Pension System – Page 307
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News
Six UK DC schemes hit pension quality mark
[13:20 CEST 15-10] UK - Six more UK defined contribution (DC) schemes have been awarded the new Pension Quality Mark by the National Association of Pension Funds (NAPF).
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Today’s babies to become 100 year-old pensioners
[15:00 CEST 05-10] GLOBAL - A new longevity study has predicted that most babies born today will live to celebrate their 100th birthdays in many industrialised countries.
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Two-thirds of UK workforce ‘unpensioned’ - TUC
[17:35 CEST 14-09] UK - Coverage of defined contribution (DC) schemes is not growing fast enough to fill the gap left by the continuing closure of defined benefit (DB) schemes, leaving two-thirds of the private sector workforce without a pension, according to data from the Trades Union Congress (TUC).
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Ulster and RBS salary cap plans ignite unions
[17:15 CEST 26-08] UK – Planned changes by Ulster Bank and its parent company Royal Bank of Scotland to its defined benefit (DB) schemes, such as capping pensionable salary at 2% or the rate of inflation have met with resistance from trade unions.
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Dutch retirement age should be 68 - economist
[16:50 CEST 26-08] NETHERLANDS - An economist has claimed the official retirement age for the state pension AOW should be raised beyond the government’s proposed retirement age of 67 and by an extra year to 68, to meet growing life expectancy in the Netherlands.
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Levensloop deposits fall 7% (updated)
[16:00 CEST 19-08] NETHERLANDS - Dutch workers paid 7% less into their tax-friendly ‘levensloop’ or life course saving plans in 2008, latest figures reveal.
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News
Irish funds rose 6% in July
[16:40 CEST 06-08] IRELAND – Irish managed funds reported a positive performance for the fifth month in a row, after they returned of 6% in July.
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AIB aggregate deficit exceeds €1.2bn
[15:00 CEST 05-09] IRELAND – The pensions deficit of Allied Irish Banks (AIB) - one of the institutions recapitalised by the National Pension Reserve Fund (NPRF) - rose by more than €150m in the first half of 2009, to €1.26bn.
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News
Third pillar growth unbroken by crisis
[16:15 CEST 31-07] GERMANY/AUSTRIA – Interest in third pillar savings funds has remained high even through the financial crisis, according to both the German investment association BVI and the Austrian regulator FMA.
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News
Research claims UK adults expect to retire past 70
[16:45 CEST 23-07] UK – Less than half of workers expect to be able to retire before the age of 70, while 69% of those already aged over 65 do not know when they will be able to start retirement, Barings Asset Management has claimed.
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Positive Q2 pushes NPRF above €19bn
[16:15 CEST 23-07] IRELAND – The National Pension Reserve Fund (NPRF) has grown in value by almost €4bn as it posted a second quarter investment return of 9.4%.
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News
Irish pensions paybill to hit €2bn in 2009
[16:55 CEST 14-09] IRELAND – The net cost of pensions to the Irish Exchequer increased by 56.5% between 2004 and 2009 to reach almost €2bn, figures from the department of finance have revealed.
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NewsIreland may be better off with first pillar
[16:55 CEST 10-07] IRELAND - The collapse in asset values of Irish pension funds has strengthened the arguments for pay-as-you-go (PAYG) financed pensions rather than funded ones, according to a senior finance lecturer at Dublin’s Trinity College.
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News
Judges allow Foster Wheeler appeal
[17:05 CEST 08-07] UK – Foster Wheeler has been allowed an appeal by the UK Court of Appeal against an earlier High Court judgment, which allowed members of its pension scheme with mixed Normal Retirement Dates (NRDs) to take all pension benefits at the earlier age without an actuarial reduction.
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News
Gov't Finance Bill amendments not enough
[17:10 CEST 06-07] UK – Government amendments to anti-forestalling proposals ahead of the restriction of higher rate tax relief in 2011 have addressed some concerns held by pensions experts, though officials warn yet more needs to be done.
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Irish investment strategy 'too risky'
[14:15 CEST 06-07] IRELAND – The investment strategy of many Irish pension funds was "too risky" and is why around 90% of schemes failed to meet the funding standard last year, the Pensions Board has claimed, and why some are unable to meet liabilities of existing pensioners if the scheme ...
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News
Irish managed funds post fourth consecutive gain
[17:05 CEST 02-07] IRELAND – Irish managed pension funds returned an average of 0.5% in June, resulting in an overall positive six months for the sector, Hewitt Associates has revealed.
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Unpaid employer contributions almost double
[17:00 CEST 01-07] UK – The UK's Pension Advisory Service (TPAS) has reported a "worrying increase" in the number of enquiries to its helpline about the non-payment of pension contributions by employers.
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News
Employer DC cuts puts more pressure on individuals
[17:00 CEST 30-06] UK – Almost three-quarters of occupational defined contribution (DC) members are saving "adequately", according to UK insurer Scottish Widows, however employers are gradually reducing their contributions and leaving employees to make up the shortfall.
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DC recovery needs another nine months – Aon
[16:30 CEST 25-06] UK – Investments in defined contribution pension funds may have seen positive returns for three months in a row but it will take at least another nine months of similar returns to pull assets back to 2007 levels, according to analysis by Aon Consulting.
