Articles about Pensions

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Retirement age must move as life expectancy grows, says WEF

The ratio of people in the workforce to those in retirement will fall from 8:1 to 4:1 by 2050 if retirement ages do not change, and the global economy will not be able to bear the burden, the World Economic Forum (WEF) has said Life expectancy has been growing globally by an average of one year every five years since the …
OUT-LAW.COM, 2 Jun 2017
BT Tower photo via Shutterstock

BT considers scrapping 'gold-plated' pensions in bid to plug £14bn deficit

Former state monopoly BT is considering shutting its "gold-plated" defined-benefit pension scheme in an attempt to close its looming deficit. BT's pension scheme deficit in 2016 is thought to be in the region £14bn, up from £10bn in 2015. Next month the telecoms giant will enter negotiations with pension trustees about the …
Kat Hall, 31 May 2017
Piggy bank photo via Shutterstock

Job cuts, falling sales and now a mega pension deficit at RM

Staff at cost cutting education tech supplier RM discovered today the deficit in the company pension pot has widened substantially. In a trading update, the Oxfordshire-based business confirmed that financial results for the year ended 30 November are in line with forecasts - analysts expected sales to shrink by £8m year-on- …
Paul Kunert, 13 Dec 2016
Photograph by Mr Hicks64, Creative Commons, Commercial Use allowed (https://flic.kr/p/grR7Fw)

Hackers target Japan’s legion of pensioners, stealing wads of data

Approximately 1.25 million of Japan's elderly citizens have had their sensitive personal data stolen after an emailed virus took root in the Japan Pension Service's staff computers. The data includes combinations of names, identification numbers, birth dates and addresses Reuters reports that the data spaff was admitted by …
IBM Headquarters, Armonk, NY

High Court: IBM staff refused pay increases can claim damages

IBM employees who were refused salary increases because they would not agree to changes to the company's pension scheme are entitled to claim damages, the High Court has ruled. The judgment set out the remedies available to employees in relation to "Project Waltz". The project was implemented in 2009 to help the company meet …
Kat Hall, 2 Mar 2015
Angry old man

IBM was wrong to force UK workers off final salary pensions – judge

A UK High Court judge has said that IBM breached its duties to Brit workers with a company pension by kicking a quarter of them off its final salary scheme in 2009. IBM's "Project Waltz" was implemented in 2009 to help the company meet its 2010 target for earnings per share (EPS) and cut costs. The scheme cut benefits to …
The Register breaking news

UK.gov squatting on £1bn IPv4 motherlode

The UK's Department for Work and Pensions is sitting on up to £1bn worth of IPv4 addresses that it is not using, according to an online petition. The epetition was sparked by a blog posting from programmer John Graham-Cumming, who spotted the /8 block of addresses, over 16.8 million, was completely unused on the Autonomous …
The Register breaking news

Fuel foolery, merger warnings and Budgetary boons

Comment What a difference a new government makes, eh? Only parts of the budget are entirely lunatic rather than all of it. I dealt with the playing around with fuel duty and further taxation on oil companies years ago when it was being proposed by idiot Lefties rather than idiot Tories. That it's someone from supposedly my side of the …
Tim Worstall, 25 Mar 2011
graph up

Poor IT contributes to DWP errors

The Department for Work and Pensions is hampered by out of date IT in tackling benefit fraud and error, says the National Audit Office. The spending watchdog's report on minimising the cost of administrative error in the benefit system, published on 25 November, says the Department for Work and Pensions (DWP) has 140 core …
Kable, 25 Nov 2010
The Register breaking news

IT delays cost HMRC £33m

The National Audit Office (NAO) says that delays to a single tax and pensions system cost HM Revenue and Customs £33m in procurement costs. In a report (pdf) published on 20 July 2010, the accounting watchdog says that difficulties with the National Insurance and PAYE Service system led to it being deferred twice before it was …
Kable, 21 Jul 2010
The Register breaking news

HMRC warned on wrong tax codes

The Inland Revenue should be doing more to warn people about wrong tax codes - with 25m being sent out this year there are bound to be more errors than usual. The Chartered Institute of Taxation is calling for a big advertising campaign to warn people to check new codes and put more resources into dealing with queries from the …
John Oates, 26 Jan 2010
The Register breaking news

LibDem backs IBM staff in pension row...

Hampshire MP Sandra Gidley has intervened in the row over IBM closing its final salary pension scheme, but hers is a confusing brand of support staff might rather do without. The Liberal Democrat has called on the government to boycott the firm, a move that would guarantee thousands of job cuts. "I have written to the …
channel

Fujitsu union confirms strike next week

Fujitsu workers will walk out next week in what's billed as the first ever national strike at a UK IT company, following a dispute over pensions, pay and job cuts. Unite members voted by a three-quarters majority for a strike, and yesterday union bosses confirmed action on 12, 13 and 16 November. Fujitsu staff who are members …
homeless man with sign

Jobs go at Novell

Novell is cutting jobs in various departments and in various countries. The Linux vendor, which has spent recent weeks cutting its UK distributors, will trim between 100 and 130 jobs from its total headcount of 3,900. The cuts come across geographies and departments and staff are getting severance packages based on length of …
John Oates, 4 Nov 2009
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CSC shuts final salary pension scheme

CSC UK has followed rivals IBM and Fujitsu Services in shutting down its final salary pension scheme, claiming it would jeopardise the future of the business to continue the benefit. In an company-wide email, operations chief Kevin Brown said the scheme will close on 1 April next year. The move is the latest in a series of …
The Register breaking news

Union predicts retirement surge over IBM pension changes

Union Unite is predicting staff at IBM will walk out, opting for early retirement, rather than accept reduced pensions from the firm. IBM, along with dozens of other firms, is stopping its final salary pension scheme in order to cut costs. But Unite said today it expects between 700 and 1,000 people will opt for early …
John Oates, 28 Sep 2009

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