Pensions - Articles - CBI response to pooled pension fund proposals


 The CBI today responded to Government proposals to create a pooled pensions fund in the private pensions industry.

 Neil Carberry, CBI Director for Employment and Skills, said:

 "We should be focussed on ensuring pensions schemes are a good deal for employees. It may be that a few larger firms can enter into the sort of collective scheme that shares risks between individual savers.

 "While it is right to look at what could be achieved by more innovative scheme designs, there are still grey areas around how this would actually work, and how risks would be managed. It's important businesses have legal certainty over the status and future of these schemes, especially as cross-subsidy between members will mean that in some years some savers may have to take a reduction in benefits.

 "The vast majority of saving will continue to be in individual defined contribution schemes, which represent the future for most employees. The Government's first priority must be setting the right framework for a competitive DC workplace pensions market. This should not mean the kind of regulation that would lead to the kind of levelling down that would damage pensions in the long run."

Back to Index


Similar News to this Story

Wish list for the occupational pensions industry in 2025
As one year closes and another begins, it's an opportune moment to set our sights on the future. The UK occupational pensions industry faces nume
PSIG announces outcome of Consultation
The Pensions Scams Industry Group (PSIG), which was established in 2014 to help protect pension scheme members from scams, today announced the feedbac
Transfer values fell to a 12 month low during November
XPS Group’s Transfer Value Index reached a 12-month low, dropping to £151,000 during November 2024 before then recovering to its previous month-end po

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.