Group pensions: a moving target

Article Abstract:

Group pensions are important to many companies, and Pat Wynne of Mercer Fraser, a UK actuarial and benefits consulting firm, believes that the final salary approach is the most popular method used in the UK by medium- to large-sized corporations, being used by 95% of the members of UK pension funds. Final salary approach plans are referred to as defined benefit plans. Pensions are based on two key factors: the final earnings and the completed service of the pension fund participant. However, group pensions will be undergoing changes due to provisions of the Social Security Act of 1990, which, when combined with Statement of Standard Accounting Practice 24, requires companies to disclose the costs of their pensions in their corporate reports. The effect of the Social Security Act and the European Court of Justice's decision in the Barber case, which requires that men and women have the same pension benefits, will be to increase the costs of running a defined benefit pension plan by 5% after Jan 1992.

Officials and employees, Laws, regulations and rules, Beliefs, opinions and attitudes, Defined benefit plans, European Court of Justice, Wynne, Pat, Frederick O. Bolt Construction Co.

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Pensions policy - let's start again

Article Abstract:

Eight objectives of the combined state and employer provided retirement income policy are discussed. The ideal policy should: require the state to provide a minimum living standard for retired persons, allow employers the option of requiring employees to contribute to their retirement incomes, allow people the freedom to make arrangements for additional retirement income, ensure a high degree of labor mobility, and provide employees with a complete understanding of the retirement policies affecting them. Also, fiscal concessions implemented by the state to support the retirement policies should be minimal and 'transparent', cross-subsidization of retirement policies should be limited, and the policies should not adversely affect family relationships. These ideals are compared to the aims and objectives of British and Scottish retirement law currently in effect.

Management, Planning, Economic policy, Scotland, Pension funds, Retirement income

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Pensions white paper - the stick and the carrot

Article Abstract:

A new pension and Social Security plan for the United Kingdom is a reduced version of the State Earnings-Related Pension Scheme (SERPS). New changes include: a complete SERP that will be 20 percent of wages rather than 25 percent, the SERP to be made on the revalued career average income, and a 50 percent inheritance rate instead of 100 percent for widows and widowers. All of the details in the new pension plan are set in the upcoming bill to be sent to Parliament.

Compensation and benefits, Social security

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