News – Page 110
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Employers plan to use existing DC pension plan for auto-enrolment
More than two-thirds of employers plan to use their existing defined contribution (DC) pension plan to automatically enrol their employees, according to research by Towers Watson.The Towers Watson DC governance survey 2012, conducted among 145 fiduciaries of UK DC plans, found that the national employment savings trust (Nest) is being ...
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Article
Confidence in pensions plummets ahead of auto-enrolment
More than half (54%) of employees are not confident in pensions compared to other ways of saving, according to research conducted by the National Association of Pension Funds (NAPF).The survey, run by pollsters Populus, also found that a third (33%) of those who are eligible for auto-enrolment will not stay ...
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Article
EB Summit: Informa is well ahead on auto-enrolment plans
Informa has developed a methodical step-by-step approach to auto-enrolment, as it moves up its staging date from July 2013 to January 2013.Thomas Humphris, head office HR and UK reward director at Informa, shared the publishing and events organisation’s journey towards auto-enrolment in a session called ‘Preparing for the cost of ...
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EB Summit: Auto-enrolment prompts employers to consider benefits cuts
Half of delegates at the Employee Benefits Pensions and Workplace Summit 2012 will consider slashing their benefits budgets because of auto-enrolment.Pension provision cuts are a consideration for almost a quarter (24%) of the leading benefits and reward professionals polled at the summit, taking place at the Four Seasons in Hampshire, ...
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EB Summit: Quarter of delegates believe auto-enrolment will not close retirement savings gap
Nearly a quarter (24%) of delegates at the Employee Benefits Pensions and Workplace Savings Summit 2012 believe that auto-enrolment will not close the retirement savings gap in the UK, according to a poll taken on 8 March at the event.A fifth (18%) of the high-level reward and benefits professionals attending ...
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ArticleWhite paper — can employers' systems cope with auto-enrolment?
Employers must consider the cost of additional pension contributions and scheme administration will have on their organisation.To download the white paper, click on the link above right under Related Files.White paper supplied by Johnson Fleming.
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ArticleWhite paper — dealing with the admin challenge of auto-enrolment
Employers will need to revisit their business processes, pension administration and employee communications to address the impact of auto-enrolment.To download the white paper, click on the link above right under Related Files.White paper supplied by JLT Employee Benefit Solutions.
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ArticleWhite paper — technology can help deal with complexities of auto-enrolment
An auto-enrolment technology solution can draw information from an employer’s payroll and HR systems, determine the requirements and process information to help manage the new responsibilities faced by employers.To download the white paper, click on the link above right under Related Files.White paper supplied by Friends Life.
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ArticleWhite paper — offsetting employment costs arising from auto-enrolment
Following a long build-up, 2012 sees the start of automatic enrolment, believed to be an extremely significant change for UK workplace pension provision.This white paper considers the mitigation of an increase in potential employment costs.How will responsibility for compliance be split between the pension provider scheme/provider, the HR department and ...
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ArticleWhite paper — coping with the data challenge in auto-enrolment
The data-management processes involved in auto-enrolment will require changes to technology and supporting communications.To download the white paper, click on the link above right under Related Files.White paper supplied by SBC Systems.
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ArticleWhite paper — effective management of the auto-enrolment process
If not managed effectively, the auto-enrolment process could expose employers to financial and reputational risk.To download the white paper, click on the link above right under Related Files.White paper supplied by Now: Pensions.
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ArticleWhite paper — the impact of the retail distribution review
The retail distribution review (RDR) will add cost to the provision of workplace pensions and could cut off the lifeblood of advice and support for employees.To download the white paper, click on the link above right under Related Files.White paper supplied by Lorica Employee Benefits.
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Article
Auto-enrolment showcase: Employee-friendly approach is needed
Key points A successful workplace pension proposition should be built on the three pillars of auto-enrolment functionality, communications and investment strategy. Maintaining staff engagement levels in the new world of auto-enrolment will be a difficult but important task for employers because the number of apathetic scheme members is likely to ...
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Article
Auto-enrolment showcase: Transformation promises many rewards
Key points Auto-enrolment will require technology that is capable of supporting an employer’s pre-payroll benefit data management processes. The data management processes involved in auto-enrolment will require changes to technology and supporting communications.Pushing the UK reward function into a more 21st-century approach to administration will enable it to cope with ...
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Article
Auto-enrolment showcase: Keep it simple, easy and cost-effective
Key point If not managed effectively, the auto-enrolment process could expose employers to financial and reputational riskThe auto-enrolment process is a complex matter, so employers need to find a versatile solution that handles management requirements efficiently but is straightforward to use, says Morten NilssonNow: Pensions is based on the principle ...
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Auto-enrolment showcase: Nest offers a straightforward landing
Key pointsThe national employment savings trust (Nest) is designed for employees who are not currently saving into a workplace pension.Nest has a public service obligation to accept any employer that wants to use it to meet its workplace pension duties.Employers can use the national employment savings trust (Nest) in various ...
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Auto-enrolment showcase: Who ordered all these extras anyway?
Key points Auto-enrolment will bring a huge addition to employers’ cost base. The retail distribution review (RDR) will add cost to the provision of workplace pensions, and could cut off the lifeblood of advice and support for employees.As if the costs of introducing auto-enrolment were not enough, the retail distribution ...
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Auto-enrolment showcase: Making all the pieces of the puzzle fit
Key points Employers must consider the impact the cost of additional pension contributions and ongoing scheme administration will have on their organisation. Another key issue is how employers will handle the ongoing auto-enrolment and record-keeping requirements. Employers must ensure a full audit trail of employee communications is maintained.Completing the groundwork ...
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Auto-enrolment showcase: Administration will be the big challenge
Key points Employers will need to revisit their business processes, pension administration and employee communications to address the impact of auto-enrolment. A self-service portal is critical for an automated system to manage the opt-out and opt-in processes.Implementing auto-enrolment will require employers to assess their business processes and systems in detail ...
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Auto-enrolment showcase: Evolution not revoluton for pensions
Key points Auto-enrolment will present employers with two main costs: the impact of employer contributions, and the associated costs, which can include administration and ensuring regulatory compliance. An auto-enrolment technology solution can draw information from an employer’s payroll and HR systems, determine the requirements and process information to help manage ...