Legislation

UK - The National Association of Pension Funds is backing auto-enrolment and NEST in the main but says the finer details around scheme-based certification need clarification.

The Department for Work and Pensions has issued a formal consultation on proposals to shift the inflation link for increases in PPF and FAS payments from the retail prices index (RPI) to the consumer prices index (CPI).

UK - The Department for Work and Pensions' plans to abolish transfers between contracted-out defined benefit and defined contribution schemes could lead to a "firesale" of final salary liabilities, a consultant warns.

The Confederation for British Industry is set to back the key principles behind auto-enrolment and NEST in its submission to the independent review body, PP can reveal.

Senior industry figures are pleading for an early government announcement on pension tax relief restriction rules because "time is running out" for employers to implement changes.

The possible move from Retail Prices Indexation to Consumer Prices Indexation to index private sector pension increases will force schemes to amend de-risking contracts, industry figures say.

UKRAINE - Ukraine plans to let private pension managers oversee some state retirement funds in 2012 to help cut the budget deficit and spur economic growth, said Labour and Social Policies Minister Vasyl Nadraha.

The state pension age should be hiked to at least 70 by the mid-2030s if concerns over the impact of rising longevity are to be allayed, industry experts say.

Government proposals to link increases in public service pensions to the CPI will force thousands of couples to delay divorce proceedings, an actuary warns.

Lord John Hutton's independent public sector pensions commission should consider an LGPS-style framework for all taxpayer funded schemes, a consultant says.