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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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20 June 2005
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A new coalition is calling on the new government to deliver a new ‘fair deal’ on pensions. Four organisations – the Trades Union Congress (TUC), Age Concern, Help the Aged and consumer watchdog Which? – have joined together to form the People’s Pensions Coalition to campaign for fair pensions reform.
Pensions coalition calls for ‘fair deal’
A new coalition is calling on the new government to deliver a new ‘fair deal’ on pensions. Four organisations – the Trades Union Congress (TUC), Age Concern, Help the Aged and consumer watchdog Which? – have joined together to form the People’s Pensions Coalition to campaign for fair pensions reform.
07 September 2004
Pensions Secretary quits government
The Work and Pensions Secretary Andrew Smith has resigned from the Cabinet, saying he quit in order to commit more time to his constituency and spend more time with his family.
Pensions Secretary quits government
The Work and Pensions Secretary Andrew Smith has resigned from the Cabinet, saying he quit in order to commit more time to his constituency and spend more time with his family.
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.
14 September 2007
Workers Warned On 'Forgotten Pensions'
Over half of UK adults have no idea how much money they've built up in pension schemes, while one in six people have no details of where their money is saved, government research has revealed. Findings published by government website Directgov show that a substantial number of people are failing to keep track of pensions savings.
Workers Warned On 'Forgotten Pensions'
Over half of UK adults have no idea how much money they've built up in pension schemes, while one in six people have no details of where their money is saved, government research has revealed. Findings published by government website Directgov show that a substantial number of people are failing to keep track of pensions savings.
18 October 2005
Deal reached on public sector pensions
The government has reached an agreement on public sector pensions with trade unions. Under the agreement, current members of the health, education and civil service schemes will retain their right to retire at 60. However, the pension age for new entrants into the public sector will be 65 from next year.
Deal reached on public sector pensions
The government has reached an agreement on public sector pensions with trade unions. Under the agreement, current members of the health, education and civil service schemes will retain their right to retire at 60. However, the pension age for new entrants into the public sector will be 65 from next year.
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
