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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.


NPI launches sixth series with-profits bond

WITH PROFITS BONDNPISERIES VI WITH PROFIT BONDType: Single-premium unitised with-profits bond.Minimum investment: Initial – £10,000, additions – £1,000.Bonus rate: Initial bonus rate of 8.5 per cent a year until December 31, 1999.Allocation rates: £10,000 to £24,999 – 100 per cent, £25,000 to £49,999 – 100.25 per cent, £50,000 to £99,999 – 100.5 per cent, £100,000 […]

Killik urges move to blue chips

Killik & Co is advising investors to check the quality of their share holdings and to buy defensive stocks.In its monthly report, it says: &#34Buying in dips, especially in blue chip stocks which have strong fundamentals and which have seen their high rating drop towards fairer levels, should yield long-term benefits.&#34The firm also advises investors […]

Edinburgh relaunches fund as part of Oeic

Edinburgh Fund Managers is relaunching its UK fixed interest fund as part of its newly-created Oeic.The £23m fund was created by the amalgamation of Edinburgh Convertibles and the Edinburgh Preferred Higher Income in June this year.As an alternative to the standard quarterly income distribution, there is a monthly withdrawal facility allowing investors to take a […]

ABI in new Y2K database drive

The ABI is urging IFAs to sign up for its Year 2000 database with only an estimated third of intermediaries joining since the May launch.Two thousand IFAs and 133 insurers have provided information on their state of millennium compliance.ABI electronic commerce manager John Kemble says: &#34All the indications are that the industry still has some […]


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