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European pension proposals could cost UK business 450 billion pounds

April 9, 2013 14:30
By Sarah Mortimer LONDON (Reuters) - British businesses could face a 450 billion pound bill as a result of plans to force pension funds to protect themselves from risk with extra capital, data from Europe's insurance and pensions watchdog showed. This could hamper companies' ability to invest and also force some pension schemes to close.

Pension fund deficits jump in March - industry data

April 9, 2013 10:00
By Sarah Mortimer LONDON (Reuters) - Despite millions of pounds spent by British companies to meet spiralling retirement costs, the total deficit of final salary-linked company pension schemes has increased by 35 billion pounds over one month, a report said on Tuesday, The Pension Protection Fund (PPF) calculated that the aggregate deficit of 6,316 so-called defined benefit (DB) schemes - representing about 12 million members - shot up to 236.6 billion pounds in March from 201.5 billion in February

2nd pillar pension system can ensure that pensions in future do not decrease- Lithuania's central bank

April 3, 2013 15:34
Citizens actively participating in the 2nd pillar pension funds system can expect an increase in retirement pensions by a third.

Fujitsu injects 800 million pounds to plug UK pension deficits

March 25, 2013 11:45
LONDON (Reuters) - Japanese IT conglomerate Fujitsu has injected 800 million pounds into three of its UK defined-benefit pension schemes, halving their deficits and freeing up cash for its UK arm to boost investments. Fujitsu, the UK's biggest Japanese employer with 14,000 staff, said in a statement on Monday that the 800 million pounds would "substantially improve the funding positions of these schemes, benefiting over 21,000 members."

Government brings state pension reform forward to 2016

March 19, 2013 10:30
By Sarah Mortimer LONDON (Reuters) - Up to 400,000 more Britons will qualify for a new higher flat-rate state pension, the government said on Tuesday after it announced it would introduce the reform a year earlier than expected. The Conservative-led coalition said the simplified scheme providing a flat-rate payment of 144 pounds a week, would benefit low earners, the self-employed and women who have taken time out from work for childcare.

UK lets public pension funds raise stakes in infrastructure

March 6, 2013 15:15
By Sarah Mortimer LONDON, March 6 (Reuters) - The British government has made it easier for local authority pension schemes to invest in infrastructure by doubling the amount they can invest to up to 30 percent of their assets, paving the way potentially for billions of pounds of investment to be made in projects such as new roads and railways.

UK lawmakers want no delay to government-backed pension changes

February 11, 2013 08:30
By Sarah Mortimer LONDON, Feb 11 (Reuters) - Restrictions on a government-backed pension plan aimed at helping more Britons save for their retirement should be lifted as a matter of urgency, a parliamentary committee said in a report on Monday. The Work and Pensions Committee said removing the limitations on the National Employment Savings Trust (NEST), which cap the amount an employee can contribute to their pension pot each year and ban transferring existing pensions in and out of the scheme, should not be delayed until 2017.

REFILE-Start retirement saving now or the UK government may make you

February 7, 2013 07:30
* Experts see saving made compulsory in 2017 Pensions Review * Cash-strapped workers opt out of voluntary schemes * Australian, New Zealand mandatory schemes more effective By Sarah Mortimer LONDON, Jan 25 (Reuters) - Britain may soon have to force workers to start saving for retirement to cut a soaring pensions bill set to reach 120 billion pounds in 20 years.

Pension Insurance Corp takes on insolvent UK pension scheme

February 4, 2013 08:15
By Sarah Mortimer Feb 4 (Reuters) - Britain's Pension Insurance Corp is taking over the pension liabilities of the insolvent UK pension fund of Swiss aircraft services firm SR Technics, providing improved retirement benefits for the scheme's 2,500 members. A growing number of so-called "final salary" pension schemes are running into trouble amid rising longevity and low UK government bond yields.

UK final salary pension schemes close at record rate

January 28, 2013 11:15
By Sarah Mortimer LONDON, Jan 28 (Reuters) - UK companies closed final salary-based pension schemes at a record rate last year as funds struggled against rock bottom returns on their staple investments and growing life expectancy, the National Association of Pension Funds (NAPF) said on Monday. Firms closed 31 percent of so-called defined benefit (DB) pension pots, compared with 23 percent in 2011.
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