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Welfare Reform on the Web (December 2001): Pensions - UK

DARLING ORDERS PENSIONS REVIEW

A. Senior

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)

PENSION GAP IS PUT AT £4,000 A YEAR

H. Stewart

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)

TIME TO PUT THE STAKES ON

M. Beckett

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)

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