Tag: pension reforms

Auto-enrolment too expensive for micro-firms

Auto-enrolment too expensive for micro-firms

The Association of Consulting Actuaries (ACA) has called for the government to re-consider auto enrolment for the smallest firms, who might struggle with the costs of administering the scheme. From 1 October the largest companies have been required to automatically enrol workers in a pension scheme unless they chose to opt out. The scheme will [...]

October 19, 2012 | 0 Comments More
Pot-follows-member reform could hit retirement income

Pot-follows-member reform could hit retirement income

Proposals to allow workers to move their workplace pension to a new scheme each time they move employment have been criticised by pension and consumer groups. The Department for Work and Pensions is introducing the ‘pot follows member’ approach to avoid the potential problem of workers having several small pots when they reach retirement age, [...]

October 16, 2012 | 0 Comments More
Government pension auto-enrolment scheme starts

Government pension auto-enrolment scheme starts

Firms with 120,000 employees or more will today start automatically enrolling their employees into a workplace pension scheme unless they chose to opt out. Both employers and workers will contribute towards the scheme, which will be rolled out to all firms, regardless of size, by February 2018. It aims to ensure that lower earners will [...]

October 1, 2012 | 0 Comments More
ABI calls for transparency over pension charges

ABI calls for transparency over pension charges

A ‘protocol’ should be given to members of company and private pension schemes, giving clear information on charges, the Association of British Insurers (ABI) says. The ABI’s call for pension charges to be made clearer comes prior to the introduction of automatic enrolment in autumn, when employers will be required to enrol workers in a [...]

August 23, 2012 | 0 Comments More
Military pension age to rise to 60

Military pension age to rise to 60

Members of the Armed Forces may have to wait until they are 60 to be able to claim their pensions under the government’s planned pension reforms. Military personnel are traditionally able to claim their pension at the age of 55, but those currently under the age of 45 could have to wait another five years. [...]

August 1, 2012 | 0 Comments More
Government to get tough on pension charges

Government to get tough on pension charges

Writing in The Telegraph today pensions minister Steve Webb warned that he would not hesitate to take action on pension charges. Mr Webb reminded the pension industry that the government has the power to cap pension charges and would use this power if it felt consumers needed protection. He is writing ahead of the introduction [...]

July 23, 2012 | 0 Comments More
More people failing to save for retirement

More people failing to save for retirement

The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]

May 21, 2012 | 0 Comments More
Public sector pension reforms ineffective

Public sector pension reforms ineffective

An independent pensions consultant claims that the government’s proposed reforms to public sector pensions will result in no cost savings whatsoever. John Ralfe says that the savings which will be made by increasing the public sector pension age to 67 will be cancelled out by the faster build up of pensions in the new schemes. [...]

January 5, 2012 | 0 Comments More
Public sector strikes to go ahead on 30 June

Public sector strikes to go ahead on 30 June

The Public and Commercial Services (PCS), which is Britain’s largest civil service union, has said 290,000 of its members will take strike action later this month, protesting against pension reforms. They will join hundreds of thousands of teachers, meaning around 750,000 public sector workers will strike at the end of the month. The co-ordinated action [...]

June 15, 2011 | 0 Comments More
OECD forecasts growth for Spain next year

OECD forecasts growth for Spain next year

Spain has featured heavily in the news recently after speculation mounts that the country will need to seek an emergency bailout from the EU. However, the country’s Government continues to deny the claims. Earlier this month, Spain’s finance minister, Elena Salgado, said: “Our fiscal adjustment is on track… we have done all the things that [...]

December 20, 2010 | 0 Comments More
Fears for French economy as strikes cost millions

Fears for French economy as strikes cost millions

The French Government has today warned that strikes against pension cuts are costing the economy between €200 and €400 million per day. Ongoing protests and strikes against the Government’s changes to pensions have resulted in fuel shortages and travel chaos throughout the nation. France’s Finance Minister, Christine Lagarde, said: “Today, we shouldn’t be weighing down [...]

October 25, 2010 | 0 Comments More