UK - New NAPF chief executive Christine Farnish has urged the government to reduce the red tape burden so employers can give workers "decent schemes".
Farnish – speaking after taking up her new role at the NAPF – said: “Pensions administration is a very complex world. It’s costly and a hassle, and the more of these burdens that can be removed, the easier it’s going be for employers to provide decent schemes that people in the workforce can actually join.”
Farnish also voiced her opposition to any plans to compel employers into providing pension schemes. She said the government should try to encourage firms to offer schemes using a variety of incentives. Full scale compulsion should be kept as a last resort, she said.
However, Farnish added that she doubted whether a political consensus could be achieved to create a stable, simple framework for pensions in the long term.
“Everyone would love to see a consensus, but we have to be realistic. Politicians are politicians, and they are never going to all agree with everything.”
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.