UK - Unfunded pension promises made to past and present UK public sector workers now amount to £993bn (US$1.5trn), Towers Watson calculations revealed.
The consultant said this is £223bn more than the latest official estimate of unfunded public sector pension liabilities of £770bn March 31, 2008. It said its up-to-date estimate took account of factors...
Changes to corporation tax announced in the Spring Budget could see defined benefit (DB) scheme sponsors defer contributions in favour of tax relief, according to Barnett Waddingham.
Defined benefit (DB) pension scheme sponsors issued 249 profit warnings last year, 90% of which were specifically related to the coronavirus pandemic, according to EY.
“Mounting red flags of financial stress” have meant almost two-thirds of listed companies with defined benefit (DB) schemes have issued profit warnings this year, EY says.
With rumours once again swirling around the future of pensions tax relief in the run up to this year's Budget, any reduced incentive for long-term savers could risk further exacerbating the generational divide in pensions, says Tom Selby