From April 2005, most members of final salary schemes, and their families, will be able to sleep that bit more peacefully at night, secure in the knowledge that the level of protection from their pension benefits has increased substantially.
That comforting blanket of security comes courtesy of a couple of legislative changes: recently passed legislation making it more difficult for solvent employers to rid themselves of their final salary pension schemes without securing the full entitlement of members, and the introduction of the Pension Protection Fund which will provide a high degree of protection should employers become insolvent. Read more »
In business terms you always used to know when you’d arrived. A company parking space, the key to the executive toilet, first class travel and a seat on the trustee board of the company pension scheme. How times have changed.
You’d have needed to be living on a desert island to have escaped the mass of press comment surrounding what has now become one of the key issues, not only in the pensions arena, but also on the corporate agenda. The Pensions Act 2004 (“the Act”) received Royal Assent on 18 th November 2004. It extends to 325 sections and 13 schedules with more regulation and guidance to follow. It will begin to take effect from April 2005 and whilst the legal position of trustees remains unchanged the Act will define the role of a trustee more closely. Read more »