Industry

Paul McMahon of Friends Provident makes a case for the benefits of mergers

News that the National Association of Pension Funds has closed its defined benefit scheme to new members cannot come as a total surprise to readers of Professional Pensions.

The National Association of Pension Funds has closed its final salary scheme to new members after liabilities soared by nearly 50% during 2009, PP has learned.

There are basically only three ways to reduce the costs of public sector pensions: raising contributions, increasing the pension age or cutting benefits.

A fifth of intermediaries in the group pensions market believe they will have fewer customers and earn less because of the RDR, according to a study from ORC International.

The BBC is facing a "winter of growing discontent" over proposed changes to the pension scheme, cuts and jobs, the National Union of Journalists warns.

HM Treasury will announce new pension taxation rules including the cap on the annual allowance tomorrow.

The Pensions Advisory Service chairman Partha Dasgupta has launched a passionate defence of the government-funded body after a leaked Cabinet Office document revealed it remains under threat.

The aggregate funding position of the 6,653 schemes in the Pension Protection Fund's 7800 index improved to a deficit of £20.4bn at the end of September.

Lowering the annual pension contribution allowance to £40,000 could persuade some middle-management public servants to take up career average schemes to avoid harsh tax penalties, pensions expert Tom McPhail says.