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One third of pension funds risk Year 2000 failure

Over one third of pension plans are at risk of software systems failure on 1 January 2000, according to the latest survey.


The Jardine Reeves Brown survey looks at how plans are meeting the requirements of the 1995 Pensions Act.


The survey found that 66 per cent of schemes have obtained undertakings from their software suppliers about being millennium compliant but the remainder have still to do so.


Just over a quarter of the schemes surveyed had changed from defined benefit to defined contribution with 46 per cent considering the change.


The Act has also prompted funds to re-appraise their investment strategies. Because of the requirement to issue a statement of investment principles, 82 per cent took the opportunity to review their investment managers, investment strategy or both.


The response rate to the survey was 18 per cent covering 204 plans with £110bn under management.

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