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17/10/2003
Cutting red tape could save £16m for business: Minister
Measures to cut pensions red tape – and save business up to £16 million a year – were set out by Work and Pensions Secretary Andrew Smith today.
Under the proposal, occupational pension schemes which had contracted out of Serps will have the option to convert the Guaranteed Minimum Pension (GMP) element into their own scheme benefits, as long as the value of members' previously accrued rights are maintained, Mr Smith said.
Speaking to a Pensions Conference hosted by the Confederation of British Industry, Mr Smith said: "The pensions partnership needs to involve us all - firms, workers, trade unions and government.
"The government is doing its bit to make it easier for companies to run good schemes, and the challenge is out there for business to play its full part.
"We want to give companies the opportunity to do away with the overly prescriptive GMP regulations, giving firms the flexibility and freedom to design a benefit structure that best reflects the needs of its members."
(gmcg)
Under the proposal, occupational pension schemes which had contracted out of Serps will have the option to convert the Guaranteed Minimum Pension (GMP) element into their own scheme benefits, as long as the value of members' previously accrued rights are maintained, Mr Smith said.
Speaking to a Pensions Conference hosted by the Confederation of British Industry, Mr Smith said: "The pensions partnership needs to involve us all - firms, workers, trade unions and government.
"The government is doing its bit to make it easier for companies to run good schemes, and the challenge is out there for business to play its full part.
"We want to give companies the opportunity to do away with the overly prescriptive GMP regulations, giving firms the flexibility and freedom to design a benefit structure that best reflects the needs of its members."
(gmcg)
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07 September 2004
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Higher Contributions For Public Pensions Loom
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28 February 2006
OFT launches internet scam sweep
The Office of Fair Trading has launched an internet scam sweep and web chat in a bid to trap online scammers. Over the next three days, thousands of websites will be examined by consumer protection agencies from 21 countries, as well as over 20 Trading Standards departments within the UK.
OFT launches internet scam sweep
The Office of Fair Trading has launched an internet scam sweep and web chat in a bid to trap online scammers. Over the next three days, thousands of websites will be examined by consumer protection agencies from 21 countries, as well as over 20 Trading Standards departments within the UK.
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Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
