Labour Party-run Birmingham City Council’s effective declaration of bankruptcy last week marks a dramatic escalation in the social crisis confronting millions. According to reports, “at least 26” more councils could be in the same position, some “within months.” Bradford, Devon, Guildford, Hastings, Kent and Southampton, with millions of people in …
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Under CDC schemes, employers and employees pay a fixed rate of contributions, collected in a manner similar to defined contribution schemes. Benefits are paid with a target in mind, similar to defined benefit schemes, but with the prospect of variable increases — and the possibility of decreases. The aim is …
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The Royal Mail Statutory Pension Scheme (RMSPS) deficit increased to £50,876m as at 31 March 2022, up from £48,614 to in March 2021, according to the scheme’s latest Annual Report and Accounts. The RMSPS also recorded a net actuarial loss of £3.1bn over the past year, driven by the higher …
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