Lang backs pensions crackdown
Wednesday 01 May 1996
This followed confirmation by the Stock Exchange that it had agreed to changes in its rulebook to enforce recommendations on pensions disclosure by the Institute and Faculty of Actuaries.
The actuaries have come down in favour of a compromise to satisfy the objections of big companies and the CBI and the Institute of Directors to their original proposal, which was to publish the full transfer value of directors' pensions.
The employers proposed watering this down so only the amount of pension payable in retirement was disclosed in annual reports.
Disclosure of capital values - essentially the cost of funding these pension payments - would be around 10 times as high and would lead to severe embarrassment for some companies. In the case of senior directors who take large pay increases near retirement, this could throw up multi- million-pound figures.
After extensive consultations, the actuaries found opinion was split, with investors leaning towards disclosure of capital values and many companies following the CBI line.
The compromise to be adopted by the Stock Exchange and the DTI is to require companies to report the amount of pension payable annually in retirement, as the CBI wants.
In addition, they must either give the capital value or enough further information for outsiders to make their own calculations of the capital value. The information will cover at least seven headings.
- 1 PlayStation and Xbox hacked by Lizard Squad
- 2 Katie Hopkins speaks out on childhood obesity: 'Parents of fat children should be prosecuted for child cruelty'
- 3 The Grace Dent Christmas Questionnaire
- 4 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 5 British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
PlayStation and Xbox hacked by Lizard Squad
Antonio Martin shooting: Black teenager may have tried to ambush patrolman, says police officer's lawyer
Katie Hopkins speaks out on childhood obesity: 'Parents of fat children should be prosecuted for child cruelty'
Boxing Day snowfall set to push even more bargain-hunters online for sales
The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Alex Salmond has 'broken his word to the Scottish people' says Scottish Lib Dem leader
iJobs Money & Business
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...
£43500 per annum + pension + holidays: The Jenrick Group: Night Shift Operatio...
£20000 - £25000 per annum + OTE £40,000 + Car + Pension: SThree: SThree are a ...