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...Kunal Sood, managing director of defined benefit solutions and reinsurance at Phoenix’s Standard Life business, said the industry had “strict due diligence processes and regulation in place to ensure decisions...
...Thousands of members of the pension plan of collapsed retailer Debenhams are to have their retirement benefits restored under a groundbreaking deal for the UK’s nascent “superfund” market....
...Officials briefed on the proposals said the plan for geographical disclosure would apply to defined contribution funds, overseen by the FCA, rather than defined benefit funds, which are regulated by The...
...Mick McAteer, co-founder of the Financial Inclusion Centre think-tank and a former FCA board member, said the stress-test plan was “very welcome”....
...The Parliamentary Contributory Pension Fund is a “defined benefit” plan which means MPs and ministers are promised a pension for life, based on career average salary, length of service and age....
...More recently employers have opted for cheaper defined contribution schemes, where members have no certainty over what income they will get in retirement....
...The proposals come after the funding positions of defined benefit retirement plans have improved significantly over the past 18 months due to rising interest rates making it cheaper for the schemes to meet...
...The rise of defined contribution pension plans combined with the growing strain on the social security government retirement programme had left the US particularly unprepared for a huge increase in the retiree...
...The pension reforms are part of Hunt’s efforts to stimulate the economy and will include a requirement for so-called defined contribution pension funds to disclose from 2027 how much they invest in the UK...
...“Many defined contribution scheme members lack the financial education and confidence to choose their own pension provider....
...The proposals include a requirement for defined contribution pension schemes to disclose from 2027 how much they invest in the UK....
...Assets invested in the fund via retirement accounts such as defined contribution plans would be “generally expected” to be transferred into Pimco’s Government Money Market Fund, depending on the terms of...
...Trustees of UK pension schemes would be prevented from taking “overly risky” decisions after government plans to ease employers’ access to billions of pounds in pension fund surpluses, ministers said....
...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...
...The contrast between the defined contribution schemes of private companies and the inflation-linked defined benefit schemes of the public sector has become increasingly stark....
...Known as defined contribution plans, or 401k schemes, they put the onus on employees rather than leaving companies on the hook for future payments....
...Armitt is a former chair of the National Express Group and held senior roles with the Berkeley Group as well as the Board of Transport for London....
...The sharp fall in the deficit was in line with wider funding improvements for thousands of corporate defined benefit (DB) plans in the UK, which promise members a pension for life....
...Yields have soared — they are at 15-year highs for gilts — and capital values have tumbled. This is particularly jarring for savers with defined contribution pension schemes....
...According to the parliamentary testimony of the insurance industry there are absolutely no capacity problems, no really, none at all, promise promise, cross my heart and hope to die....
...The growing reliance on illiquid assets has also introduced new challenges in terms of cash flow for defined benefit style funds, such as Calstrs and others public retirement systems, which must pay regular...
...In July, UK chancellor Jeremy Hunt announced a compact with nine of the UK’s largest defined contribution style plans to boost their investment in unlisted assets, such as private equity, start-ups and infrastructure...
...The think-tank proposes tackling the pension savings crisis first. Millions of people on defined contribution schemes are heading towards an inadequate retirement income in the coming decades....
...The head of one of the world’s biggest pension funds has said UK retirement plans should not be told where to invest their money, as the government sets out plans to funnel more cash into unlisted assets...
...But their job-hopping is causing a headache in the pensions market. Britons are jointly collecting tens of millions of defined contribution pension pots....
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