Defined Contribution

Advisers are set to turn their backs on conventional annuities and recommend asset-backed alternatives as annuity rate crashes continue to plague retirees.

EUROPE - Multinationals with defined contribution plans in Eastern Europe are starting to favour pan-European vehicles instead, John Hall, head of the international consulting practice for EMEA at Mercer said.

Public sector workers earn £136 a week more in pay and pensions than their private sector counterparts, Office for National Statistics data proves.

UK - The BBC has proposed a new career average arrangement as part of its pensions reform but is sticking with the controversial 1% annual cap for the existing final salary scheme.

Treasury proposals to remove the requirement to annuities by age 75 will only benefit "those who need them the least", the industry warns.

Absolute return strategies are finding favour with trust-based defined contribution schemes, industry experts say.

The industry urgently needs a decision on pension tax relief restrictions, the Association of Consulting Actuaries warns.

AllianceBernstein has hired Tim Banks to expand its defined contribution capabilities in the UK.

The Organisation for Economic Co-Operation and Development has encouraged the International Accounting Standards Board to review the definition of DB and DC plans as they relate to international accounting standards.

US - The Financial Accounting Standards Board (FASB) has updated guidance over increasing transparency in the financial reporting of companies with multiemployer pensions.