UK - Employer sponsored pension schemes remain the best option for millions of UK workers, according to the National Association of Pension Funds (NAPF).
Hot on the tail of a Bacon and Woodrow report on pension scheme funding, the NAPF said the vast majority of schemes among FTSE 100 companies have funding levels in excess of 100%, with a growing proportion exceeding 125%.
NAPF director general, David Cranston, said: “While schemes need to be aware of – and if necessary adapt to – changes in investment returns and the economic climate, there are safeguards in place to ensure employer pension provision is, and remains, properly funded.
“As we have made clear in the past, there is a need for a wider ranging debate about how best to provide sustainable income in retirement, not least because of today’s low interest rate environment and increasing life expectancy.
By Janet Du Chenne
Canada Life has signed a £351m bulk annuity contract insuring the pensioner liabilities of 2,510 members and dependents in the AA UK Pension Scheme.
In this week's Pensions Buzz, we want to know if you believe there is ever a case for combining retirement savings products with other savings products, and if the PPF levy for sponsorless schemes is appropriate for DB consolidators.
The Insolvency Service has disqualified four directors of trustee firms from running companies for a total of 34 years following an investigation.