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Excessive regulation alarms Aon

Aon Consulting is warning that unnecessary regulation around DB transfers could sound the death knell for a valuable option for scheme members.

Responding to calls from some industry players for a fixed structure for offering transfers, Paul McGlone, principal and actuary says: “Regulation and guidance on transfers between DB and DC schemes is something that is already closely monitored by bodies such as the FSA and The Pensions Regulator. Calls for further regulation in this area could actually result in a situation where scheme members are worse off because of increased bureaucracy and greater costs, leading to companies finding transfers less palatable to offer. All pension schemes have a statutory duty to offer transfer values to members, and to advertise that fact to members. Trustees consider carefully what level of transfer they can reasonably offer, and for those companies that want to offer members an option that is over and above what the Trustees can offer, they are providing members with additional choice.

“The ultimate losers in this situation would be the members of DB schemes who would find a valuable option no longer available.”


Changing currents in the Pacific

The Far East has been a topic of much discussion for some time now among investors. Led by the giant stories of China and India, the region’s rapid rise upward captured attention and had started to change the way people saw investing in Asia.

The best kept secret in wrap

It took me a while to be sold on wrap. I under-stood the benefits of fund supermarkets and had placed business with Skandia and Cofunds but what benefits did a full-blown wrap offer?

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England vs Australia: pensions

Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.


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