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...of EnnisKnupp, a consultancy that works with pension plans....
...“The FCA doesn’t determine policy on pensions — the chancellor does,” said one. “The FCA should stop trying to make policy....
...These “buyouts” — of pension plans and the assets backing them — are regarded as the gold standard for safeguarding benefits....
...We can’t afford to do this any more as a country.”...
...No regulated advice or guidance (which is free from the government-backed Pension Wise service) was sought for 37 per cent of income drawdown plans taken out in the 2022-23 tax year....
...But at that stage every pension plan was an island, with no interconnections and no obvious mechanism for enabling the pension to follow the member. Ten years on that has all changed....
...About 20 states have also set up defined contribution plans for workers at small companies and the self-employed....
...The California Public Employees’ Retirement System has named a former top executive at the New Zealand sovereign wealth fund to direct the largest US public pension plan’s investments following the abrupt...
...For decades the plans — which promise guaranteed pensions calculated on salary and length of service — formed the bedrock of British workplace pension provision....
...Individual pension contributions wouldn’t be used to buy stocks and shares, but “money from the state”. However, the reform will not prevent pensions contributions from rising....
...Sir John Armitt made his remarks at the Trades Union Congress conference in London, a week after chancellor Jeremy Hunt unveiled new measures to increase investment by UK private sector pension funds in...
...“The central purpose of DB pension schemes — to pay the benefits promised to members — should not be undermined,” said Hetty Hughes at the Association of British Insurers, the industry trade body....
...There are always a lot of different interests to manage at the top of a pension plan, but the psychodrama between the board, plan members, the investment staff, the media, and local, regional and national...
...Some of the UK’s biggest pension plans are taking advantage of steep price discounts to snap up real estate and other private assets, as fellow retirement funds put their harder-to-sell holdings on to the...
...Claire Trott, divisional director of retirement and holistic planning at St James’s Place, says: “This is a question we are asked all the time, and there isn’t a right answer as none of us have a crystal...
...Today schemes like the Ontario Teachers’ Pension Plan rank among the largest and most sophisticated institutional investors in the world....
...Yvonne Braun, director of long-term savings at the Association of British Insurers, welcomed the plans to compare the performance of pension providers....
...Its frozen plan had $3.6bn more in assets than liabilities at the end of 2022....
...“We know that as we live for longer, we need to work for longer,” she said, adding, “we’ve got no plans to lower the state pension age.”...
...The ECB puts housing wealth at around 350 per cent of GDP. The present value of pension entitlements under current social insurance systems are in the same ballpark....
...The lawyer from Newcastle upon Tyne plans to live off cash savings and a small investment income until he’s 60, when he is looking at buying an annuity, a guaranteed income for life....
...In his Budget, Hunt confirmed new measures that require local authority pension funds and private sector retirement plans to disclose their UK investments....
...Employers are not obliged to pay into a pension plan chosen by their workers....
...Steven Cameron, pensions director with Aegon, a pension provider, said there was “no reason” why the government couldn’t start the consultation process now....
...The aggregate surplus of the UK’s 5,100 pension schemes was about £428bn at the end of December, according to analysis by the UK’s Pension Protection Fund....
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