Employers broke pensions promise, says TUC
Companies have broken their promise with employees to share the burden of pensions' saving, the TUC general secretary will tell the CBI pensions conference today.
Companies have broken their promise with employees to share the burden of pensions' saving, the TUC general secretary will tell the CBI pensions conference today.
Link: Prudential closes final salary pension scheme
Over the past few years and at a considerably accelerated pace, companies have been closing down their final salary schemes.
TUC general secretary Brendan Barber said companies had not fulfilled their part of the bargain when the bull market ended.
‘Many employers used the convincing argument that, since they shouldered the investment risk in final salary schemes, they should have control of the surplus. And while the bull market lasted, employers certainly took advantage.
‘According to the latest Inland Revenue statistics, employers used surpluses to take contributions holidays and reductions worth £18.15bn between 1988 and 2003. And in the same period they took direct refunds of surplus worth £1.2bn,’ Barber told the conference.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleKPMG confirms reappointment of it's UK chair, while EY announces Janet Truncale as the next EY global chair and CEO Read More...
View articleThe ICAEW has announced the appointment of its forthcoming chief executive Read More...
View articleThe FRC has announced Richard Moriarty as its new chief executive, replacing Sir Jon Thompson Read More...
View article