SIB admits pensions review failure

Article Abstract:

The UK Securities and Investments Board (SIB) is changing the system for dealing with victims of pensions mis-selling. There are an estimated 500,000 cases and no targets have been set for dealing with them since the SIB aims to assess how the new system will work. Questionnaires sent to pension scheme managers have been too complex and the new scheme simplifies the process of collecting information from schemes. Accuracy of compensation levels could be affected but the SIB argues that this will be outweighed by the benefits of greater speed in dealing with cases.

United Kingdom. Securities and Investments Board

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Breaking up the bill on pensions

Article Abstract:

The UK Pensions Act brings changes as to how pension assets are shared when a couple is divorced. Pension assets have previously been taken into account in divorce settlements. The Act means that schemes can be told to pay pensions to an ex-spouse who would have to wait until her husband retired. Clean break solutions have been opposed by the goverment and they would be expensive in terms of public sector pensions. The state becomes responsible for people left without pension rights, so the state has an interest in ensuring that ex-spouses are provided for.

Finance, Marriage

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The Pensions Act 1997: Maxwell makes his mark

Article Abstract:

The UK 1995 Pensions Act followed the scandal of missing Maxwell pension fund assets which in turn led to a review of the existing legislation. The 1995 Act was implemented fully from April 1997 and tackles key areas relating to occupational pensions. A compensation scheme has been set up and there is greater regulation of pensions. The legislation is geared to corporate pension schemes which have over 11 million members in the UK.

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