The Department for Work and Pensions has been criticised for delaying reforms to the disclosure requirements for defined-benefit schemes.The regulations, designed to bring disclosure requirements in line with defined-contribution schemes, would have forced DB schemes to produce an annual statement of benefits to members from next April. But pension reform minister James Purnell said last week that the reforms will be put on ice pending the DWP’s wider review of regulation, designed to ease the burden on employer schemes. The new regime, set to come into force in October, also planned to move away from rigid timescales, instead requiring employers to provide information to members within a “reasonable period”. Purnell said: “It would not be fair to employers to bring in further requirements, only for these to be changed as part of our deregulatory review.” Standard Life welcomes the decision to postpone the changes to disclosure timescales but says delaying the provision of annual statements could prove damaging in the run-up to the introduction of pension personal accounts. Marketing technical manager Andrew Tully says: “The decision flies in the face of helping the public understand their pensions. It is particularly important that this issue is resolved well in advance of the introduction of the NPSS so people understand what pensions they have already before deciding on whether they need to save more and how much.”
Lifetime Tracker Offset Mortgage
The UK could follow the US, with rising rates slowing the market right down
Imagine you were an IFA firm operating under FSA regulation. Imagine that in the past the firm had been several firms operating under several different regimes. A reasonable merger had taken place although for a few years the firms existed as a sort of ad hoc alliance before a full merger.
Type: Buy-to-let tracker mortgageTracker term: Until September 30, 2009Tracker rate: 0.55% above Bank of England base ratePayable rate: 5.05Minimum loan: 1,500Maximum loan: Up to 85% of valuation subject to a maximum of 300,000, up to 80% of valuation subject to a maximum of 350,000, up to 75% of valuation subject to a maximum of 500,000Income […]
Jelf Employee Benefits has given its initial thoughts on the chancellor’s 2014 Autumn Statement. The company is seeking to isolate the sections of the speech (and the supporting document) that are relevant to the employee benefits debate. The first such area is pensions related.
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