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Welfare Reform on the Web (July 2002): Pensions - UK

BUDGET BACKLASH THREATENS FINAL SALARY PENSIONS

R. Bennett

Financial Times, Apr. 24th 2002, p. 4

Warns that companies are likely to axe final salary pension schemes to recoup the cost of the 1% rise in employers' national insurance contributions brought in by the 2002 budget.

COURT REJECTS CLAIM BY EXPATRIATE PENSIONERS

N. Tait

Financial Times, May 23rd 2002, p. 4

A High Court judge has ruled that the government's refusal to index-link the state pensions of people living in certain overseas countries does not breach human rights law.

(See also Daily Telegraph, May 23rd 2002, p. 9; Independent, May 23rd 2002, p. 10)

DARLING TO PROPOSE OVER-THE-COUNTER PRODUCTS

N. Timmins

Financial Times, May 10th 2002, p. 4

Faced with the replacement of generous final salary occupational pensions with cheaper money purchase schemes, the Work and Pensions Secretary is trailing the development of a range of straightforward pension products. Such pensions could be bought direct or online without formal financial advice.

NOWHERE OVER THE RAINBOW

J. Hirst

Public Finance, Apr. 19th - 25th 2002, p. 20-23

Private pension plans and occupational schemes in both the private and the public sector are being undermined by falling stock market returns and increased longevity. Future generations of pensioners may be thrown back on state provision, which is miserly in the UK.

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