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DC schemes could be next target for unions, says leader

Union strike action over defined-benefit schemes could spill over to companies running defined-contribution schemes, warns giant civil service union Unison.

Head of pensions Glyn Jenkins told delegates that poor returns on defined-contribution schemes will lead to increased wage claims.

In a warning to employers not to underestimate the pitfalls of cheaper money-purchase schemes, Jenkins argued that poor performance by defined-contribution schemes will be apparent to employees when statutory money-purchase illustrations are introduced next spring.

He said employees will expect employers to make increased payments in the years when defined contributions perform poorly in the same way that employers have benefited from pension holidays in years of high equity growth.

Jenkins, whose union has 1.3 million members, said: “As well as a pension scheme valuation every year, we could also be having a strike on pensions every year. Some of the firms that have not moved from def-ined-benefit to defined-contribution schemes have stayed put because they are aware of the hidden costs of defined contribution.”


Hargreaves Lansdown sets up mortgage arm

Hargreaves Lansdown is moving into the mortgage market, saying it is confident that it can offer better deals than are currently available in the UK.In a move to diversify from its core investment and pension business, it is mailing 400,000 clients with details and is recruiting 10 specialist advisers to join the new division, Hargreaves […]

Correspondent&#39s week

Due diligence – two words that have come to signify months of intensive work following the signing of heads of agreement to merge the businesses of ABN Amro and Artemis.Most of the preparation work has been completed but, as we approach the final furlong, the critical approvals from the FSA are still awaited. Until those […]

B&B buys loan portfolio from GMAC-RFC

Bradford & Bingley subsidiary Mortgage Express has bought a loan portfolio of 6000 mortgages for £650 million from GMAC-RFC. B&B says this acquisition will complement its growing selective lending business and improve return on equity for shareholders. This will increase the group&#39s managed assets, which stood at £19.1 billion on June 30 by 3 per […]

Mortgage broker Gardner Goldman launches internet tracking system

Manchester based independent mortgage broker Gardner Goldman has launched an internet tracking system letting introducers check the progress of their clients&#39 applications 24 hours a day, seven days a week. IFAs, accountancts, solicitors, estate agents, property developers and others who use Gardner Goldman to arrange mortgages for their clients are given a unique password that […]


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