GLOBAL - KPMG has denied reports that employees face pension cuts after it refused to plug a funding gap in its pension scheme.
Press reports claimed that a £60m hole in the £300m KPMG Staff Pension Scheme would leave members facing benefit cuts of up to 20%.
But a spokesman for the accounting giant said: “This is a defined contribution scheme, not a defined benefit scheme. So any talk of blackholes or multimillion pound deficits is wrong.”
KPMG, though, did admit that it will stop paying contributions to one of its defined contribution schemes. The cuts will affect 20% of the company’s workforce.
Proposed changes to The Pensions Regulator's (TPR) notifiable events framework so it can be more proactive when corporates make changes will create a very challenging workload, it has been said.
Aviva has created a new pension skill for Amazon Alexa that allows customers to find out how much they have saved towards their retirement.
PP has compiled a list of what to watch out for over the coming months.
The proposed cold-calling ban may be ineffective if a collaborative regulatory approach between the UK and the European Union (EU) is not maintained post-Brexit, the Pensions Management Institute (PMI) has warned.