BRITAIN'S COMPANY pensions savings deficit has shrunk by £60bn to £100bn in the past year, boosted by rises in the stock market and extra vigilance by employers.
The Daily Telegraph reports research by the CBI suggests the £160bn deficit in company pension schemes identified in 2003 has narrowed to the present £100bn gap after a quarter of firms boosted contributions to more than 20% of payroll.
One-in-14 companies said they put in more than 30% of payroll.
While the CBI sees the result of the research as "hugely encouraging", it adds the overall deficit remains alarmingly high, particularly given firms are being forced to the 30% contribution rate.
EMPLOYEES FEELING the strain of increasing pensions contributions will today be dealt another blow when chancellor Gordon Brown issues a demand to the private and public sectors to show restraint on pay.
The Times says Brown will urge employers to act responsibly on wage demands across the economy to allow Britain to take advantage of the forecast economic upturn.
Furthermore, he will warn civil service unions the 40,000 job cuts announced in the Budget still stand, and there will be no return to the days of inflationary wage deals.
UP IN Edinburgh, Standard Life yesterday revealed it is to enter the fund platform market after publicly unveiling its fund platform, Sigma, writes The Scotsman.
The mutual said its fund platform will initially offer investment advisors a choice of 75 funds, 18 funds from Standard Life Investments and 57 funds managed by a selection of external investment houses.
Fund supermarkets have become more popular in the recent years as both investors and advisors have gotten used to the idea of having all their investments accessible in one place, the paper says.IFAonline
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