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...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...
...He added: “There are conversations happening right now” on how the pension fund votes....
...Analysis from The Pensions Regulator suggests that more than 3,750 of the UK’s defined benefit-style retirement plans have assets in excess of their liabilities or are in surplus. Read more here...
...More recently employers have opted for cheaper defined contribution schemes, where members have no certainty over what income they will get in retirement....
...The issue of overpaying tax affects over-55s accessing a defined contribution pension for the first time....
...This is particularly jarring for savers with defined contribution pension schemes. Savings companies may, in some cases, have transferred their nest eggs into bonds at the worst possible time....
...But UK business has been brisk: rising interest rates have transformed funding levels in defined benefit pension schemes and enabled companies to consider offloading future liabilities....
...In a move that will increase pressure over funds with significant allocations offshore, the chancellor confirmed he would introduce a new requirement on defined contribution pension funds, and local authority...
...Employers’ access to billions of pounds of surpluses in UK company pension funds would be eased under proposals set out by the government on Friday....
...Known as defined contribution plans, or 401k schemes, they put the onus on employees rather than leaving companies on the hook for future payments....
...The letter said domestic companies make up 4 per cent of Canadian pension funds’ assets, down from 28 per cent at the end of 2000....
...As minister for welfare reform, Field wanted to restore the contributory principle, with workers paying into and owning individual “pension pots” run by new mutual societies, on top of the basic state pension...
...The announcement comes after nearly 100 Canadian executives signed an open letter in March urging pension funds to raise their domestic investments....
...UK chancellor Jeremy Hunt last year grabbed headlines with efforts to channel more defined contribution funds into private companies....
...The damage was particularly acute in LDI pooled funds, which are managed for mainly smaller pension funds....
...At the same event, the Pensions and Lifetime Savings Association, which represents the UK’s £1tn pensions sector, said the government should not tell pension funds how to invest....
...University leaders in England have warned that a sharp increase in employer pension contributions next year will result in deep cuts to student welfare support and make it harder to recruit staff....
...Portfolios of private assets are being dumped by so-called defined benefit pension schemes — funds offering members a set amount in retirement — as they try to prepare themselves for a buyout by an insurance...
...Older defined contribution schemes could have had guaranteed annuity rates, so members might have aimed to use all of their fund to secure the greatest income....
...Chancellor Jeremy Hunt has not ruled out further action to stimulate more investment by pension funds in the UK....
...The proposals include a requirement for defined contribution pension schemes to disclose from 2027 how much they invest in the UK....
...The extent of losses to pension funds in 2022, which equated to a near quarter drop in asset value over the year, was disclosed in a long-awaited report by the Pensions Regulator this week....
...“Many defined contribution scheme members lack the financial education and confidence to choose their own pension provider....
...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....
...The final loophole that could be closed is the tax relief on defined contribution pension pots, which can currently be passed on free of inheritance tax....
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