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Welfare Reform on the Web (October 2009): Pensions - UK

Company pension rules shake-up mooted

N. Timmins

Financial Times, Sept. 18th 2009, p. 2

The Government has published plans to make it easier for companies to restructure without requiring big payments into the pension schemes of businesses that are closed down. The CBI has welcomed the move.

Ethnic minorities, retirement planning and personal accounts

O. Gough and R. Hick

International Journal of Sociology and Social Policy, vol.29, 2009, p. 488-497

This paper examines issues around decisions to save using private pension schemes among 64 individuals from some of the major UK minority ethnic groups. The research found that respondents from all groups believed in the need for retirement planning and thought that the state pension should be increased to a more adequate level. Many believed that the government should provide more information and advice to facilitate retirement planning. While many respondents broadly welcomed the new Personal Accounts to be introduced in 2012 for those not enrolled in any private or occupational scheme, there were concerns that employer and state contribution levels were set too low and that the plan would be altered by a future government. Some respondents were putting off saving for their old age in UK-based schemes because they intended to retire abroad.

Private pension plan raises doubt

L. Warwick-Ching

Financial Times, Sept. 22nd 2009, p. 4

A new report from the Royal Society for the Encouragement of Arts, Manufactures and Commerce says the Government's scheme to encourage people on low incomes to take out a private pension is 'unworkable' in its current form.

Women delaying retirement to beat the recession

M. Butterworth

Daily Telegraph, Sept. 25th 2009, p. 16

The number of women over 60 in work has risen by 58,000 since June 2008 according to figures from the Office for National Statistics. The rise is attributable to the fall in the value of private pension funds and to spouses and partners being made redundant due to the recession. Figures also show the number of men working beyond the state pension age of 65 falling by 12,000 in the same period.

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