News
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ArticleUK job hopper employees have £15,000 more in pension savings than average person
UK employees who have switched jobs multiple times have over £15,000 more in pension savings than the average person, according to new research from Wealthify.
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ArticleGovernment to create pension megafunds
The government will create pension megafunds as part of pension reforms aimed at unlocking an £80 billion investment in new businesses, infrastructure and local projects.
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ArticleWalkers Shortbread completes £34 million pensions buy-in
Food manufacturer Walkers Shortbread has completed a £34 million pensions buy-in.
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Article56% of women on track to receive retirement income from pension
Just 56% of women are on track to receive retirement income from a pension, compared to 68% of men, according to research by Scottish Widows.
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ArticleNatwest Group makes £11 billion deal to outsource pension payments
Credit: William Barton / Shutterstock.com High street banking group Natwest Group has made a deal worth around £11 billion to outsource some of its pension payments. According to the group, a series of transactions have taken place, managed by the trustee of the group’s pension fund. These ...
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ArticleArmfield completes £7 million buy-in for pension and life assurance scheme
Research and product development firm Armfield has completed a £7 million buy-in transaction for the Armfield pension and life assurance scheme. The transaction for the scheme secured the benefits for 24 pensioners and 15 deferred members. Bulk annuity and consolidator advisory business K3 Advisory carried out the ...
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ArticleDeutsche Bank completes £1.1 billion full pension buy-in
Deutsche Bank has completed a £1.1 billion full buy-in for its UK pension scheme. The scheme is sponsored by a subsidiary of Deutsche Bank and is a client of Legal and General’s asset management division. The buy-in secures the benefits of around 4,000 members. LCP was lead ...
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ArticleLifetime provider model for pensions scrapped
Plans to introduce a pot for life for employee pensions will no longer go ahead, according to the Department for Work and Pensions. The previous Conservative government had proposed introducing a lifetime provider model (LPM), which would allow employees to have a single pension scheme throughout their ...
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ArticleRAC completes £1.3 billion pension buy-in
Source: Andrew Harker / Shutterstock / 1819817303 Vehicle breakdown cover provider RAC has completed a £1.3 billion full-scheme pension buy-in for its 2003 pension scheme. The full scheme buy-in insures £1.3 billion of liabilities and secures benefits for around 19,000 of the scheme members. The transaction, which ...
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ArticleThe top 10 most read articles between 4 - 10 October 2024
The top 10 most read articles between 4 - 10 October 2024 on employeebenefits.co.uk were: Royal Mail launches collective defined contribution pension plan Employee Benefits Live 2024 welcomes delegates to ExCeL London Employee Benefits Awards 2025 open for entries Tribunal finds employer of former administrator failed ...
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ArticleRoyal Mail launches collective defined contribution pension plan
Source: Shutterstock Royal Mail has launched a collective defined contribution (CDC) pension plan to provide its more than 100,000 employees with a cash lump sum and an income in retirement. Along with the Communications Workers Union (CWU) and Unite CMA, the employer designed and implemented a pension ...
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Article59% of DC pension savers will enter retirement with savings below expectations
Nearly three in five defined contribution (DC) pension savers will enter retirement with savings below expectations or below an adequate level, according to analysis by Phoenix Insights. Phoenix Group’s longevity think tank’s report Tomorrow’s problem? Analysing the future impact of DC pension undersaving is based on responses ...
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ArticleThe top 10 most read articles between 27 September - 3 October 2024
The top 10 most read articles between 27 September - 3 October 2024 on employeebenefits.co.uk were: Tribunal claim over ‘dubious’ birthday leave fails Co-op launches diversity campaign and social mobility, inclusion and belonging strategy NEU teachers in England accept 5.5% pay rise Egress, Adobe Systems and ...
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Article59% of UK millennials struggle to save for retirement due to life stage
Six in 10 (59%) UK millennial employees have admitted that their current life stage means they struggle to save for retirement, compared to 48% of Gen Z and 39% of Gen X staff.
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Article39% of British employees regret not saving into a pension
Almost two-fifths (39%) of British employees regret not saving into a pension, according to research by Shepherds Friendly. The financial services firm’s survey of 2,000 Brits on their knowledge of individual savings accounts (Isas), life insurance and general personal finance, also found that 38% of respondents regretted ...
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ArticleSpring Budget 2024: Chancellor announces new requirements for DC pension schemes
Jeremy Hunt, chancellor of the exchequer, has announced plans for new requirements for defined contribution (DC) schemes.
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Article49% of workers aged 50 and older are phasing into retirement
More than half (55%) of employees said a retirement plan is more important than ever as 49% of workers aged 50 and older have already started phasing into retirement, according to research by global advisory and broking firm Willis Towers Watson (WTW). Its 2024 Global benefits attitudes ...
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ArticleMajority of UK adults have moderate expectations for pension returns
The majority of UK adults admitted they only have moderate expectations for their pension returns, and prioritise stability in their retirement savings over higher-risk investments, a new survey by PensionBee has revealed. The consumer retirement market service’s survey, of both workplace and private pensions, included 1,000 UK ...
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ArticleBuyer's guide to master trust pension schemes
Credit: elina.nova/ShutterstockWhat are master trust pension schemes?Master trusts are defined contribution pension schemes, set up under trust law, which allow multiple employers that are unconnected with one other to participate. Each employer can set its own employer and employee contribution rates and usually has its own named section of the ...
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ArticleA quarter of UK employers think DC pension will provide comfortable retirement
Only a quarter of UK employers think their defined contribution (DC) pension provision will leave their workers with a comfortable retirement, according to research by Willis Towers Watson (WTW). The insurance and financial services firm’s annual Defined contribution pensions and savings report, which surveyed 112 FTSE 350 ...