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Low-paid staff may end up with better pensions

Low-paid public workers could get bigger pensions under the proposed career-average scheme, according to analysts.

Hymans Robertson says many scheme members could receive a bigger pension at retirement if the Treasury decides to hold accrual rates but they will have to wait longer to receive it.

Head of public sector pensions John Wright says a career-average scheme would be fairer to people with low pay growth.

He says: “A career-average scheme will produce roughly the same pension for someone in a final-salary scheme whose salary grows in line with average earnings, for example, a nurse or a teacher.

“Career-average schemes are generally fairer to those with lower pay growth and broken service, whereas those with high pay growth do better out of final- salary schemes.”

KPMG head of pensions Andrew Cawley says the decision to link increases in pensions to average earnings throws “a huge lifeline” to the lower paid. He says: “By using average earnings as the peg, the very lowest may find their career-average schemes end up being better than the final-salary schemes they might have received as the point about averages is that some people are going to be less than average.”


Voyant UK integrates with FinaMetrica

IFA technology firm Voyant UK has integrated its platform, Voyant Adviser, with FinaMetrica’s psychometric risk profiling. The new integration is designed to assist advisers in client discussions about risk tolerances, capacity for loss and other key objectives. Since its launch in 1998, Sydney-based FinaMetrica has completed over 40,000 profiles for over 3000 investment advisers in […]


Andrew Tyrie calls on BoE’s Court to release crisis documents

Treasury select committee chairman Andrew Tyrie has called on the Court of the Bank of England to release all documents charting its work during the financial crisis to judge whether the body is fit to scrutinise the Financial Policy Committee. During a committee evidence session with the Court yesterday, in which several members raised concerns […]

Japan’s Nikkei 225 rebounds after sharp falls

Japan’s stocks rebounded today as the Nikkei 225 closed up 5.68 per cent to 9,094. The index registered a fall of over almost 17 per cent on Monday and Tuesday this week following the earthquake and tsunami which hit the country on Friday and has claimed over 10,000 lives. Many commentators have been bullish on […]

Insynergy launch looks to emerging markets

Insynergy Investment Management has launched a fund that seeks to generate an income from current and former emerging market stocks. The Insynergy new world equity income fund will be housed in Dublin, regulated under the European Union’s Ucits III directive and managed by Kleinwort Benson Investors. The fund, which launches in early June, will be […]


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