Menu
17/10/2003
Cutting red tape could save £16m for business: Minister
Measures to cut pensions red tape – and save business up to £16 million a year – were set out by Work and Pensions Secretary Andrew Smith today.
Under the proposal, occupational pension schemes which had contracted out of Serps will have the option to convert the Guaranteed Minimum Pension (GMP) element into their own scheme benefits, as long as the value of members' previously accrued rights are maintained, Mr Smith said.
Speaking to a Pensions Conference hosted by the Confederation of British Industry, Mr Smith said: "The pensions partnership needs to involve us all - firms, workers, trade unions and government.
"The government is doing its bit to make it easier for companies to run good schemes, and the challenge is out there for business to play its full part.
"We want to give companies the opportunity to do away with the overly prescriptive GMP regulations, giving firms the flexibility and freedom to design a benefit structure that best reflects the needs of its members."
(gmcg)
Under the proposal, occupational pension schemes which had contracted out of Serps will have the option to convert the Guaranteed Minimum Pension (GMP) element into their own scheme benefits, as long as the value of members' previously accrued rights are maintained, Mr Smith said.
Speaking to a Pensions Conference hosted by the Confederation of British Industry, Mr Smith said: "The pensions partnership needs to involve us all - firms, workers, trade unions and government.
"The government is doing its bit to make it easier for companies to run good schemes, and the challenge is out there for business to play its full part.
"We want to give companies the opportunity to do away with the overly prescriptive GMP regulations, giving firms the flexibility and freedom to design a benefit structure that best reflects the needs of its members."
(gmcg)
Related UK National News Stories
Click here for the latest headlines.
20 June 2005
Pensions coalition calls for ‘fair deal’
A new coalition is calling on the new government to deliver a new ‘fair deal’ on pensions. Four organisations – the Trades Union Congress (TUC), Age Concern, Help the Aged and consumer watchdog Which? – have joined together to form the People’s Pensions Coalition to campaign for fair pensions reform.
Pensions coalition calls for ‘fair deal’
A new coalition is calling on the new government to deliver a new ‘fair deal’ on pensions. Four organisations – the Trades Union Congress (TUC), Age Concern, Help the Aged and consumer watchdog Which? – have joined together to form the People’s Pensions Coalition to campaign for fair pensions reform.
07 September 2004
Pensions Secretary quits government
The Work and Pensions Secretary Andrew Smith has resigned from the Cabinet, saying he quit in order to commit more time to his constituency and spend more time with his family.
Pensions Secretary quits government
The Work and Pensions Secretary Andrew Smith has resigned from the Cabinet, saying he quit in order to commit more time to his constituency and spend more time with his family.
07 November 2013
Govt Sets Out Proposals To Reshape Workplace Pension
The government is setting out a range of proposals to reshape workplace pensions for future generations. These are designed to create more certainty for individuals, share investment risks more equally, and help employers to keep offering the best possible workplace pensions.
Govt Sets Out Proposals To Reshape Workplace Pension
The government is setting out a range of proposals to reshape workplace pensions for future generations. These are designed to create more certainty for individuals, share investment risks more equally, and help employers to keep offering the best possible workplace pensions.
28 February 2006
OFT launches internet scam sweep
The Office of Fair Trading has launched an internet scam sweep and web chat in a bid to trap online scammers. Over the next three days, thousands of websites will be examined by consumer protection agencies from 21 countries, as well as over 20 Trading Standards departments within the UK.
OFT launches internet scam sweep
The Office of Fair Trading has launched an internet scam sweep and web chat in a bid to trap online scammers. Over the next three days, thousands of websites will be examined by consumer protection agencies from 21 countries, as well as over 20 Trading Standards departments within the UK.
07 October 2010
Higher Contributions For Public Pensions Loom
An independent commission led by Lord Hutton, recommends that members of public sector pension schemes should pay higher contributions. The commission set up the initial recommendation to consider ways to cut the rising cost of public sector pension schemes.
Higher Contributions For Public Pensions Loom
An independent commission led by Lord Hutton, recommends that members of public sector pension schemes should pay higher contributions. The commission set up the initial recommendation to consider ways to cut the rising cost of public sector pension schemes.
-
Northern Ireland WeatherToday:Mostly dry south and east, patchy light rain west and north through much of the day. A band of heavier rain crosses central and northern parts in the morning Maximum temperature 13 °C.Tonight:Dry in the southeast at first otherwise widespread light rain or drizzle for most, turning to clear spells and a few showers towards morning. Minimum temperature 5 °C.
