UK - The University of York has reached a compromise deal with non-academic staff to keep their final salary scheme open.
The university is ending its contribution holiday and will resume payments at 14.3% – up from 10% previously. It has also agreed to pay the remaining 0.3% funding shortfall on an MFR basis.
In return workers have agreed to a rise in the retirement age from 60 to 63-and-a-half years old and a five-year vesting period to qualify for ill-health retirement.
Pensions administrator Bill Hemingway said the deal was “good news for the university” - although some people were still unhappy about the contribution holiday.
The changes come into effect from January 1.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.