Monday, 30 April 2012

EU Pensions Proposals Worry the UK Pensioners

It is reported that the new funding rules recommend treating pension assets and liabilities similar to those of insurance companies. The recommendation has been proposed by the European Insurance and Occupational Pensions Authority, or Eiopa. With regards to this, the Europe’s pensions industry has flooded the Eiopa with 170 unfavourable replies.
There is a real concern that the proposed European Union capital rules for pension funds could impact on British jobs, businesses and savers. UK Pensioners could face a 20% drop in their income. This issue was raised by the Confederation of British Industry and the Trades Union Congress in a letter to the President of the EU commission.
The Financial Times quoted the UK’s National Association of Pension Funds, as saying that a Solvency II-style approach for pensions could force UK companies to bolster their schemes with a further £300bn, on top of the £1 trillion in assets already in the funds.
The head of labour-market and pensions policy at the Confederation of British Industry, Jim Bligh, said that businesses were “seriously concerned” with the latest recommendations of the EU regulator.

Twitter cannot be allowed to operate outside the law

The Ryan Giggs case shows social media sites need to grow up and ensure content adheres to the same rules as everyone else.

Social networking sites such as Facebook and Twitter have rapidly become a mainstream medium. The spanner in the works of their incredible rise is now the landmark case of Ryan Giggs suing Twitter for breach of an injunction. This issue has nothing to do with whether or not public figures should be able to gag the media through injunctions and superinjunctions – whether 75,000 Twitter users, as the Lib Dem MP John Hemming used parliamentary privilege to point out, should be allowed to gossip about a footballer or not is irrelevant.

It’s wholly to do with whether social networking sites such as Facebook and Twitter – massive revenue earning organisations – should operate outside the law that affects everybody else. In their defence, they will argue that they are merely providing a platform or a blank sheet of paper for users.
For a long time, the left wing has tried to uphold a parallel faith in the right to freedom of speech and the right to privacy – a contradiction that is now under more strain than ever.

Social networks can’t have it both ways. Unless we decide to become an anarchistic society, Facebook and Twitter must be reeled in.