westinghouse is due to part build.

The crisis led to the project’s French partner, Engie, announcing that it would sell its 40% stake to Toshiba. It is not the first time Toshiba has faced difficulties.

An accounting scandal that was uncovered in 2015 led to several bosses quitting.