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.
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.