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Five million pensioners cut spending

Half of the UK&#39s 10 million pensioners have been forced to cut back on their spending in the last three months, according to research from Prudential. More than two million have gone back to work although the Pru concedes that in some cases this could be just to combat boredom while others could need the cash. The findings from the Pru&#39s quarterly retirement index also show that 210,000 pensioners have broken the law or are considering doing so to boost their income

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&#39Efficient admin systems could save life offices £1.5bn a year&#39

Life offices could save up to £1.5bn each year if they adopted more efficient administration and back-office systems, says software provider Marlborough Stirling. An analysis by the company of the FSA&#39s 2002 returns reveals that life offices are spending more than £30 a year to administer each individual policy on their books, up from£28 in […]

Inside edge

I am not sure that I agree with the commonly held view that the only alternative to final-salary or defined-benefit schemes is for employers to switch to groupings of personal pensions or stakeholder pensions instead. That is a step-change for many bigger employers that could be difficult for them to sell to their employees. That […]

Firms seeking DB alternatives

More than half of employers have carried out a major review of their final-salary pension schemes in the last year and many are keen to find alternatives rather than close them down, says Watson Wyatt. The actuarial consultancy, which advises more than 50 of the 100 biggest UK corporate pension schemes, found that 59 per […]

Ritchie runs rule over schemes

New scheme wind-up rules mean that there is technically no difference between employers and life offices offering final-salary schemes, yet they are subject to radically different accounting systems, says Scottish Equitable pensions development director Stewart Ritchie. Ritchie argues that the introduction of rules requiring solvent employers which wind up schemes to buy out benefits in […]

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