News – Page 112
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Goddard Perry Consulting launches master trust as auto-enrolment option
Goddard Perry Consulting (GPC) has introduced a master trust to help employers comply with auto-enrolment.The Pensions Master Trust (TPMT) will be priced at an annual management charge of 0.5% with no other regular administrative fees or set-up costs. It offers a wide range of investment funds and allows members to ...
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Morgan Sindall Group to introduce new pension scheme for auto-enrolment
The Morgan Sindall Group is to introduce a new pension scheme in order to comply with the forthcoming pension reforms.The scheme, which is provided by B&CE, is designed to cater for the UK construction and regeneration group’s 2,200 operatives, who are paid on a weekly basis, once auto-enrolment commences for ...
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Friends Life to launch online auto-enrolment product
Friends Life is to launch an online product that will help employers meet their duties under auto-enrolment, which comes into effect from October 2012.The online portal, which is designed to work with the provider's existing platforms, will collect information from employers' payroll and HR systems, and assess it against the ...
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EXCLUSIVE: Kantar Worldpanel rejigs age rules for GPP contributions
?Kantar Worldpanel plans to make the age-related contribution structure for its group personal pension (GPP) plan more flexible to comply with the 2012 pension reforms.At the moment, employees of the market research firm who are aged under 35 can contribute 2% and receive a 4% employer contribution, while those aged ...
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Pensions Policy Institute research: Opting out of auto-enrolment could cut value of retirement fund by 20%
Opting out of automatic enrolment into a workplace pension for the first ten years of working life could cut 20% off the value of the retirement fund, according to research conducted by the Pensions Policy Institute.The report, The impact of opting-out of private pension saving at younger ages, commissioned by ...
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MetLife Assurance research: Employers could cut back on recruitment to fund auto-enrolment
Employers may cut back on recruiting new staff to fund auto-enrolment, according to research by MetLife Assurance.Although nearly two-thirds (63%) of finance directors have not addressed the issue, 16% among organisations with more than five employees said they would cut back on recruitment in order to fund the new legislation.The ...
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Johnson Fleming awarded Pension Quality Mark for its own scheme
Johnson Fleming has been awarded a Pension Quality Mark (PQM) Plus for its group personal pension (GPP) plan.Awarded by the National Association of Pension Funds (NAPF), the PQM recognises DC pension schemes with contributions of at least 15%, with a minimum employer contribution of 10%.The group pensions, risk and healthcare ...
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Aegon UK set to close final salary scheme to future accrual
Aegon UK is planning to close its own employee defined benefit (DB) pension scheme to future accrual on 31 March 2013 and remove the link to final salary for calculating pension entitlement from that date.The changes, which are due to be consulted on with employees and unions, are part of ...
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DHL to overhaul default fund for DC pension scheme
EXCLUSIVE: ?DHL is overhauling the default fund for members of its trust-based defined contribution (DC) pension schemes as part of efforts to reduce risk and achieve better returns for medium earners.But its changes to the default fund, which would limit its exposure to equities, have stalled because of the latest ...
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D Young boosts healthcare benefits with savings from pensions salary sacrifice
D Young has increased its healthcare provision with savings made from offering a pensions salary sacrifice arrangement.Its new health cash plan includes access to opticians and prescriptions for employees, and health screening and employee assistance programmes (EAPs) for family members.The firm already offers private medical insurance (PMI), health screening and ...
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Defined Contribution Investment Forum launched
Asset management firms have come together to create a forum as part of its efforts to ensure the investments of defined contribution (DC) pension scheme members meet their retirement objectives. The Defined Contribution Investment Forum (DCIF), which was launched at the National Association of Pension Funds’ (NAPF) annual conference in ...
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Emap completes buyout of defined contribution pension scheme
Emap has completed the buyout of its defined contribution (DC) pension scheme, which had 6,000 employee members.The scheme had assets before the transaction of around £140 million. The buyout was completed with assistance from Mercer and Capita Hartshead.As part of the buyout agreement, and depending on their membership status and ...
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Nest Corporation will offer Nest to its employees
Nest Corporation will be one of the employers offering the national employment savings trust (Nest) to its employees, alongside a group personal pension (GPP) plan provided by Aviva.Nest Corporation is among a range of employers of different sizes and sectors using Nest ahead of the introduction of the 2012 pension ...
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Payzone UK increases GPP take-up after communications exercise
Payzone UK has increased the take-up of its group personal pension scheme from 39% to 55% following an extensive communications exercise.Working in conjunction with Secondsight, the firm gave its 140 UK-based employees the opportunity to attend presentations and one-to-one meetings on its pension scheme, which is provided by Aegon.Employees were ...
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Aspire introduces GPP to prepare for auto-enrolment
EXCLUSIVE: Charity Aspire has rolled out a group personal pension (GPP) scheme in preparation for the 2012 pension reforms, and has launched an online flexible benefits scheme.The charity’s staging date, to comply with the reforms, is 2014, because it has 59 employees.Tasha Webster, director of operations at Aspire, said: “I ...
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Buyer's guide to group personal pensions
Focus on factsWhat is a GPP?A group personal pension is a contract-based pension scheme that is arranged by the employer, but each member holds a personal pension contract directly with the provider.What are the origins of GPPs?GPPs came in on the back of individual personal pensions, which were introduced in ...
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Sapient adds pension fund choices
Technology firm Sapient has halved its pensions annual management charge (AMC) by switching providers for its group personal pension (GPP).The firm has also introduced a self-invested personal pension (Sipp) and 12 core fund ranges.Sapient switched from Friends Life to Scottish Widows to reduce its AMC from 0.8% to 0.4%. In ...
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Hitachi Data Systems switches to GPP and launches flexible benefits
Hitachi Data Systems has switched from a trust-based defined contribution (DC) pension plan to a group personal pension (GPP) and launched a flexible benefits scheme.The IT firm also plans to launch total reward statements in January 2012, rolling them out in the UK, the US and one Asia-Pacific country.Carol Baylis, ...
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Employee Benefits Live: ICE Group closes DB pension scheme and saves money with new GPP
Since the Institute for Civil Engineers (ICE Group) closed its defined benefit (DB) pension scheme to future accrual and launched a group personal pension (GPP) scheme in 2010 it has saved £240,000 and reinvested in new benefits.Speaking at Employee Benefits Live, Ethan Kelly-Wilson, project director, human resources, ICE Group, said ...
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University of Reading auto-enrols staff into new defined contribution pension scheme
Following the closure of its final salary pension scheme to new entrants, the University of Reading will auto-enrol all employees over age 22 into a new defined contribution (DC) pension scheme.BlackRock has been appointed to the DC scheme to provide a full proposition of investment funds, administration and member communications.Around ...