More than four out of five private-sector pension schemes have no plans to introduce defined contribution arrangements, according to JPMorgan’s Fourth Annual Defined Contribution Industry Survey. The survey found that 84 per cent of private-sector defined benefit schemes have no plans to offer defined contribution while almost 50 per cent of private-sector defined benefit schemes were closed to new members or not available to everyone. In addition, it noted that only 1 in 10 pension schemes believe the Government’s Green Paper on Pensions will encourage more retirement saving. However, fifty per cent of those surveyed in 2003 now offer staff a DC scheme, up from 39 per cent in 2002. A further 16 per cent of DB schemes in the private sector intend to introduce a DC scheme in the next five years. Based on an analysis of those private sector organisations that took part in both the 2002 and 2003 surveys, 12 per cent have introduced a DC scheme in the last year compared with a 10 per cent shift in the previous year’s survey.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.