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NBC Holdings, the first black-owned and managed employee benefits company in South Africa, pioneered the establishment of defined contribution funds in the late 1980s.
In a visit to Birmingham, Mr Collinson, cohead of origination and business development at the Pension Corporation, predicted the death of final salary schemes for many younger private sector workers as firms opt for much cheaper defined contribution funds.
But the Birmingham airport u-turn marks a rare triumph for unions and workers battling to save defined benefit pension schemes and replace them with riskier defined contribution funds.
But the Birmingham Airport U-turn marks a rare triumph for unions and workers battling to save defined benefit pension schemes and replace them with defined contribution funds.
Retirement needs would be funded first by the conversion of recognition certificates and later by withdrawals from private defined contribution funds.
Renewing Focus on Operations and Fund Offers According to Hewitt's study, half of companies (50 percent) say they plan to review their defined contribution fund operations, including fund expenses, revenue sharing and communication to employees, and almost half (48 percent) will conduct a comprehensive review of fund offerings.