WORK AND PENSIONS minister Andrew Smith has ordered his department to draw up rules to be included i...
WORK AND PENSIONS minister Andrew Smith has ordered his department to draw up rules to be included in the pending pensions Green Paper that would prohibit solvent companies from arbitrarily ending their final salary schemes, the FT today reports. The paper says the commitment came after Danish shipping company Maersk decided to end its final salary scheme, leaving members up to 60% short of expected pension income. Smith is also being driven by the realisation that the government promised action on precisely this issue some 18 months ago, but only now is realising what is comm...
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