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21/08/2001
New rules for pension firms
The Financial Services Authority is to propose new rules that make pension firms inform customers that they can shop around for an annuity.
Under the authority’s new plans, pension companies will have to inform their customers that there is an 'open market' option available to them no later than four months before they are due to retire.
The Financial Services Authority (FSA) also propose that the company must also reveal to its customer that they could get an alternative better retirement deal from a competitor. At present insurers have not been obliged to tell their customers that they have an 'open market' option.
Pension companies have until 31 October to respond to the new proposals.
The FSA's move follows on from a recent announcement by the Association of British Insurers (ABI) which proposed that by January 2002, pension companies must tell customers that they can go to a competitor to buy an annuity.
The new measure was part of a 'Statement of Good Practice' from the Association of British Insurers (ABI) released on Monday August 20. (MB)
Under the authority’s new plans, pension companies will have to inform their customers that there is an 'open market' option available to them no later than four months before they are due to retire.
The Financial Services Authority (FSA) also propose that the company must also reveal to its customer that they could get an alternative better retirement deal from a competitor. At present insurers have not been obliged to tell their customers that they have an 'open market' option.
Pension companies have until 31 October to respond to the new proposals.
The FSA's move follows on from a recent announcement by the Association of British Insurers (ABI) which proposed that by January 2002, pension companies must tell customers that they can go to a competitor to buy an annuity.
The new measure was part of a 'Statement of Good Practice' from the Association of British Insurers (ABI) released on Monday August 20. (MB)
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05 August 2009
'Largest Ever Deficit' In Top Pensions
The financial crisis has plunged the pensions schemes of Britain's leading companies into a £96 billion deficit, more than double the £41 billion estimated a year ago, a report has revealed.
'Largest Ever Deficit' In Top Pensions
The financial crisis has plunged the pensions schemes of Britain's leading companies into a £96 billion deficit, more than double the £41 billion estimated a year ago, a report has revealed.
10 August 2001
Companies urged to meet stakeholder deadline
Companies in Northern Ireland with five or more employees have been advised to act now to meet their responsibilities to provide access to stakeholder pensions for their employees. The Department for Social Development (DSD) has written to employers reminding them that they have until 8 October to make such provision.
Companies urged to meet stakeholder deadline
Companies in Northern Ireland with five or more employees have been advised to act now to meet their responsibilities to provide access to stakeholder pensions for their employees. The Department for Social Development (DSD) has written to employers reminding them that they have until 8 October to make such provision.
04 December 2018
Imperva To Establish New Office In Belfast
A leading global provider of cybersecurity solutions, is expanding its operations with a new office in Belfast, creating 220 new jobs.
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A leading global provider of cybersecurity solutions, is expanding its operations with a new office in Belfast, creating 220 new jobs.
06 August 2003
Pensions deficit tops £55bn for FTSE 100 companies
The combined pension scheme deficit of FTSE 100 listed companies has soared to over £55 billion in the year to July 2003, according to a report published today by actuarial consulting firm Lane Clark & Peacock (LCP). The report says that the estimated deficit equates to 6% of the total market capitalisation of the FTSE 100.
Pensions deficit tops £55bn for FTSE 100 companies
The combined pension scheme deficit of FTSE 100 listed companies has soared to over £55 billion in the year to July 2003, according to a report published today by actuarial consulting firm Lane Clark & Peacock (LCP). The report says that the estimated deficit equates to 6% of the total market capitalisation of the FTSE 100.
26 November 2003
Company pensions to be protected from 2005
In the Queen's speech today the government has announced that a Pensions Bill will be introduced to protect company pension plans. Under current legislation when a company closes the pension plan often vanishes as well leaving thousands of British workers faced with a no win, no-company no pension situation.
Company pensions to be protected from 2005
In the Queen's speech today the government has announced that a Pensions Bill will be introduced to protect company pension plans. Under current legislation when a company closes the pension plan often vanishes as well leaving thousands of British workers faced with a no win, no-company no pension situation.
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