Employers face pensions rebuff
Wednesday 20 March 1996
The Institute and Faculty of Actuaries is thought to have come down in favour of a tough line that would involve some form of disclosure of the capital value.
It had been asked to draw up a detailed blueprint for implementing the disclosure recommendations of the Greenbury report on executive pay.
The actuaries are still sifting the responses to a consultation exercise in an attempt to find ways to satisfy the diametrically opposed views of employers and pension funds.
The CBI, the Institute of Directors and Sir Richard Greenbury, who chaired the pay committee, have told the actuaries that they favour disclosing only the amount of annual pension payable to a director at retirement age.
This will show the increase in future pension that results from a pay increase in a given year.
But the National Association of Pension Funds has demanded full disclosure of the capital value of a director's pension benefits.
This could force companies to report benefits in the millions when highly paid executives receive large pay increases, and is being resisted by the employers' representatives.
But although the actuaries have formed their own view in favour of reporting capital values, they have not yet put their recommendations to the Government or the Stock Exchange, which commissioned their report. A meeting is expected in the next week or so.
In the absence of a clear consensus, one view is that the actuaries will present their own recommendation, summarise those of industry and the City about what should be done and leave it to the Stock Exchange and the Department of Trade and Industry to make a final choice.
The actuaries may try to allay the concerns of employers about the huge sums that would have to be disclosed by suggesting techniques that would smooth out the big variations in capital value.
- 1 Howard Jacobson: Let's see the 'criticism' of Israel for what it really is
- 2 Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
- 3 Belgium fan Axelle Despiegelaere lands L'Oreal campaign after World Cup viral photo
- 4 Britney Spears sings 'Alien' without Auto-Tune in embarrassingly brilliant leaked audio clip
- 5 PornHub begs users to stop uploading video clips of Brazil getting beaten 7-1
Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
Instagram of US airport security chiefs: Lipstick knives and IED training kits among items seized
‘Ryan Gosling got someone pregnant and it's not me. Brazil you think you’re devastated…’
Israel-Palestine crisis: ‘We just want it to end… We don’t deserve to live like this’
Israel-Palestine crisis: Eight killed in Gaza Strip cafe while watching World Cup semi-final
Sustained immigration has not harmed Britons' employment, say government advisers
Australia facing international condemnation after turning around Sri Lankans at sea
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
There’s a nasty smell in the political air – and it’s coming from the Tories
Vanessa Feltz criticises 'vile' reaction to Rolf Harris allegations
iJobs Money & Business
£60000 - £75000 per annum: Harrington Starr: Business Analyst Consultant (Fina...
£60000 per annum: Harrington Starr: A leading provider in investment managemen...
£600 - £700 per day: Harrington Starr: AVS, JVS Openlink Endur Developer JVS, ...
£30000 per annum: Harrington Starr: A global leader in trading platforms and e...