News – Page 109
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Majority of FTSE 100 DC schemes choose diversified growth funds
Seventy of the FTSE 100 companies now offer diversified growth funds (DGFs) as part of the fund range in their defined contribution (DC) pension schemes, according to research by Towers Watson.The research, FTSE 100 defined contribution pension scheme 2012 survey, also found that nearly all (92%) FTSE 100 pension schemes ...
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Majority of respondents do not know how their DC pension is invested
Nearly nine out of 10 (88%) UK adults invested in defined contribution (DC) pension schemes cannot name, or do not know, all of the funds their pension contributions are invested in, according to research by Standard Life.Its DC investments research, which surveyed 2,035 adults, also found that three-quarters (74%) of ...
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JLT Investment Solutions launches growth fund
JLT Investment Solutions has launched a growth fund.The JLT Growth Fund will have an objective to outperform cash plus 4% after fees and with less volatility than equities.It can be used as a default fund for defined contribution (DC) pension schemes and will also be available via group personal pension ...
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Towers Watson launches defined contribution pension app
Track My Pension, which is available to all UK workplace pension schemes administered by Towers Watson, allows employees to view their current fund value, projected benefits, latest transactions, and the performance of their funds.The app is available on iPhones and iPads. A version for Android smartphones will be launched as ...
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Friends Life launches auto-enrolment microsite
Friends Life has launched a dedicated auto-enrolment microsite, where employers, employees and advisers can find out more about the pension reforms.The site includes news from the industry, including regulatory updates, an overview of Friends Life’s auto-enrolment product, a terminology jargon-buster, frequently asked questions, and a range of guides and checklists.A ...
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Jelf Employee Benefits launches online assessment for auto-enrolment
Jelf Employee Benefits has launched an online assessment to help employers better understand how prepared they are for pensions auto-enrolment.It provides an assessment of the key areas, including financial, organisational or administrative issues that employers will need to consider in order to comply with auto-enrolment.A microsite is being launched in ...
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The Pension Trust launches auto-enrolment website
The Pension Trust has launched an auto-enrolment website, which aims to guide employers through every step of the process and outline what will be required of them over the coming months.The site will host The Pensions Trust’s cost calculator, which can be used to determine the additional pension costs employers ...
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Staffcare to launch auto-enrolment software
Staffcare is to launch an auto-enrolment platform.The product will manage the administration, compliance and reporting of employer's auto-enrolment requirements.It is available as a standalone product or can be used as an integrated suite of products, including total reward, flexible benefits and HR self-service.The product also:Allows users to gauge the financial ...
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34% of respondents unprepared for auto-enrolment
Employers in the UK are unprepared for auto-enrolment and pensions are a “ticking time bomb” in their organisations, say HR and payroll providers.NorthgateArinso research shows 34% of businesses are totally unprepared for auto-enrolment. However, 65% are largely unconcerned by the new regulations, while nine out of 10 see it as ...
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Aspire adds 1% match to employees' pension contributions
EXCLUSIVE: Aspire has introduced a 1% match on its employees’ contributions to the group personal pension (GPP) scheme to encourage them to get used to saving in advance of auto-enrolment.The matched contribution is for employees who contribute at least £20 of their salary per month. The scheme is offered as ...
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Mills and Reeve to consolidate pensions and switch providers ahead of pension reforms
?Mills and Reeve plans to consolidate its stakeholder and group personal pension (GPP) schemes into one GPP, has switched its pensions adviser, and will offer its 800 staff a pension modelling tool ahead of the pension reforms.The law firm is reviewing its schemes, which have take-up levels above 90%, in ...
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Kantar Worldpanel boosts pension take-up
Kantar Wordpanel has boosted the take-up of its group personal pension (GPP) plan following a communications exercise.The membership of the firm’s GPP scheme increased from 72% in 2011 to 79% in 2012, following a series of communications with provider JLT Online Benefits in February.The sessions also informed staff about auto-enrolment ...
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EXCLUSIVE: EB Summit: Call for care on default funds
One-third (36%) of delegates at the Employee Benefits Pensions and Workplace Savings Summit 2012 have an active duty of care over the investment funds/strategy in the default fund(s) offered to staff.A similar number leave this to their adviser or provider, while 15% said a member/staff committee is responsible.In a panel ...
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Informa gets set for pension reforms
Informa has renegotiated the annual management charge (AMC) on its group personal pension (GPP), and is introducing a pensions governance committee and financial education sessions in the run-up to auto-enrolment.The changes follow a market review the publishing and events firm conducted with its pension provider, Friends Life, to ensure it ...
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Getting payroll systems ready for auto-enrolment is a big challenge for employers
Getting HR and payroll systems ready for compliance with auto-enrolment requirements is the biggest challenge relating to defined contribution (DC) pensions facing employers, according to research by Mercer.The research, which analysed the DC pension offerings of more than 300 UK employers, showed that getting employees to understand pensions ranked as ...
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Government aligns auto-enrolment with tax and NI thresholds
The government has aligned auto-enrolment rates for the next tax year with tax and national insurance (NI) thresholds.The Automatic enrolment earnings thresholds review and revision has been published six months before the largest employers begin enrolling eligible staff into a pension scheme in October 2012.The Pensions Act 2011 requires the ...
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Budget 2012: Delay to auto-enrolment staging dates to save government £380 million
The delay to auto-enrolment staging dates for employers with fewer than 50 employees is forecast to save the government £380 million in reduced tax relief on pension contributions by 2017.According to figures contained in the 2012 Budget report documentation, delaying the staging dates for this group until the next Parliament ...
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The Pensions Regulator launches next phase in contacting employers about auto-enrolment
More than 200,000 employers, advisers and industry bodies have been contacted by The Pensions Regulator (TPR), advising them of their role in workplace pensions reform.In a series of interviews with TPR, employers made it clear that HR will be central to both the implementation and the ongoing monitoring of pension ...
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Standard Life to launch auto-enrolment product for employers
Standard Life is to launch an auto-enrolment product, which removes the demands of data administration in three key areas: eligibility assessment, waiting periods and opt-outs.The product has been developed on Standard Life’s pension platform. The technology will link with the provider's group flexible retirement plan and trust-based pension scheme.Stephen Ingledew, ...
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University of Sheffield appoints pension administrator in preparation for auto-enrolment
The University of Sheffield has appointed Capita Hartshead to administer its pension scheme in preparation for auto-enrolment.The scheme has 3,000 members, made up from the university’s non-academic staff.Andrew Wood, head of financial services at the university, said: “We had two key criteria when choosing our new administrator.“It was essential it ...