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DWP project to set up OPP safety net

The Department for Work and Pensions is working with senior actuaries

on a project to set up a central insurance safety net for

occupational pensions schemes, Money Marketing has learned.

A number of high-profile actuaries have refused to comment on a

secret DWP meeting held last week which is believed to have examined

the cost of a scheme that would guarantee a minimum income for all

final-salary scheme members.

The Government is understood to be concerned that increasing numbers

of defined-benefit scheme members are being asked to contribute to

their scheme yet have no guaranteed payout.

The safety net would be funded by a levy on all final-salary schemes

based on either the number of members or a proportion of

contributions or anticipated benefits. It is unclear whether the

scheme would be guaranteed by the Government.

The idea of a central discontinuance fund has been criticised in the

past for forcing good companies to subsidise bad schemes and pushing

up the cost of FS schemes.

Independent consultant Ros Altmann says: “Unlike personal pensions,

there is no risk warning and no chance of compensation for

misselling. The notion of good and bad sch-emes is flawed. ASW was

thought to be the best scheme in South Wales and look at that fund


DWP spokesman Emma Quantrill says: “An insurance agreement for

final-salary schemes is under consultation as part of the Green Paper



Treasury back in control

The Treasury is to take more control of retail financial servicespolicy after a reorganisation of Government departmentalresponsibility following the departure of senior civil servant PaulaDiggle from the Inland Revenue.Since Diggle&#39s secondment to the Revenue in 2001, responsibility forpolicy making in the industry has been divided, with Diggle retainingan active role.Now that she has left, industry […]

Scottish Life – Individual Personal Pension Plan

Type: Individual personal pension plan Minimum premium: Lump sum £1,000, monthly £50, annual £600 Minimum-maximum ages: From birth-75 Fund links: UK equity, UK ethical, global managed, European, managed, with profits, property, fixed interest, index linked, defensive managed, corporate bond, security 98, security 100, deposit, Japan, Far East, global equity, Pacific, worldwide, UK mid cap, American, […]

Water way to raise money

The Water Machine is an enterprise investment scheme (EIS) that aims to raise £3m to develop water filtration systems that will be marketed globally. The company owns the patent rights to prototype water purification technologies developed within Cambridge University. Its objective is to use these technologies to establish a brand of water filtration products for […]

Headline news

Wednesday and it is a day of meetings in London and the launch of ournew business Onevoice which will bring communications and consultancyservices to financial services companies as well as across thefashion and music sectors.Since my big move to Leeds – and please no more references to flat capsor whippets – I have become a […]

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Absence management systems gone AWOL from UK’s SMEs, reports Jelf

A quarter (23 per cent)* of the UK’s small to medium-sized enterprises (SMEs) do not have an absence management system in place, according to new research from Jelf Employee Benefits. Despite 69 per cent* of organisations having a system in place, three-quarters (75 per cent) report that it is not providing them with sufficiently empowering absence or health data to inform an effective wellbeing programme.


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