News – Page 107
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PWC to begin auto-enrolment communications to staff
EXCLUSIVE: PricewaterhouseCoopers (PWC) is to embark on its auto-enrolment communications strategy by issung a guide to its 15,000 employees.The guide, which will be emailed to staff in the first two weeks of August, will detail the options available under auto-enrolment.These include joining the firm’s existing group personal pension (GPP) plan, ...
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Holiday Extras sees 82% take up of flexible benefits
EXCLUSIVE: Holidays Extras has achieved an 82% take-up in its online flexible benefits scheme since it was launched in June.The most significant increase was in the take-up of the online holiday booker’s group personal pension (GPP) plan.While 99 of its 400 employees were members of the scheme prior to the ...
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Wasabi introduces stakeholder pension scheme
EXCLUSIVE: Wasabi has introduced a stakeholder pension scheme in preparation for its auto-enrolment staging date at the end of 2013.This is the first time the sushi and noodle bar has offered staff a pension scheme.The scheme is being rolled out to its 950 employees in three phases. The first two ...
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GeoPost to launch GPP and improve pensions governance
EXCLUSIVE: GeoPost UK will replace its stakeholder pension scheme with a group personal pension (GPP) plan and introduce a pensions governance committee ahead of its auto-enrolment staging date of May 2013.The logistics firm has 4,500 employees, 2,300 of whom are in a stakeholder pension scheme that has been provided by ...
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House of Fraser closes DB pension and introduces GPP
House of Fraser has closed its defined benefit (DB) pension scheme to future accrual and launched a group personal pension (GPP) plan in preparation for auto-enrolment.The GPP will be provided by Aviva. Johnson Fleming will manage the scheme’s administration, governance reporting and auto-enrolment compliance through its platform inform equip.The GPP, ...
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Originem sets out plans for pensions auto-enrolment
EXCLUSIVE: Originem plans to comply with the auto-enrolment legislation from October, well ahead of its staging date in September 2013.The outsourced recruitment company is the employer of record for about 900 temporary and contract staff, which it places with UK organisations in the construction, education, healthcare and IT industries.Chris Clowes, ...
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Employee Benefits Pensions and Workplace Savings Research 2012: Auto-enrolment
After many years in the pipeline, the Pensions Act 2008 will finally begin to take effect from October this year. For some organisations, compliance is already a reality, with some having opted to bring their staging date forward to last month. The legislation will introduce compulsory minimum employer and employee ...
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Employee Benefit Pensions and Workplace Savings Research 2012: Key Findings
Our survey, which was carried out in June 2012 among readers of Employee Benefits magazine and users of www.employeebenefits.co.uk, received 206 responsesKEY FINDINGS85% will use their existing pension scheme for implementing the auto-enrolment reforms.75% know how much auto-enrolment will cost, with 32% saying it will increase costs by 1-9%.34% will ...
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ISS UK to implement multi-employer trust for auto-enrolment
ISS UK is to implement a multi-employer trust to comply with the auto-enrolment legislation.The facility service provider will introduced the trust, provided by Now:Pensions, for the eligible employees in its 42,500-strong workforce from its staging date in January 2013.Matthew Brabin, chief financial officer at ISS UK, said: “With the imminent ...
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Shilling Communication launches auto-enrolment product
Shilling Communication has launched an auto-enrolment communications product, to help employers with the administrative burden of auto-enrolment.The product can be used by organisations of all sizes, but is particularly targeted at large employers, which have a large annual turnover or a high number of new joiners per annum.The product is ...
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Johnson Matthey increases additional voluntary contributions and bonus sacrifice by 350%
Johnson Matthey has seen a 350% increase in employees sacrificing their annual bonus to pay 1% in additional voluntary contributions (AVCs) into their pension scheme.The increase followed the launch of a personalised newsletter, which was sent out to all 3,500 active members of the global chemicals and precious metals firm’s ...
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British public unaware of auto-enrolment
Only 19% of the British public are aware of auto-enrolment, according to research by Aon Hewitt.The research, carried out by YouGov, found that those already in workplace pension schemes were more likely to have heard of auto-enrolment (37%), while only 16% of those who are not currently part of a ...
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Administration is key auto-enrolment concern
A majority (92%) of employers said the administration of auto-enrolment is a key concern in relation to the incoming pension duties, according to research by Staffcare.The research, which surveyed both employers and advisers, found that 70% of advisers plan to use a specialist external system to handle the ongoing administration ...
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Payroll departments to lead auto-enrolment implementation
Almost half (40%) of respondents said their payroll departments will take the lead in the implementation of auto-enrolment, according to research by The Chartered Institute of Payroll Professionals (CIPP).The CIPP research paper to understand business readiness for automatic enrolment found that 29% of respondents said their HR department would take ...
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DWP publishes guidance on certifying DB schemes for auto-enrolment
The Department for Work and Pensions (DWP) has published guidance on certifying defined benefit (DB) pension schemes and hybrid schemes for auto-enrolment.The guidance aims to help organisations continue to use existing schemes, rather than setting up a new one, to comply with the pension reforms.Steve Webb, minister for pensions, said: ...
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The Pensions Regulator warns employers on auto-enrolment inducements
Laws prohibiting inducements around auto-enrolment came into effect on 1 July.The Pensions Regulator (TPR) has published a reminder that it will take action where it sees evidence of inducement. This includes an initial fine of up to £400, with escalating penalties of up to £10,000 a day for larger employers.Charles ...
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Co-operative Group conducts pension review to prepare for auto-enrolment
The Co-operative Group has conducted a review of its retirement benefits to ensure it is prepared for its auto-enrolment staging date in January 2013.The group, which has more than 100,000 employees, will enrol its 40,000 employees who do not currently contribute to a workplace pension scheme in a defined contribution ...
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Nigel Aston: Are default funds the best option for the majority of staff?
Default funds the best option for the majority of staff, but a decade of educating members has not decreased the 80% relying on a fiduciary of some sort choosing on their behalf. People have more interesting things to do than learn the difference between gilts and equities. It should not ...
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Dev Raval: Are default funds the best option for the majority of staff?
Default funds the best option for the majority of staff according to 92% of FTSE 100 pension funds [Towers Watson’s FTSE 100 DC pension scheme survey 2012], which operate a default investment strategy, with more than half of those having more than 90% of their members in the default option. ...
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Legal and General targets staff on retirement savings ahead of auto-enrolment
Legal and General has run an initiative to educate its 7,000 staff about the importance of saving for retirement as the first phase of its communications around auto-enrolment.The insurance firm has an auto-enrolment staging date of April 2013. It has a defined benefit (DB) pension scheme, which was closed to ...