27 11, 2019

University strike: tens of thousands of staff walk out across UK

2019-11-27T08:17:42-08:00November 27th, 2019|Categories: Pension Reform|Tags: , , |

Universities across the UK are facing widespread disruption after tens of thousands of lecturers and other staff walked out on strike in protest over pay cuts, increased pension costs and deteriorating conditions. Union leaders reported a strong show of support on Monday for the industrial action, which will last eight days and could extend into the new year with a second wave of strikes if staff demands are not met. Pickets had been set up at 60 universities that [...]

20 09, 2019

Half of UK residents are confident they can retire comfortably

2019-09-20T16:38:39-07:00September 20th, 2019|Categories: Retirement|Tags: , |

Half (52%) of UK individuals are confident about their ability to retire comfortably, compared to 48% who agreed with this in 2017, according to research by Aegon. The Retirement confidence survey, which polled 830 UK residents, further found that 10% of individuals do not have any pension savings, while 36% have never estimated their income needs for retirement; this compares to 43% who had not done this in 2017. In addition, 25% of those respondents who do have pension savings [...]

6 09, 2019

U.K. to seek feedback on retail price index used in calculating pension benefits

2019-09-06T14:20:35-07:00September 6th, 2019|Categories: Pension Funding|Tags: , , |

The U.K. government is planning a consultation in January on the future of the retail price index, a metric that defined benefit plans use to calculate pension benefits. Sajid Javid, the U.K.'s chancellor of the exchequer, as the country's finance minister is known, said Wednesday that because no index change can occur without a change in U.K. law and because of the government's current focus on delivering a Brexit plan, the government will not be in position to eliminate [...]

30 05, 2019

New disclosure rules adding to pressures on U.K. plan trustees

2019-05-30T14:21:35-07:00May 30th, 2019|Categories: ESG|Tags: , |

Outsourcing could see an uptick in the U.K. as pension trustees grapple with even more scrutiny as a result of new and upcoming regulations. The job of a U.K. trustee has become much more complex in recent years because of an increase in governance risk and time spent on decision-making processes as well as a growing need for technical knowledge, which trustees, who are elected from the workforce, typically don't have. But that burden is set to increase again, [...]

19 02, 2019

How are defined benefit plans in the UK affecting southern European companies?

2019-02-19T12:00:02-08:00February 19th, 2019|Categories: Defined Benefit Plans|Tags: |

Private sector defined benefit (DB) pension plans are uncommon in Spain and Italy. However, DB plans remain an important issue for companies in the United Kingdom. They can have a significant effect on the financial performance of multinational companies.MBW International, Milliman’s joint venture with Barnett Waddingham, recently analysed 20 multinational companies in Spain and Italy with around £51.7 billion of UK DB pension liabilities between them. The analysis by Isabel Coles and Andrew Vaughan considers the effect UK DB [...]

11 09, 2017

Royal Mail Workers May Strike Over Pension

2017-09-11T16:24:10-07:00September 11th, 2017|Categories: Defined Benefit Plans|Tags: , |

The UK’s Communications Workers Union (CWU) is asking more than 100,000 of its members who are employees of postal services provider Royal Mail to vote for industrial action over the company’s plans to replace its defined benefit pension plan. “After very serious consideration, it is the view of the postal executive that sufficient progress has not been made,” said Terry Pullinger, deputy general secretary postal at CWU, in a video announcement to its members. “Unfortunately, we have not been [...]

18 05, 2015

Just 7% are financially prepared for retirement

2015-05-18T20:40:30-07:00May 18th, 2015|Categories: Retirement|Tags: , , |

Less than one in 10 (7%) UK adults are financially on track for their retirement, according to research from Aegon. Its third UK readiness report, which surveyed 4,000 UK adults, also found that nearly two-thirds (62%) of respondents do not feel confident about being able to retire when they want to. […]

23 10, 2014

Revisions to the UK Code

2014-10-23T20:39:47-07:00October 23rd, 2014|Categories: Corporate Governance|Tags: , |

The Financial Reporting Council (the FRC) is the gatekeeper for the standards of corporate governance for the largest listed companies on the London market.   The FRC regularly reviews and refreshes the UK Corporate Governance Code (the UK Code) and has done so again recently.   The September 2014 revision of the UK Code came into effect of 1 October 2014 and it is against this document that the largest listed companies are now obliged to report on a mandatory comply or explain [...]