UK: LIFE INSURERS WIN AVC PENSIONS FROM EQUITABLE
Article Abstract:
Life insurance companies are seeing demand for their top-up pensions increase following problems for Equitable Life's with-profit funds. Standard Life's sales of additional voluntary contributions (AVCs) are double with much premium income coming from Equitable. Prudential has increased its market share for AVCs from local authorities from 25% to 46%. Equitable Life managed AVCs for employers worth GBu 2.5bn. Many leading companies used Equitable Life and in 2000 it made GBu 418mn in new premium income from AVCs. However, Equitable Life will earn much less from AVCs in 2001.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2001
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UK: Money purchase pensions to cause difficulty
Article Abstract:
Pensioners whose pension is based on money purchase schemes will have financial difficulties in retirement, according to Association of Consulting Actuaries' statistics. According to the association, contributions to such schemes are 9% of salary on average, 5%-7% less than contributions to final salary schemes. The statistics also indicate that as people live longer, staff take early retirement and returns on investment fall, the situation will worsen. The situation could be even worse if employers do not pay into stakeholder pension schemes.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2001
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UK: SOME 45% OF STAFF HAVE NO COMPANY PENSION
Article Abstract:
According to Pay magazine some 45% of company employees do not belong to a company pension scheme. Out of 400 companies surveyed, 15% do not provide any pension scheme for staff while those who do have just 60% of their employees as members.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2000
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