Times, Sept. 27th 2001, p.28
The Secretary of State for Work and Pensions has announced a review of private pensions legislation to designed to cut costs and red tape.
(See also Financial Times, Sept. 27th 2001, p.9)
Guardian, Oct. 1st 2001, p. 24
Research by consultancy Oliver, Wyman & Co shows that workers will be left with a pension too small to live on unless a £37bn annual shortfall in contributions is made up. An average employee aged between 25 and 35 with an annual salary of £25,000 - £35,000 should be making an extra £2,555 in contributions a year up to retirement. Older workers over 45 on the same salary need to save £4,061 a year.
(See also Times, Oct. 2nd 2001, p. 24)
Daily Telegraph, Oct. 8th 2001, p. 32 & 36
Reports that large numbers of businesses have failed to meet the deadline by which they should have been offering employees access to a stakeholder pension scheme. They are now liable for fines up to £50,000.
(See also Financial Times, Oct. 8th 2001, p. 12; Guardian, Oct. 9th 2001, p. 30; Financial Times, Oct. 9th 2001, p.11)