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Faculty & Institute of Actuaries president calls for protection of occupational schemes

Faculty & Institute of Actuaries has called for its members to protect occupational pension schemes from being undermined.


Speaking at its annual conference, Institute president Paul Thornton says the defined benefit occupational schemes has come under threat from several quarters.


He identified the four main threats as companies seeking to reduce their pension costs and investment risk, the proposed changes in accounting standards which will make defined contribution schemes more attractive, the changes to advanced corporation tax and the belief by the Government that defined contributions schemes are better for job mobility.


Thornton says: &#34I now believe the actuarial profession in the UK has a duty to ensure companies, professional advisers, Government, consumers and the media recognise the importance of defined benefit pensions both for individuals and the economy as a whole.&#34

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