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Welfare Reform on the Web (June 2008): Pensions - UK

'Paupers' warning over private pensions

N. Timmins

Financial Times, May 30th 2008, p. 4

Research by Fidelity International, the investment provider, has found that hundreds of thousands of employees who have switched out of final-salary pension schemes and into money-purchase ones, could find themselves extremely poor in old age.

The Pensions Regulator: progress in establishing its new regulatory arrangements

Committee of Public Accounts

London: TSO, 2008 (House of Commons papers, session 2007-8; HC122)

Examines progress by The Pensions Regulator (TPR) in establishing a new regulatory approach since its establishment in 2005. Concludes that while TPR has made good progress in terms of risk assessments and data-gathering, it needs to do more in the areas of: data about money purchase schemes, governance standards and compliance, take-up of its training toolkit for trustees, making its decision-making more transparent and taking more enforcement action.

Pensions strive to win VAT parity

V. Houlder

Financial Times, May 12th 2008, p. 4

The pensions industry has launched a legal case to claim back 300m VAT it has paid to the UK government in the last three years under EU rules, arguing that pension funds should be treated the same as other investment funds. If successful, it will mean they will not have to pay VAT in future.

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