Computer crash hits pensions
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THOUSANDS of pensioners and people on benefits have been hit by a massive computer failure at the Department for Work and Pensions.
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The Nationwide Building Society is fined Â£980,000 over security breaches following the theft of a laptop.
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A scheme to assist workers who have lost their pensions cost twice as much to run as it has paid out, an MP claims.
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Former workers at an Aberdeen textile firm could lose out on pension cash due to a technicality.
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Some 40,000 computers in the U.K. Department for Work and Pensions were cut off from their network last month when an IT technician erroneously installed a software upgrade, according to EDS.
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ENGINEERS were today tackling a massive computer failure which has caused chaos at the Department for Work and Pensions. Up to 80 per cent of the ministryâs systems for processing millions of pension and benefit payments collapsed on Monday.
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Electronic Data Systems Corp. and Microsoft Corp. were blamed by the United Kingdom&#39;s pension and benefits agency for a computer crash that snarled payments across Britain.
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A few miscalculations can wreck a lifetime of saving and investing.
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Staff at the United Kingdom&#39;s Department for Work and Pensions were unable to use their PCs this week after a routine software upgrade knocked out 80 percent of the computers in the sprawling department.
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Thousands of workers who lost their pensions when firms went bust are expected to be given more financial help.
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The computer crash that shut down systems at Britain&#39;s Department for Work and Pensions only caused delays in dealing with new and amended claims, according to the agency.
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A computer breakdown within Britain's largest government ministry, which doles out retirement pensions and unemployment benefits, left civil servants in the lurch for a week, writing claims out by hand, a ministry spokesman said.
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A Â£141m computer system used to process benefits payments is scrapped, the BBC learns.
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When stock markets fall, one of the biggest triggers of panic for private investors is the thought that their retirement savings are being chipped away before their eyes.
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With its $23 billion shortfall double any previous deficit, the government&#39;s Pension Benefit Guaranty Corp. needs fixing -- fast.
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Britain faces a huge pensions crisis which must be tackled immediately to avoid future generations of the elderly seeing their incomes slashed by around 30 percent compared with those nowadays, an official report warned.
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Staff at the United Kingdom's Department for Work and Pensions were unable to use their PCs this week after a routine software upgrade knocked out 80 percent of the computers in the sprawling department.