Charities urged to take action to address pensions issues

28th April 2008

A report released today has revealed an urgent need for UK charities to address pension scheme issues in order to meet the challenges created by a less stable economic environment and continuing regulatory change.

“The 2008 Charity Pension Maze” identifies pensions as a significant area of risk management for charities, and investigates valuation, governance and organisational merger issues. It is the latest good-practice publication from the Charity Finance Directors’ Group (CFDG), and has been produced in association with Barclays.

Keith Hickey, Chief Executive Officer of CFDG said: “Pressure is mounting on UK charities - the number, range, and complexity of pensions issues they are facing is consistently increasing and the risks are getting higher.”

It is essential that charities take action now to ensure the long term health and viability of the sector and we hope this publication guides them through their decisions.”

Christine Farnish, Director of Public Policy and Sustainability at Barclays, said: “Charities need to understand and manage a number of complex legislative and regulatory challenges on pensions. Even now, changes are being made to the Pensions Bill to give the Pensions Regulator greater powers. Today’s guide should prove an invaluable tool for charities and help them navigate their way through what can, at times, feel like a regulatory jungle.”

In the report’s foreword, Pensions Minister, Mike O’Brien, says: “Charities must be able to navigate through the pensions maze so they can make the right decisions for their employees while recognising the needs of beneficiaries and donors.”

The launch event for The 2008 Charity Pension Maze will see a panel of speakers including Peter Griffiths, Chair of the CFDG Pensions Workforce address more than 100 Charity Finance Directors at Barclays head office in Canary Wharf.

 

Notes to editors:

The Charity Finance Directors’ Group (CFDG)

The Charity Finance Directors' Group (CFDG) was established in 1987 and is an umbrella group that specialises in helping charities to manage their finance-related functions.

CFDG’s 1,450 plus members are responsible for the finances of charities with a wide variety of income levels. Between them our members manage some £13.7 billion in charity income per year.  

For more information contact:
Ebony Kenny

t: +44 (0)20 7116 6217
m: +44 (0)782 537 8437
e: ebony.kenny@barclays.com


About Barclays


Barclays is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services, with an extensive international presence in Europe, the USA, Africa and Asia.

With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs 135,000 people.

Barclays moves, lends, invests and protects money for over 38 million customers and clients worldwide.

For further information about Barclays, please visit our website http://www.barclays.com.

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