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Related Special Reports
...of EnnisKnupp, a consultancy that works with pension plans....
...More than 10,000 members of the Debenhams pension plan were transferred to the UK’s pension protection scheme in 2019, following the collapse of the 240-year-old retail group....
...The Treasury said it was working “constructively with relevant partners, including the FCA, on pension fund policy”....
...These “buyouts” — of pension plans and the assets backing them — are regarded as the gold standard for safeguarding benefits....
...With Laura Myers, an LCP partner, he is co-author of the report: “Magnetic Pensions: A New Blueprint for the DC Pensions Landscape”, available at lcp.com...
...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....
...partner.”...
...Sir Steve Webb, a former pensions minister and now partner with LCP, the actuarial consultants, said the suggestion of a statutory override was “very positive” for schemes looking for options for surplus...
...partner,” she added....
...For decades the plans — which promise guaranteed pensions calculated on salary and length of service — formed the bedrock of British workplace pension provision....
...“There’s a recognition of the potential upside value from future [pension] surplus for both members and employers,” said Stewart Hastie, partner at Isio, a pension consultancy....
...The head of the UK’s National Infrastructure Commission has said he does not believe the government should tell pension schemes where to invest their members’ money....
...with foreign partners and utilising free trade deals....
...Sir Steve Webb, partner at consultants LCP, and a former pensions minister, thinks the most likely scenario is the “scoring” of defined contribution pots which had been crystallised — perhaps especially...
...The $38tn US retirement system is one of the world’s largest, and US employers were among the first to shift from defined benefit pensions to defined contribution plans....
...It’s akin to one bedfellow suddenly demanding two-thirds of the bed: the other screams. “Bulgaria is at a critical point,” said Kiril Petkov, former prime minister and PP co-chair....
...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...
...Yvonne Braun, director of long-term savings at the Association of British Insurers, welcomed the plans to compare the performance of pension providers....
...Cameron McCulloch, a partner with law firm Pinsent Masons, said that if handled correctly, the government’s plans to allow surpluses to be returned to employers should be welcomed....
...Market-based cash-balance plans pool resources and offer the option of payments for life like a traditional pension, but the final payout is based on the plan’s investment returns, limiting the employers...
...The plan is designed to alleviate pressure on a pension system that is expected to come under huge strain in the next few years as a whole generation of “baby-boomers” born in the 50s and 60s enters retirement...
...Explanations range from some pools not being able to meet the investment needs of partner funds to a reluctance by local government pension committees to relinquish control....
...“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.”...
...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....
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