UK - A Diabolical quarter for the manufacturing sector will put further pressure on employers to cut pensions costs, the Engineering Employers' Federation fears.
The Confederation of British Industry’s latest Quarterly Industrial Trends Survey of 900 firms shows that domestic orders fell faster than expected and export orders fell at their fastest rate for 18 months.
EEF deputy director of employment policy David Yeandle believes the figures will put more pressure on occupational pension provision.
Amicus pensions spokesman Bryan Freake said many manufacturing firms had already closed their final salary schemes – and the pattern was unlikely to change.
The Next Generation Pensions Committee is on a mission to promote and encourage younger voices in the industry. Kim Kaveh looks at its key objectives
This week's top stories included an analysis finding the cost of equalising guaranteed minimum pensions in schemes could hit FTSE 100 profits by up to £15bn.
Employers whose dividend to deficit recovery contribution (DRCs) ratios fall outside the "normal range" should expect to see higher regulatory scrutiny, although no fixed ratio will be set.
Investment consultants and fiduciary managers should expect a final decision on the investigation into the market to be published by the end of the year, the competition watchdog says.