Pension System – Page 312
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News
Investments may need clearance under 'vague' TPR code
[15:15 CET 26-02] UK – The Pension Regulator's (TPR) draft code of practice on the 'material detriment' test is "too vague" and could lead to pension schemes requiring clearance on normal business activity such as changes in investment strategy, consulting firm Mercer has warned.
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News
Irish pension levy reaches final stage
[16:45 CET 25-02] IRELAND – The final stages of legislation allowing a pension levy on public sector workers to be introduced next month is expected to be completed in the Dáil tonight, as trade unions prepare to ballot members over industrial action.
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News
Pension contributions slowed in 2007 - ONS
[16:35 CET 25-02] UK – Total contributions to private pension schemes, including funded and unfunded occupational schemes, increased by 2% in 2007 to reach £85.2bn (€95.3bn) the Office for National Statistics (ONS) has revealed.
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News
Rail union threatens strike over pension changes
[13:15 CET 24-02] UK – Around 7,000 UK railway workers are being encouraged to vote in favour of industrial action as unions claim Network Rail is planning to introduce a “two-tier” pension scheme for workers.
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News
Levy suspension debate pre-empted by gov't Bill
[16:03 CET 18-02] IRELAND – The debate on a private member's motion calling for the suspension of a new public sector pension levy is expected to conclude tonight, after the government publishes final legislation on the proposed pay deduction.
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News
Chapter 11 Sea Containers supports UK funds
[15:55 CET 18-02] UK – Sea Containers has said it has made financial support arrangements for two of its UK group pension schemes, as part of the company’s attempt to exit its Chapter 11 proceedings.
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News
TPR warns firms not to put dividends ahead of pensions
[16:05 CET 18-02] UK – The Pensions Regulator (TPR) has reassured employers it will continue to implement its scheme funding rules "pragmatically" in the economic crisis, but warned pension plans should not suffer to allow firms to pay dividends to shareholders.
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News
UNJSPF lost quarter of its value in 2008
[16:00 CET 17-02] GLOBAL – The United Nations Joint Staff Pension Fund (UNJSPF) lost over $10bn (€7.8bn), around a quarter of its fund value, to end 2008 at $31.37bn.
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News
UK considers switch to DC for ministerial pensions (amended)
[17:05 CET 16-02] UK – Gordon Brown has ordered a review of final salary parliamentary pension arrangements which could see ministers moved into a defined contribution scheme.
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News
Pension consultants plead for levy amnesty
[16:50 CET 16-02] UK – The UK Society of Pension Consultants has claimed the UK government should grant pension schemes of companies which are in financial distress temporary amnesty from PPF levies, to enable corporate sponsors to continue their defined benefit scheme.
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NewsNPRF contributions to fund €7bn banking rescue (amended)
[13:30 CET 12-02] IRELAND – The Irish government has confirmed rescue of the banking sector will be financed through both existing National Pension Reserve Fund (NPRF) assets and contributions which would have been paid to the State pension fund over the next two years.
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News
Iceland to allow 'temporary' access to 3rd pillar savings
[14:30 CET 11-02] ICELAND – The Icelandic government plans to introduce legislation allowing holders of individual pension accounts to access their savings early to meet “dire financial difficulties”.
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News
Gov't under fire for means-testing modelling
[16:55 CET 06-02] UK – The pensions industry has attacked assumptions used by the government in a report which concluded 95% of people will be better off saving when auto-enrolment is introduced in 2012.
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News
Irish public sector workers plan action over levy
[16:45 CET 16:45] IRELAND – Irish public sector trade unions have warned they are “not ruling anything out” in reaction to government plans to introduce an average public service pension levy of 7.5% on €50,000 earnings.
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News
Gov't claims auto-enrolment will benefit 95%
[17:05 CET 05-02] UK – Auto-enrolment will benefit more than 95% of people in relation to retirement saving despite means-testing, and the “large majority” expected to get double what they contribute, the government has claimed.
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News
Irish managed funds drop 1.9% in January
[16:55 CET 05-02] IRELAND – Irish group pension managed funds fell an average of 1.9% in January continuing the downward trend that led to a 34.8% loss in 2008, according to figures from Rubicon Investment Consulting.
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News
Public sector 'to cost taxpayers £335bn'
[16:55 CET 04-02] UK – The Institute of Directors (IoD) has suggested public sector workers should be switched to defined contribution (DC) pension arrangements as public sector pensions as funding shortfalls could cost taxpayers £335bn (€371bn) in employer controbutions over the next 50 years.
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News
Irish gov't unveils public pension levy
[15:30 CET 04-02] IRELAND – The Irish government has unveiled plans to cut public spending by €2.1bn, and almost €1.4bn of this will be achieved by requiring public sector workers to pay a new pension 'levy' averaging 7.5% towards their pensions.
