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	<title>Banking Times: Daily Banking News &#187; Pension Product News</title>
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	<link>http://www.bankingtimes.co.uk</link>
	<description>Daily Banking News at Banking Times, the UK&#039;s leading independent banking news publication.</description>
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		<title>Mark Hyde Harrison next NAPF chairman</title>
		<link>http://www.bankingtimes.co.uk/2011/06/22/mark-hyde-harrison-next-napf-chairman/</link>
		<comments>http://www.bankingtimes.co.uk/2011/06/22/mark-hyde-harrison-next-napf-chairman/#comments</comments>
		<pubDate>Wed, 22 Jun 2011 13:42:39 +0000</pubDate>
		<dc:creator>Brian Turner</dc:creator>
				<category><![CDATA[Banking News]]></category>
		<category><![CDATA[Pension Product News]]></category>

		<guid isPermaLink="false">http://www.bankingtimes.co.uk/?p=15395</guid>
		<description><![CDATA[Mark Hyde Harrison has been elected as the next Chairman of the National Association of Pension Funds (NAPF), Britain’s biggest pensions trade body. He will succeed Lindsay Tomlinson whose two-year term of office ends at the NAPF Annual General Meeting in Manchester on 21 October 2011. Mark Hyde Harrison is Chief Executive of the Barclays [...]]]></description>
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		<title>FSA warns on pension unlocking</title>
		<link>http://www.bankingtimes.co.uk/2011/06/14/fsa-warns-on-pension-unlocking/</link>
		<comments>http://www.bankingtimes.co.uk/2011/06/14/fsa-warns-on-pension-unlocking/#comments</comments>
		<pubDate>Tue, 14 Jun 2011 06:02:54 +0000</pubDate>
		<dc:creator>Gill Montia</dc:creator>
				<category><![CDATA[Banking News]]></category>
		<category><![CDATA[Borrowing & Lending News]]></category>
		<category><![CDATA[Financial Services Authority]]></category>
		<category><![CDATA[Pension Product News]]></category>
		<category><![CDATA[early access]]></category>
		<category><![CDATA[pension unlocking]]></category>

		<guid isPermaLink="false">http://www.bankingtimes.co.uk/?p=15240</guid>
		<description><![CDATA[The Financial Services Authority (FSA) is urging consumers to treat any schemes that offer the chance of unlocking money from pension savings early with &#8220;extreme caution&#8221;. Normally, money can only be taken from a pension when the plan holder is aged 55 or over, but pension unlocking schemes claim to allow individuals to gain access [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Finance Bill to scrap compulsory annuity age</title>
		<link>http://www.bankingtimes.co.uk/2010/12/10/finance-bill-to-scrap-compulsory-annuity-age/</link>
		<comments>http://www.bankingtimes.co.uk/2010/12/10/finance-bill-to-scrap-compulsory-annuity-age/#comments</comments>
		<pubDate>Fri, 10 Dec 2010 07:43:29 +0000</pubDate>
		<dc:creator>Gill Montia</dc:creator>
				<category><![CDATA[Banking News]]></category>
		<category><![CDATA[Pension Product News]]></category>
		<category><![CDATA[age]]></category>
		<category><![CDATA[annuity]]></category>
		<category><![CDATA[drawdown pension]]></category>
		<category><![CDATA[Finance Bill]]></category>

		<guid isPermaLink="false">http://www.bankingtimes.co.uk/?p=12963</guid>
		<description><![CDATA[The Government has announced that legislation will be introduced in the Finance Bill to remove pension tax rules that currently mean members of registered pension schemes must buy an annuity by the age of 75. The new rules will take effect from 6th April 2011 and will allow those with defined contribution pensions to defer [...]]]></description>
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		<title>RSA: fees swallow up UK pensions</title>
		<link>http://www.bankingtimes.co.uk/2010/12/07/rsa-fees-swallow-up-uk-pensions/</link>
		<comments>http://www.bankingtimes.co.uk/2010/12/07/rsa-fees-swallow-up-uk-pensions/#comments</comments>
		<pubDate>Tue, 07 Dec 2010 08:19:01 +0000</pubDate>
		<dc:creator>Gill Montia</dc:creator>
				<category><![CDATA[Banking News]]></category>
		<category><![CDATA[Pension Product News]]></category>
		<category><![CDATA[aggregated]]></category>
		<category><![CDATA[best practice]]></category>
		<category><![CDATA[fees]]></category>
		<category><![CDATA[People's Pension in Britain]]></category>
		<category><![CDATA[report]]></category>
		<category><![CDATA[returns]]></category>
		<category><![CDATA[RSA]]></category>

		<guid isPermaLink="false">http://www.bankingtimes.co.uk/?p=12904</guid>
		<description><![CDATA[The value of UK pensions could be dramatically improved and pensioner poverty significantly reduced, according to new research published by the Royal Society for the encouragement of Arts, Manufactures and Commerce (RSA). In a report entitled &#8220;Building the consensus for a People&#8217;s Pension in Britain&#8221;, the body claims that a &#8220;huge&#8221; proportion of UK pensions [...]]]></description>
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		<title>Saga pulls apart NEST</title>
		<link>http://www.bankingtimes.co.uk/2010/11/03/saga-pulls-apart-nest/</link>
		<comments>http://www.bankingtimes.co.uk/2010/11/03/saga-pulls-apart-nest/#comments</comments>
		<pubDate>Wed, 03 Nov 2010 15:32:56 +0000</pubDate>
		<dc:creator>Gill Montia</dc:creator>
				<category><![CDATA[Banking News]]></category>
		<category><![CDATA[Pension Product News]]></category>
		<category><![CDATA[annuity costs]]></category>
		<category><![CDATA[charge]]></category>
		<category><![CDATA[contributions]]></category>
		<category><![CDATA[NEST]]></category>
		<category><![CDATA[Saga]]></category>

		<guid isPermaLink="false">http://www.bankingtimes.co.uk/?p=12541</guid>
		<description><![CDATA[The Government&#8217;s proposed NEST (National Employment Savings Trust) pension scheme has come in for some heavy criticism from Saga. The over 50&#8242;s provider believes the initial 2% charge on NEST pension contributions is &#8220;unwise and unfair&#8221; because it penalises those who contribute to the scheme in the early years and could damage pension outcomes for [...]]]></description>
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		<title>Pension Protection Fund back in the black</title>
		<link>http://www.bankingtimes.co.uk/2010/11/01/pension-protection-fund-back-in-the-black/</link>
		<comments>http://www.bankingtimes.co.uk/2010/11/01/pension-protection-fund-back-in-the-black/#comments</comments>
		<pubDate>Mon, 01 Nov 2010 08:07:01 +0000</pubDate>
		<dc:creator>Gill Montia</dc:creator>
				<category><![CDATA[Banking News]]></category>
		<category><![CDATA[Pension Product News]]></category>
		<category><![CDATA[2009/10]]></category>
		<category><![CDATA[defined benefit]]></category>
		<category><![CDATA[funding]]></category>
		<category><![CDATA[liabilities]]></category>
		<category><![CDATA[Pension Protection Fund]]></category>
		<category><![CDATA[pension schemes]]></category>
		<category><![CDATA[PPF]]></category>
		<category><![CDATA[reserve]]></category>

		<guid isPermaLink="false">http://www.bankingtimes.co.uk/?p=12503</guid>
		<description><![CDATA[The Pension Protection Fund (PPF) has reported that its balance sheet has moved from a £1.2 billion deficit in 2008/09 to a reserve of almost £400 million over liabilities, in 2009/10. The Fund&#8217;s main function is to provide compensation to members of eligible defined benefit pension schemes where an employer goes bust, and its improved [...]]]></description>
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		<title>DB pension scheme membership falls away</title>
		<link>http://www.bankingtimes.co.uk/2010/10/28/db-pension-scheme-membership-falls-away/</link>
		<comments>http://www.bankingtimes.co.uk/2010/10/28/db-pension-scheme-membership-falls-away/#comments</comments>
		<pubDate>Thu, 28 Oct 2010 10:47:29 +0000</pubDate>
		<dc:creator>Gill Montia</dc:creator>
				<category><![CDATA[Banking News]]></category>
		<category><![CDATA[Pension Product News]]></category>
		<category><![CDATA[career average]]></category>
		<category><![CDATA[defined benefit]]></category>
		<category><![CDATA[defined contribution]]></category>
		<category><![CDATA[final salary]]></category>
		<category><![CDATA[money purchase]]></category>
		<category><![CDATA[occupational pension]]></category>
		<category><![CDATA[Office for National Statistics]]></category>
		<category><![CDATA[private sector]]></category>
		<category><![CDATA[survey]]></category>

		<guid isPermaLink="false">http://www.bankingtimes.co.uk/?p=12481</guid>
		<description><![CDATA[Membership of defined benefit (DB) occupational pension schemes in the private sector fell from 2.6 million in 2008 to 2.4 million in 2009, according to the Office for National Statistics. Analysis of the Occupational Pension Schemes Survey also shows that while DB schemes are traditionally referred to as &#8220;final salary&#8221;, 23% of private sector active [...]]]></description>
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		<title>Government announces workplace pension reforms</title>
		<link>http://www.bankingtimes.co.uk/2010/10/27/government-announces-workplace-pension-reforms/</link>
		<comments>http://www.bankingtimes.co.uk/2010/10/27/government-announces-workplace-pension-reforms/#comments</comments>
		<pubDate>Wed, 27 Oct 2010 12:45:58 +0000</pubDate>
		<dc:creator>Gill Montia</dc:creator>
				<category><![CDATA[Banking News]]></category>
		<category><![CDATA[Pension Product News]]></category>
		<category><![CDATA[businesses]]></category>
		<category><![CDATA[employees]]></category>
		<category><![CDATA[employer]]></category>
		<category><![CDATA[Government]]></category>
		<category><![CDATA[NEST]]></category>
		<category><![CDATA[new]]></category>
		<category><![CDATA[offer]]></category>
		<category><![CDATA[pension scheme]]></category>
		<category><![CDATA[workplace]]></category>

		<guid isPermaLink="false">http://www.bankingtimes.co.uk/?p=12470</guid>
		<description><![CDATA[The Government has announced that all UK businesses will need to offer eligible employees a pension scheme by 2016. The new requirements will be staged in over the four years from October 2012 (depending on the size of the employer) and where a firm chooses to provide a money purchase scheme, minimum contribution requirements will [...]]]></description>
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		<title>Pension pots shrink further</title>
		<link>http://www.bankingtimes.co.uk/2010/08/17/pension-pots-shrink-further/</link>
		<comments>http://www.bankingtimes.co.uk/2010/08/17/pension-pots-shrink-further/#comments</comments>
		<pubDate>Tue, 17 Aug 2010 10:31:01 +0000</pubDate>
		<dc:creator>Gill Montia</dc:creator>
				<category><![CDATA[Banking News]]></category>
		<category><![CDATA[Pension Product News]]></category>
		<category><![CDATA[Aon consulting]]></category>
		<category><![CDATA[DC Index]]></category>
		<category><![CDATA[Defined benefit pension pots]]></category>
		<category><![CDATA[income]]></category>
		<category><![CDATA[standard of living]]></category>
		<category><![CDATA[UK]]></category>

		<guid isPermaLink="false">http://www.bankingtimes.co.uk/?p=11775</guid>
		<description><![CDATA[Defined benefit pension pots have shrunk further in the past four weeks, according to Aon Consulting&#8217;s DC Index. The employee benefits firm has calculated that a 30-year-old’s and 60-year-old’s annual pension income has decreased by £518 and £358 respectively, while 65-year-olds are left on a mere £7,666 a year. The sum amounts to almost half [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<title>End to compulsory annuitisation at 75</title>
		<link>http://www.bankingtimes.co.uk/2010/05/13/end-to-compulsory-annuitisation-at-75/</link>
		<comments>http://www.bankingtimes.co.uk/2010/05/13/end-to-compulsory-annuitisation-at-75/#comments</comments>
		<pubDate>Thu, 13 May 2010 08:18:47 +0000</pubDate>
		<dc:creator>Gill Montia</dc:creator>
				<category><![CDATA[Banking News]]></category>
		<category><![CDATA[Pension Product News]]></category>
		<category><![CDATA[75]]></category>
		<category><![CDATA[age]]></category>
		<category><![CDATA[buy an annuity]]></category>
		<category><![CDATA[coalition government]]></category>
		<category><![CDATA[compulsory annuitisation]]></category>
		<category><![CDATA[rules]]></category>

		<guid isPermaLink="false">http://www.bankingtimes.co.uk/?p=10767</guid>
		<description><![CDATA[The new coalition government has announced that the parties are agreed &#8220;to end the rules requiring compulsory annuitisation at 75&#8243;. Under current rules, members of defined contribution company pension schemes and those with private pension savings must buy an annuity with their pension pot by the age of 75. Unfortunately for some, annuity rates plummeted [...]]]></description>
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