News – Page 111
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Auto-enrolment showcase: Implementation and cost mitigation
Key points to consider How will responsibility for compliance be split between the pension scheme/provider, the HR department and the payroll department? What interfaces are required between these parties and how much can be automated? Do systems hold all the data required under the employer’s new duties and is it ...
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Auto-enrolment showcase: Finding out the how and the how much
Key points A financial analysis of the full cost of pension contributions is a vital part of preparing for auto-enrolment. It is also essential for employers to assess their technology provision to ensure it is capable of coping with all of the requirements of auto-enrolment.Employers must seek to quantify both ...
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Aviva to launch auto-enrolment and workplace savings services
Aviva is to launch an auto-enrolment service alongside two new workplace savings services in 2012.The pensions provider will offer an online compliance and monitoring tool to help employers manage the regulatory requirements of auto-enrolment with the advantage of being able to do so across multiple provider schemes.When it is launched ...
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The Pensions Regulator publishes its approach to auto-enrolment
The Pensions Regulator (TPR) has published its approach to maximising employer compliance with auto-enrolment duties and supporting the pensions industry to deliver defined contribution (DC) schemes with the characteristics necessary for good outcomes. TPR’s strategy, Delivering successful automatic enrolment: The Pensions Regulator’s approach to the regulation of employers and schemes, ...
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Budget 2012: Contracting out of defined contribution pension schemes
The government will amend pensions tax legislation in the Finance Bill 2013 to remove references to tax relief on employee contracted-out contributions to defined contribution pension schemes.This will align tax legislation with the Department of Work and Pensions (DWP) legislation, under which contracting out through a defined contribution (DC) pension ...
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Buyer's guide to contract-based defined contribution pensions
Focus on factsWhat is a contract-based DC pension?Contract-based defined contribution (DC) schemes are based on contributions from employers and staff. Unlike defined benefit (DB) pensions, DC scheme benefits correlate to the investment fund built up over an employee’s working life, which is typically used to buy an annuity at retirement. ...
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Steria looks to improve online pensions platform
Steria is looking to improve its online pensions platform, to enable staff to view the total value of their defined benefit (DB) and defined contribution (DC) benefits.This would help deferred members of the IT-enabled business service provider’s DB scheme, which closed to future accrual in April 2010, get a more ...
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Aegon and Logica partner to launch auto-enrolment product
Aegon and Logica have partnered to launch an auto-enrolment product for the fourth quarter of 2012.The online product is being delivered with SuperChoice, which has been used in the Australian pension market.It will offer employers:Categorisation of employees for auto-enrolment based on payroll information.Automatic calculation and validation of contributions based on ...
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Leeds Building Society pilots auto-enrolment service
Leeds Building Society is piloting an auto-enrolment service for its 900 staff.The service, which is provided by Equiniti ICS, includes administration, employee communications, real-time reporting and regulatory reporting.Auto-enrolment, which begins in October 2012 for organisations with more than 120,000 staff, requires all UK employers to enrol their employees into a ...
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Third sector in the dark over auto-enrolment
One in seven (14%) employers in the voluntary sector are still completely in the dark when it comes to auto-enrolment and their responsibilities towards employees, according to research by the Pensions Trust.The research, which surveyed more then 700 voluntary sector organisations and social enterprises employing over 98,500 employees, also found ...
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Auto-enrolment is biggest priority for 2012
Auto-enrolment was found to be the biggest priority for 2012, according to research by global human resources consultancy Aon Hewitt.The third edition of the Aon Hewitt Benefits and trends survey, which polled 185 organisations representing a total of 650,000 employees, found that a fifth of respondents said they either already ...
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Majority of respondents have not communicated auto-enrolment to staff
The majority (74%) of respondents have not started communicating to employees about auto-enrolment, according to research by the Chartered Institute of Payroll Professionals (CIPP).The survey, which polled 103 payroll, HR, accounting and finance professionals, also found that 61% of respondents have decided where the responsibility for auto-enrolment lies. For 42%, ...
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Financial advisers predict younger staff more likely to opt out post auto-enrolment
Half of all corporate financial advisers believe that the largest proportion of employees opting out of workplace savings schemes post auto-enrolment will be in the 35 and under age group, according to research by Aviva.In an online survey of financial advisers, Aviva found more than half of respondents think that ...
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One-third of respondents will use existing pension for auto-enrolment
Over one-third (36%) of respondents plan to continue using their existing pension scheme to comply with auto-enrolment obligations, according to research by JLT.The JLT 250 club research is based on the views of 250 employers with workforces ranging from 500 to over 3,000 employees.It also found:31% of employers do not ...
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Employers will have more time to notify staff about auto-enrolment
The Department for Work and Pensions (DWP) has confirmed that employers will have more time to notify their employees about auto-enrolment.The time period within which employers must notify employees about auto-enrolment into a workplace pension scheme has been extended from one week to one month after the employer’s staging date.The ...
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Legitas introduces GPP and will trial Nest
?Recruitment firm Legitas has introduced a group personal pension (GPP) for its 70 employees and is to trial the national employment savings trust (Nest) with a group of temporary staff currently on its books.The GPP, provided by Scottish Life, is the first employer-funded pension scheme to be offered by the ...
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Auto-enrolment pension contribution increases delayed
The increase in the minimum pension contribution rates for employers and employees required under the forthcoming pension reforms will be delayed from 1 October 2016 to 1 October 2017.This delay is to account for the fact that auto-enrolment staging dates for small and medium-sized employers have been pushed back to ...
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Government confirms new staging dates for auto-enrolment
The Department for Work and Pensions (DWP) has released a revised timetable of staging dates by when employers must comply with the forthcoming pension reforms, including auto-enrolment.During a work and pensions select committee, pensions minister Steve Webb, confirmed that employers with staging dates on or before 1 February 2014 will ...
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Aegon outlines plans for online auto-enrolment portal
Aegon has outlined plans for its online auto-enrolment proposition that it expects to launch in the fourth quarter of 2012.The life insurance and pension provider is also in discussion with the national employment savings trust (Nest) to determine how it will integrate the government scheme into its workplace savings proposition ...
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Government rolls out auto-enrolment advertising campaign
The government has rolled out an advertising campaign aimed at getting millions of people saving for retirement.The campaign, launched on 23 January, comes ahead of the start of auto-enrolment into workplace pensions, beginning in October 2012 for the largest employers.It will explain the fundamentals of auto-enrolment and signpost people to ...