Employers seeking to reduce costs should consider explicitly targeting employee benefits in a bid to mitigate the unintended consequences of pay cuts on pensions, a HSBC Actuaries and Consultants report says.
The consultancy firm said the consequences of a pay freeze or pay cuts on benefits could include a reduction in pension contributions where these are linked to salary and a reduction in final pensionable...
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point