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.
The two-sided simplified annual pensions statement should be applauded, even if it missing information, says Jonathan Stapleton.
LGPS Central has appointed Hermes Equity Ownership Services (EOS) to run engagement and voting services for the investments of its nine local authority funds.
The Universities Superannuation Scheme (USS) is being pressed to ignore advice from a joint expert panel, which would store up problems with "pernicious consequences" for the higher education sector.
Simon Eagle of Willis Towers Watson says that, based on his work for Royal Mail, well-designed collective defined contribution (CDC) funds would be viable for some other UK employers too.