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Shift away from defined benefit gains momentum

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The need by multinational companies to better manage pension risk internationally is partly driven by government regulations, including those in the US, which require firms to follow stricter standards when accounting for pension assets and liabilities on the financial statements. The degree to which employers offer these traditional plans varies around the globe. Moved by similar cost pressures, coupled with international accounting trends, UK companies have been further ahead in the conversion toward defined contribution plans. Such efforts are as pertinent in the pension industry as in other benefit areas.

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