A SURVEY by the Association of Consulting Actuaries has found that two-thirds of final salary scheme...
A SURVEY by the Association of Consulting Actuaries has found that two-thirds of final salary schemes are now closed to new members, and about 1-in-6 have done so in the past six months alone, The Times reports.
The survey also found that 19 out of 20 employers thought the Pensions Green Paper would fail to stimulate pension reform.
Instead, most employers want the government to scrap the state second pension, which they accuse of causing most of the red tape holding up the spread of occupational pensions.
Only 1% of the 336 employers surveyed have joined stakeholder schemes, and half of those have no members at all.
CBI DIRECTOR general Digby Jones is to launch another attack on chancellor Gordon Brown over the issue of red tape strangling business investment, The Scotsman says.
The paper says statistics show corporate investment fell by 10% in the UK last year, the biggest annual drop since records began.
A significant fall was due to continuing pull-back in areas such as telecommunications and technology, but Jones still intends to attack the government's position on the labour market and rising corporate taxation.
SANDY WEILL, chairman of the world's largest financial services company Citigroup has seen his chances of joining the board of the NY Stock Exchange spurned by the intervention of NY State's crusading attorney general Eliot Spitzer, the FT reports.
Citigroup paid about half a billion dollars in penalties last year because of its role in duping retail investors into buying shares on the back of analysts' notes that were heavily influenced by investment banking deals.
Weill was nominated as one of 12 "public" directors supposed to represent the interests of investors, but after the intervention of Spitzer, who previously brought many of Wall Street's leaders to book over their involvement in pump-and-dump schemes, Weill withdrew his name.
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