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Ross made Faculty of Actuaries president

Royal London director and Aon Consulting principal Tom Ross has been elected as the new president of the Faculty of Actuaries in Edinburgh. Ross is keen to take up the challenges facing the pensions and life assurance sectors and wants to dispel the myth actuaries can&#39t understand business or communicate effectively. Ross was awarded an OBE in 1999 for services to pensions, is a former chairman of NAPF and was chairman of Scottish Life until its takeover by Royal London. He is the first chairman of the Pensions Policy Institute, a research body he helped establish.

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20/20 revision

Back to work after my family holiday in Cyprus and, as usual, it was like I had never been away. The paperwork was still there, my inbox was bursting at the seams with email, the list of phone messages read like the Leeds phone book and, yes, the now infamous black Cemap book was still […]

Abbey brings Dubai arms together

Abbey National&#39s is moving its three Dubai-based subsidiaries, Abbey National Offshore, Scottish Mutual International and Scottish Provident International, into new shared premises to cut costs.This move is intended to increase efficiency by ensuring that all three groups share resources in all areas of the business to help with any further expansion in the Middle East […]

Towry Law shuts Belfast office as AMP demands up to 100 job cuts

Towry Law is axing between 50 and 100 admin staff in a round of job cuts that will see parent AMP trim 1,500 workers from its UK operations.The job cuts are being forced on Towry Law as part of a “global cost-management strategy” announced by AMP chief executive Paul Batchelor, who wants to see the […]

To DB or not to DB?

The mass migration from defined-benefit pensions to the defined-contribution alternative is attracting the attention of politicians, the media and the public. DC is often made out to be an inferior mode of pension provision but this is patently not the case.With DB, the employer effectively makes a promise – not a guarantee – to provide […]

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England vs Australia: pensions

Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.

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