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Employees losing £1.6bn in pension contributions says Close

The trend moving away from final salary occupational pension schemes towards defined contribution ones is costing employees up to £1.6bn a year in pension contributions according to Close Wealth Management.

Research from the fund group points to the 900,000 employees who have seen their DB schemes close since the decline began have missed out on the £1.6bn figure.

Chief executive Martin Smith says: “Many employers are closing their DB schemes and offering their staff defined contribution plans instead. These have no long term liabilities for employers but they mean lower contributions for employees. Indeed, the average company contribution level for a DB scheme is 14.83 per cent compared to 7.41 per cent for a DC plan.”


FSA&#39s prescription for advice is based on poor diagnosis

I understand there is a phrase in journalism relating to the summer when there is little or no news – the silly season. This came to mind when I read that the FSA is seeking to redefine advice and make IFAs specialise in meeting the needs of one particular stage of a person&#39s life (Money […]

Independent view

In these litigious and spin-filled days, the public is increasingly suspicious, particularly of politicians. Trust and integrity have for so long quite naturally been taken for granted. This is no longer so and, sadly, in the financial services world, the end result is an increasingly sceptical consumer. Investors are more than ever wary of taking […]

&#39Bondholders in the dark over pledges of no MVRs&#39

Life offices are keeping quiet on guarantees of no market value reductions on with-profits bonds sold in the 1990s that could put reserves under pressure. A report on MVRs by Chartwell Investment Management claims Scottish Provident, Clerical Medical, AMP NPI, Britannic Assurance, CIS, Legal & General, Liverpool Victoria, MGM Assurance, Pearl, Royal & Sun Alliance, […]

Proteau appointed to Standard Life board

Standard Life has appointed Jocelyn Proteau as a non-executive director, effective from August 26.The insurer says Proteau, 56, has significant experience with mutuals, gathered in the Canadian financial services sector, most recently as chairman and chief executive of the Federation des casisses populaires Desjardins de Montreal et de l&#39Ouest-du-Quebec.Standard Life chairman Sir Brian Stewart says: […]

Why your clients need some tough love

In any relationship that matters, professional or personal, you should be upfront with someone if you think they’re making a decision or doing something they might later regret. Being honest with someone and having their best interests at heart, however hard the message, is key to building trust in any relationship. So how does this […]


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