Pension System – Page 311
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News
Irish gov't urged to extend Pension Board powers
[14:30 CEST 24-04] IRELAND – The Pensions Board should have similar powers to the UK Pensions Regulator allowing it to force solvent companies to address pension deficits before the firm is sold, the Services, Industrial, Professional and Technical Union (SIPTU) has claimed.
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MEP reforms approved as EP votes against extra contributions
[16:30 CEST 23-04] EUROPE – Reforms to the voluntary pension fund for members of the European Parliament (MEPs) should allow the scheme to continue to pay benefits "for as long as necessary", and without the need for taxpayers to cover the actuarial deficit of €120m.
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EC to focus on member protection at insolvency
[17:00 CEST 22-04] EUROPE – The European Commission (EC) is seeking a contractor to help it further investigate measures for protecting supplementary pension benefits in the event of employer insolvency.
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LAPFF tackles KBC over remuneration
BELGIUM – [16:50 CEST 22-04] UK/BELGIUM – The Local Authority Pension Fund Forum (LAPFF) has called on members to take action at the annual general meeting (AGM) of banking and life insurer KBC over remuneration concerns.
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News
UK Budget cuts higher rate tax relief (updated)
[14:25 CEST 22-04] UK – Alistair Darling, chancellor of the Exchequer, has confirmed tax relief on pension contributions for high earners will be reduced from 40% to 20% from April 2011.
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News
IBOA members reject AIB pension plans
[16:15 CEST 21-04] IRELAND – Negotiations between AIB Group and the Irish Banking Officials Association (IBOA) are being referred to the Labour Relations Commission (LRC) after members voted to reject the bank's proposals on pay and pensions.
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News
UK gov't warned against cutting pension tax relief
[17:10 CEST 20-04] UK – Pensions industry experts have the UK government not to abolish higher rate tax relief on pension contributions as such a move would not be straightforward to introduce and could undermine confidence in pensions, leading to a general levelling-down of provision.
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News
SIPTU threatens strikes in call for new pension system
[16:50 CEST 20-04] IRELAND – SIPTU, the Services, Industrial, Professional and Technical Union, has warned discussions with the government on a national recovery plan will need to address the issue of workers in occupational schemes losing their pension through company insolvency, or any lack of agreement could lead to fresh ...
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News
MEP's pension faces reforms to cut deficit
[17:15 CEST 17-04] EUROPE – Members of the ABSL voluntary pension fund for Members of the European Parliament (MEPs) have been told they will have to retire later, as part of a number of reforms aimed at reducing the growing pension deficit.
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News
IASS has €628m deficit - SIPTU
[16:25 CEST 17-04] IRELAND – An estimated 40% fall in the value of its top equity holdings has caused the funding level of the Irish Airlines (General Employees) Superannuation Scheme (IASS) to move from a €79m surplus to a €628m deficit, a trade union has claimed.
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News
TPR hints at flexibility in corporate planning
[16:35 CEST 17-04] UK – The Pensions Regulator (TPR) has acknowledged the extra pressure trustees and employers are facing in the current economic conditions and agreed the importance of its regulation remaining "proportionate and targeted".
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News
Russia moves on reforms as Ukraine seals IMF loan
UKRAINE – Dmitry Medvedev, president of Russia, has confirmed draft laws to change the country's pension system onto an insurance basis are being finalised, while Ukraine has implemented anti-crisis measures, including balancing of the state pension fund, to secure continued IMF funding.
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News
Over two-fifths UK workers not 'adequately' saving
[17:00 CEST 14-04] UK – Over 40% of the total UK workforce is failing to make "adequate" provision for retirement, yet almost a fifth claim nothing could persuade them to either start or increase their pension saving, the Association of British Insurers (ABI) has warned.
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NewsUnions to sue gov't over Waterford pension collapse
[14:00 CEST 08-04] IRELAND – Trade unions are preparing to take legal action against the Irish government for failing to protect the pension benefits of employees in insolvent companies, as the Waterford Crystal pension schemes are now being wound-up with a deficit of €110m.
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Ukraine wants to abolish senior state pensions
UKRAINE – Special pensions for judges and top-level officials should be abolished and replaced with a single pension based on salary and length of service, according to Ukraine’s president, Victor Yushchenko.
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News
Employers warned over cost of deferred DC
[17:20 CEST 07-04] UK – Employers need to address the extra costs associated with administering defined contribution (DC) schemes for deferred members, as large firms could be spending more than £500,000 on ex-employees, Towers Perrin has warned.
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News
Irish managed funds finally see positive return
[16:55 CEST 02-04] IRELAND – Irish group managed pension funds delivered the first positive return in seven months and produced a yield of 2.4% in March, Rubicon Investment Consulting has revealed.
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News
Eircom DB scheme reports €433m deficit
[16:50 CET 27-02] IRELAND – Eircom, Ireland's largest telecoms provider has revealed a €433m deficit in its defined benefit (DB) pension scheme.
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News
Royal Mail pension may become new public scheme
[16:45 CET 27-02] UK – The Postal Services Bill published this week by the UK government includes provisions for the secretary of state for business and enterprise (BERR) to establish a "new public scheme" into which members of the Royal Mail Pension Plan (RMPP) could be transferred into.
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News
Dáil passed pension levy ahead of first strike
[16:40 CET 26-02] IRELAND – Legislation allowing the introduction of a pension levy on public sector workers has been approved by Dáil Éireann, the house of representatives in the Irish Parliament, the night before the first trade union strike over the issue.
