View more on these topics

EU is urged to look at staff pensions

The economic and monetary affairs committee has backed a call for a review of European Union staff pensions brought forward by Conservative MEP Vicky Ford.

Last week, the EU committee voted through a pensions green paper, Towards adequate, sustainable and safe European pensions systems, which included an amendment saying the committee feels a European Commission review should be carried out by June 2011.

Ford says: “I am extraordinarily pleased that my amendment has gone through. It says we should lead by example on pension provision at a time when we are suggesting best practice to member states.”

In a written parliamentary question in July, Ford pointed out the green paper lists actions that member states have taken to address unsustainable pensions that other states might want to consider. These include encouraging more people to work longer, raising pensionable age, encouraging older workers to stay in the labour market and penalising earlier retirement.

She asked: “Which of the steps, mentioned above, has or will be taken by the commission to ensure the EU’s own pension schemes are sustainable?”

The paper will now go to the employment and social affairs committee who are co-legislators on the pensions bill and it will then be voted on by the parliament.

Eurostat, the EU’s statistics office, recently estimated the annual cost of EU staff pensions will rise from €1.2bn last year to €2.5bn by 2045.

Recommended

6

Mortgage broker sues FSA for libel

Mortgage broker Adam Lucas is suing the FSA for libel after the regulator published a decision notice which cancelled his permissions to operate as a broker. The decision notice was issued because the FSA claims Lucas failed to pay £1,349.41 in fees. However Lucas contends that the FSA did not attempt to contact him using […]

14

Nationwide in investment advice tie-up with L&G

Nationwide Building Society has signed a new single-tie agreement with Legal & General to provide its members with investment products and services. In a statement released today, the society says it wants to become “the leading high street provider of financial advice” and will create around 150 new jobs to support and advise customers. Tne […]

RDR to see IFAs link up regionally

Positive Solutions chief executive Jim Reeve says the RDR will lead to a re-emergence of regional IFA firms, where specialist advisers join together to offer a comprehensive service. At PosSol’s conference in Birmingham last week, Reeve said IFAs will need to become increasingly specialist as 2013 approaches. He said: “In the future, there will be […]

Two former Leadbay employees set up new lead provider

Two former Leadbay employees have set up a new mortgage and protection lead provider, The Ark Financial Leads, with plans to provide leads to the pensions and investment markets later this year. Jonathan Barrett and Andrew Rosser, former Leadbay head of sales and head of operations respectively, will head the firm. Both left Leadbay in […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment