Post-Maxwell pension provision

Article Abstract:

The discovery of Robert Maxwell'spilfering from the Mirror Group fund has served as a catalyst for reform of theUK occupational pensions industry. In the wake of the Maxwell scandal, Social Services Sec Peter Lilley announced the creation of the Pension Law Review Committee which will address the legislative and regulatory framework for pension provision in the UK. The independent committee of inquiry, under the chairmanship of Prof Roy Goode, will have one year to study the pensions industry and is expected to report its findings to the Social Services secretary by Sep 30 1993. There are those who believe that the Goode Committee may not succeed in developing definitive solutions to the problems of the industry given its lack of focus on the need for a national pensions policy andthe controversy that may arise from a debate about such a policy. An apoliticalRoyal Commission may have to be established to truly reform the pensions fund management in the country.

Pension, health, and welfare funds, United Kingdom

---

Pensions: an exciting topic at last

Article Abstract:

The Finance Act 1995 introduces the personal pension annual deferral option. Known as 'income withdrawal,' this option offers personal pension holders an alternative to cashing in their whole pension fund. They can choose to take a fourth of their funds as a tax-free lump sum and use the remaining amount to buy an annuity. Pension holders aged 50 and over can start drawing income from their funds and postpone their purchase of an annuity until no later than their 75th birthday. In the meantime, their pension funds remain under active management. The complexity of the choices that pension annuity deferrals offer to investors requires investment managers to explain its risks as well as its benefits to their clients. Failure to do so could make them vulnerable to compensation claims. The risks of the income withdrawal option are discussed.

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Pension & Benefit Regulation, Pensions, Investment advisers

---

Similar abstracts:

• Abstracts: European privatisations: nothing to fear. Europe: insulated. Europe: policy bets
• Abstracts: Some unpleasant Japanese lessons. Japan: picking up the tab. Japan: in suspense
• Abstracts: No easy answers to the crisis in the east. Tread carefully abroad. Tiger cubs should be handled with care: this year's recovery in Asian markets is prompting fund managers to renew their promotion of Asian smaller companies as a high-growth investment - but interested investors should tread warily
• Abstracts: On the edge, looking in. Publishing's new chapter. Wool bounces back

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.