Pension System – Page 308
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News
Budget cuts blamed for fall in pensions motivation
[16:40 CEST 24-06] UK – Over three-quarters of UK companies believe the plan to reduce higher rate tax relief on pensions has reduced motivation to provide both defined benefit (DB) and defined contribution (DC) schemes, research by PricewaterhouseCooper (PwC) has revealed.
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Eq Life ex-gratia office appoints actuary
[16:50 CEST 22-06] UK – Towers Perrin has been appointed as actuarial advisers to the office of Sir John Chadwick, which was established as an independent government adviser on the development of an ex-gratia payment scheme for Equitable Life policyholders.
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DWP rejects calls for further FAS funding
[16:40 CEST 22-06] UK – The government has rejected suggestions that it should increase funding to the Financial Assistance Scheme (FAS) and allow it to cover all lost benefits when a scheme has wound up, by arguing that the FAS was never intended to replicate each pension fund's structure of ...
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NewsMEPs launch legal challenge over reforms
[17:10 CEST 16-06] EUROPE – Members of the ABSL voluntary pension fund for Members of the European Parliament (MEPs) have launched a legal action against the European Parliament over changes to the pension scheme.
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Latvia to tackle budget deficit with pension cuts
LATVIA – The Latvian government is planning to reduce its budget deficit for 2009 by LVL500m (€714.3m) but intends to do so, among other routes, through a major cut in pension payouts.
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NewsTories table pension tax relief amendments
[17:10 CEST 15-06] UK – Proposed amendments to the Finance Bill 2009 to limit the impact of anti-forestalling measures ahead of the reduction of higher rate tax relief on pension contributions from 2011 have been introduced by Conservative MPs.
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Lower predicted pension returns would reflect investment risk - OECD
[16:00 CEST 15-06] GLOBAL – The Organisation for Economic Cooperation and Development has published fresh evidence suggesting long-term investment returns will have to be revised downwards, as equally weighted portfolios can only 9% returns in jut 10% of cases.
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NewsStrathclyde deficit hits £2.6bn
[17:15 CEST 12-06] UK – Strathclyde Pension Fund is moving forward with changes to its investment strategy, with the appointment of two absolute return bond managers and a tender search for a transition manager, as its deficit hits £2.6bn (€3.04bn).
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NewsScots gov't to pay for backdated police pensions
[17:15 CEST 12-06] UK – The Scottish government has confirmed it will pay an additional £20m (€23.4m) to fund the cost of backdating police pension commutation arrangements to 1 December 2006 following the results of a judicial review.
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News
Romanian second pillar back on schedule
ROMANIA – The IMF has agreed a financial aid package with Romania which will ensure, that the country can return to its original schedule for changes to second pillar contributions and in turn will put in place reforms.
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Economic downturn has halted pensions saving
[17:05 CEST 10-06] GLOBAL – The economic downturn has led more than one in 10 of the global population to stop saving for retirement , HSBC has revealed.
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News
Oxfordshire seeks actuarial services
[16:35 CEST 10-06] UK – Oxfordshire County Council is seeking an actuary for its £796m (€925m) local government pension scheme.
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Pensions to be 'unaffected' by GM Europe takeover
[16:00 CEST 02-06] EUROPE – Officials at GM Europe say their European pension schemes should be unaffected by the proposed takeover by a Canadian firm, although public figures are not available to deduce the extent of the car manufacturer’s European pensions liabilities.
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News
Pensions fail to attract low-paid workers
[13:30 CEST 29-05] UK - Less than one in three of the UK’s low-paid workers belong to an employer’s pension scheme, according to figures from the Office for National Statistics (ONS).
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Public sector reform to boost Romanian pensions
ROMANIA – Second pillar pensions funds in Romania could see a significant boost to membership in the coming years, according to pension experts, as the government is introducing reforms to cut its budget deficit which include reducing the non-contributory pensions for some public sector workers.
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News
Tax relief cut seen as 'thin end of wedge'(updated)
[16:50 CEST 21-05] UK – Proposals to reduce tax relief for high earners could be the "thin end of the wedge" leading to later changes affecting lower income workers' pension arrangements, members of the House of Lords have been told.
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Tax relief cut may 'destabilise' pensions
[16:55 CEST 20-05] UK – MPs will today be told the UK government's decision to reduce tax relief for higher earners from 40% to 20% would "seriously damage public trust and confidence" in pensions and might even "destabilise" workplace pensions.
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Poland contributes cash as pensions rise
POLAND – Polish pension funds rose in value by 5.7% last month, following improved performance for the second consecutive month in a row along with fresh cash contributions from the government – the first to be made since 2003.
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Croatian funds back in positive territory
CROATIA – Croatia’s four pension fund companies collectively lost 0.9% on investments in the first quarter, but data reveals they are back in positive territory now.
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News
Pensions Board grants DB schemes further reprieve
[16:40 CEST 14-05] IRELAND – The Pensions Board has further extended the deadline by which defined benefit (DB) schemes must file funding proposals for approval, following the introduction of new measures for DB schemes announced by the government last month.
