Force will be used on stakeholder pensions
Article Abstract:
UK government plans for stakeholder pensions will comprise a so-called new contract governing pension provision, revealed pensions minister, John Denham, earlier in July 1998. Mr Denham revealed that the new contract will be structured to indicate the responsibility of individuals to donate an affordable amount in order to ensure that when they retire, they have a appropriate amount to live on. Mr Denham was also heavily critical of state earnings related pensions schemes (Serps), saying that the government favoured funded second tier pensions. This led to Scottish Equitable pension development manager, Steven Cameron, remarking that such a statement indicates that the government will not proceed indefinitely with Serps.
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UK: Pensions mim reveals govt's plans for stakeholder pensions to comprise a so-called new contract governing pension provision
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 1998
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UK: Insurers face failure due to price capping
Article Abstract:
The government must increase the price cap on cat-marked and stakeholder products from 1% to 1.5%, or insurance companies will be unable to make a profit and will fail, says Joanne Hindle, a director of insurer Unum. The stakeholder cap depends on the number of employers participating in the scheme, says Aifa director general Paul Smee. Employers with at least five staff had to establish a scheme by 8 October 2001, but many have failed to meet this deadline, according to reports to pensions regulator Opra.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2001
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