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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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January 25, 2013 02:15
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UK firms' pension deficit to rise after inflation verdict

January 17, 2013 09:15
By Sarah Mortimer LONDON, Jan 17 (Reuters) - Top British firm's pension scheme liabilities will rise about 20 billion pounds ($32 billion) after a decision not to alter how the country's oldest measure of inflation is calculated, consultant Mercer said. Mercer said on Thursday the news had led to a rise in the cost of inflation swaps - the financial tools that are used to hedge pension risk.

UK consumer watchdog to scrutinise pensions market

January 17, 2013 07:15
By Sarah Mortimer LONDON, Jan 17 (Reuters) - Britain's consumer affairs watchdog is to investigate so-called "defined contribution" pension plans, which could see up to 8 million new members over the next six years as part of a government drive to boost workplace saving for retirement. Britain's Office of Fair Trading (OFT) said on Thursday its study would focus on value for money and the size of pension pot savers end up with at retirement.

Britain takes aim at soaring state pension bill

January 14, 2013 18:15
* Government proposes single flat-rate state pension * Payment would be higher than current basic rate * Britons to work extra five years to qualify By Tim Castle LONDON, Jan 14 (Reuters) - Britons will have to work longer to earn a full state pension but will benefit from a higher flat rate when they retire, the government said on Monday as it sought to put a lid on the soaring cost of its universal basic pension provision.

New code forces disclosure of UK pension charges

January 11, 2013 08:15
By Sarah Mortimer LONDON, Jan 11 (Reuters) - Private pension companies will be forced to reveal fees and charges taken from employees' retirement savings under an agreement drawn up by the Association of British Insurers (ABI), it said on Friday. ABI members include pension and insurance organisations running some of the UK's biggest pension schemes. The new agreement is supported by the likes of Aviva, Axa and Prudential.

UK watchdogs to beef up scrutiny of auto-enrolled pensions

January 10, 2013 10:47
By Sarah Mortimer LONDON, Jan 10 (Reuters) - Britain's financial watchdogs want to beef up scrutiny of companies providing pension schemes to up to 8 million people who will be automatically enrolled into a workplace savings plan following a government campaign.
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