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't 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.
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 National's 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 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 […]
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 […]
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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Scotland has introduced a new set of income tax bands, but pensions experts warn that the changes could cause issues with pension tax relief calculations. In the Scottish Budget today, the Government announced a new starter rate of 19p and then a 21p rate for those earning over £24,000. The higher rate of tax is […]
The scramble to do as many defined benefit transfers as possible while values remain high is unabated, and I am constantly amazed at how some firms have thrown caution to the wind in the hunt for their share of this – admittedly lucrative – opportunity. The problem is that advisers are putting their profits before […]
The FCA working group tasked with setting a template for fund charge disclosure is considering whether one or multiple templates would be more suitable. The institutional disclosure working group, chaired by transparency champion Chris Sier, has been tasked with creating a new template for fund costs and charges following the package of remedies outlined in […]