UK - Government plans to remove the requirement on schemes to offer additional voluntary contributions could deter savings, experts warn.
The move was outlined by work and pensions secretary Andrew Smith as an amendment to the Pensions Bill.
Watson Wyatt senior consultant Andy Parker said the plans had the potential to change the pensions landscape but it was too early to predict how trustees and members would react.
He said: “There have been suggestions that this will signal the end of AVCs but trustees will still have to maintain the existing arrangements for payments made up until April 2005 and may decide it is worth continuing to offer something going forward.”
Mercer Human Resource Consulting actuarial researcher Jonathan Lawlor said the complexity of the options for members may act as a deterrent to saving.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.