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NAPF calls on Lord Hutton to introduce career average pensions

The National Association of Pension Funds has called on Lord Hutton to introduce career average schemes as part of his review of public sector pensions.

The NAPF says the move would be the best way to keep schemes going in the wake of rising costs as well as protecting the interests of lower-paid workers.

Lord Hutton, who will publish his final report in time for the 2011 Budget, has already indicated that he would recommend this policy as part of his initial findings in October this year.

Most public servants are currently in final-salary pension schemes, which take into account the number of years a person makes contributions to their pension as well as their salary at retirement. The career average move would result in a build-up of assets through a workers salary during their employment. It is thought that the career average option would in most cases be lower than a final salary scheme.

NAPF chief executive Joanne Segars says: “Career average pensions are the most promising option for providing a sustainable, affordable and fairer public sector pensions system,”

“While it will reduce the costs of public sector pensions, it will also protect lower-paid workers who don’t usually have significant salary spikes late in their careers.”


CBI cuts growth forecast for Q1 2011

The CBI has downgraded its economic growth forecast in the UK for the first quarter of 2011. The CBI believes that job cuts and higher-than-expected inflation will see growth cut from 0.3 to 0.2 per cent. However, the CBI says that it does not expect he UK to fall back into recession and that growth […]


Merchant House acquires Clarkson Hill assets and launches new business

Merchant House Group has launched a new financial planning division after acquiring certain assets from Clarkson Hill Group. Merchant House’s new business aims to recruit up to 200 IFAs which it says can better service its clients as the retail distribution review draws closer. Merchant House Financial Services’ acquisition of certain assets from Clarkson Hill […]

Consumer Panel member Nick Lord to retire

The Financial Services Consumer Panel has announced that Nick Lord is retiring from the panel and four new appointments will take effect in January 2011. Lord will leave the panel at the end of December, having been a member for six years.   In January, former Citizens Advice chief executive David Harker, inner city youth […]


White paper — Dubai International Insights

Jelf Employee Benefits discusses the legislative changes in Dubai, available medical facilities and policy considerations for employers with expatriate workforces in the country. This edition will be of particular interest to global human resource directors, compensation and benefits specialists and mobility managers who have employee populations in Dubai, or are considering operating there in the near future.


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