UK - Existing levels of pension provision cannot be maintained, a snapshot poll of consultants reveals.
The poll – carried out at the Society of Pensions Consultants’ pensions conference – showed that more than 90% of the 150 delegates felt the levels of provision could not be maintained.
In a similar vote on what type of replacement plans to final salary would best suit a typical company’s needs:
- 40% said money purchase with matched contributions would be best.- 26% thought career average with discretionary increases.- 13% agreed on money purchase without matching contributions. Cash balance schemes and career average schemes were least in favour.- For full conference coverage, see page 10.
University College Union (UCU) and Universities UK have appointed Joanne Segars to chair the joint expert panel to examine the valuation of the Universities Superannuation Scheme (USS).
The Pensions Regulator (TPR) was right to use its powers to seek financial support from ITV for members of the Box Clever pension scheme, the Upper Tribunal has said.
All 6,000 UK schemes had a surplus of £361bn by the end of last month when calculated under a best estimate return on their assets, according to First Actuarial.
Research highlights confusion about where responsibility to support members on transfers lies. Kim Kaveh looks at the key findings.