Pension System – Page 313
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News
Ombudsman may file further Eq Life report
[15:15 CET 04-02] UK – Ann Abrahams, the Parliamentary Ombudsman, is considering whether to submit a follow-up report on Equitable Life detailing why she finds the government response to her report "unsatisfactory", a committee of MPs has been told.
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News
BT takes sipp for new DC scheme
[16:00 CET 03-02] UK – BT, the telecoms giant, has appointed Standard Life to provide a new corporate self-invested personal pension (CSIPP) to replace its existing defined contribution (DC) schemes.
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FeaturesPensions in Obama’s sights
When Barack Obama is inaugurated as president in January 2009, provisions affecting the pension fund industry could well be an important part of his intended new economic stimulus. But this follows little debate about the retirement system during the campaign, except when US employee’s losses in 401(k) individual accounts were ...
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News
Zurich to set up new Royal Mail DC scheme
[16:10 CET 30-01] UK – Royal Mail has appointed Zurich to provide a new defined contribution (DC) scheme starting in April 2009.
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News
EDHEC sees banking solution in Solvency II-type funding
[16:30 CET 29-01] EUROPE – Applying Solvency II flexible funding rules to banks would have substantially reduced the need for recent government monetary support to the sector, academics from French business school EDHEC have claimed.
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News
Talking Point: The future of DB schemes
TALKING POINT – Research from the National Association of Pension Funds (NAPF) - suggesting 52%, or 1,000, open defined benefit (DB) schemes could close as a result of the impact of the economic crisis - has raised a debate on whether DB schemes can be saved.
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News
German DB losses lessened by bond rates
[16:00 CET 26-01] GERMANY – German companies saw their pension plans’ assets decline considerably over the last year but a rise in interest rates in the last quarter also helped reduce liabilities, according to a study by consultancy Rauser Towers Perrin (RTP).
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NewsIrish MFS needs increase from 'junk' bond level
[16:00 CET 22-01] IRELAND – The minimum funding standard (MFS) for defined benefit (DB) pensions needs to be revised "as a matter of urgency" as it provides the same level of asset backing as a 'junk' bond, the Statistical & Social Inquiry Society of Ireland (SSISI) has warned.
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News
Pensions sector rejects recovery term age proposal
[15:00 CET 21-01] NETHERLANDS - The Dutch pension sector has revealed it is far from enthusiastic about proposals from the ministry of Social Affairs which would give underfunded pension funds leeway on the deadline for recovery plans if they agree to raise the official retirement age of 65.
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News
Auto-enrolment set for October 2012
[16:30 CET 16-01] UK – Auto-enrolment into occupational pension schemes, including personal accounts, is not expected to begin until October 2012, the Personal Accounts Delivery Authority (PADA) has revealed.
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News
Older workers may opt for retirement delay
[16:45 CET 14-01] UK – Almost a fifth of workers aged between 45-54 expect to delay retirement by at least five years because of the current economic climate, according to Life Trust.
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NewsHBOS trustees drop Lloyds merger objection
[16:30 CET 08-01] UK – The trustees of the HBOS Final Salary Pension Scheme (FSPS) have announced today they will drop plans to delay the bank's takeover by rival Lloyds TSB until they would receive a funding guarantee for the scheme.
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News
HBOS trustees seek to delay Lloyds deal
UK – The trustees of the HBOS Final Salary Pension Scheme (FSPS) have prepared a report to present in court in a bid to delay the merger between Lloyds TSB and HBOS over concerns the deal will weaken the employer covenant to the defined benefit scheme.
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News
Waterford Wedgwood UK schemes head for PPF
UK/IRELAND – Defined benefit (DB) schemes belonging to the UK businesses of failed china firm Waterford Wedgwood are likely to end up in the Pension Protection Fund (PPF), although the future is more uncertain for members in Ireland where this is no equivalent 'lifeboat fund'.
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News
BT staff vote to accept pension changes
[15:15 CET 19-12] UK – Members of the BT Pension Scheme involved in consultative ballots with the trade unions Connect and the Communication Workers Union (CWU) have voted to accept the pension package unveiled by the company earlier this year.
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News
RSA to develop low cost pension option
[16:50 CET 18-12] UK – The Royal Society for the Encouragement of the Arts Manufacture and Commerce (RSA) has confirmed it intends to develop a business plan for a new low-cost pension fund which it believes will fill a gap in the market.
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News
UK life expectancy to 'level off' from 2021
[14:00 CET 18-12] UK – Life expectancy at the UK state pension age (SPA) will begin to "level off" between 2021 and 2051 for the average person, although members of the lower socio-economic groups, such as unskilled workers, could see life expectancy decline.
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News
Government to take on Royal Mail deficit
[13:00 CET 17-12] UK – The government has agreed with recommendations from an independent panel that it should take responsibility for Royal Mail's historic pension liabilities, as its deficit is currently estimated at £5.9bn (€6.6bn) and is making the firm "balance sheet insolvent".
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News
Germans claim to believe in long-term profit
[17:05 CET 08-12] GERMANY – Only 10% of Germans have changed their private pension provision on the back of the financial crisis, a survey by JPMorgan has found.
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News
German doctors fund raises retirement age
[15:50 CET 17-11] GERMANY – The doctors’ pension fund for Westfalen-Lippe (ÄVWL) has raised the retirement age to deal with a surprise increase in longevity.
