News – Page 12
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ArticleKingfisher completes £900 million bulk annuity deal
Kingfisher, a retailing company that manages B&Q and Screwfix, has completed a £900 million bulk purchase annuity transaction for its pension scheme.Aviva will insure the defined benefit pension liabilities for more than 8,000 members, taking responsibility for the investment and longevity risk. Members will see no change in the amount ...
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ArticleJust Ask Estates Services cleaners to strike over pay
Just Ask Estates Services contract cleaners at London’s royal parks have announced they will be taking part in strike action on 30 July over pay and pension conditions.According to civil service union PCS that represents the staff, 32 members were balloted, resulting in a 100% yes vote on an 81% ...
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ArticleThe top 10 most-read articles between 9 July - 15 July 2021
The top 10 most-read stories on employeebenefits.co.uk between 9 July – 15 July 2021 were: Linklaters rolls out staff wellbeing appPlant some wellbeing in the officeHow can employers promote the value of their online benefits schemes?Kathryn Evans: Can employers ask staff to return to the workplace after restrictions are lifted?61% ...
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ArticleAgfa UK completes £230 million bulk annuity deal
Analogue and digital imaging systems producer Agfa UK has completed a £230 million bulk purchase annuity transaction with Phoenix Group, covering 70% of the scheme’s pensioner liabilities.The buy-in is the first bulk annuity undertaken by the scheme. As part of the trustee’s long-term de-risking strategy, additional funding support which facilitated ...
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ArticleLow earners lose employer pensions contributions
Low-paid UK workers who lost income during the Covid-19 (Coronavirus) pandemic have missed out on employer pension contributions estimated to be worth £122 million, according to new research.The figure was calculated by pensions specialist Scottish Widows in its latest Retirement report, which was carried out online by YouGov among 5,059 ...
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ArticleEmployer support drops for FTSE 350 DB pensions
Employer support for defined benefit (DB) pension schemes has fallen to levels similar to those at the start of the Covid-19 (Coronavirus) pandemic.PricewaterhouseCooper’s (PWC) latest Pension Support Index (PSI) measures the profitability, cash generation and balance sheet strength of corporates that are sponsors of DB schemes, and compares that to ...
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Article61% of employers may move to master trust pension
Nearly two-thirds of employers that run their own defined contribution (DC) trust-based pension arrangement is considering moving to a master trust in the next two years.As part of its annual FTSE 350 DC pension study 2021, which covers 95% of eligible companies in the FTSE 100 and 250 indices, Willis ...
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Poll: Does your organisation use salary sacrifice for workplace pensions?
[polldaddy poll=10876545]
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ArticleCommonwealth Bank of Australia UK secures £420m pensions buy-in
Staff at the Commonwealth Bank of Australia (UK) will see their pension benefits secured under a £420 million buy-in deal.Capital Cranfield Pension Trustees has safeguarded the pensions of all UK members of the Commonwealth Bank of Australia Staff Benefits Scheme via the full buy-in with Legal and General Assurance Society.This ...
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ArticleThe top 10 most-read articles between 2 July - 8 July 2021
The top 10 most-read stories on employeebenefits.co.uk between 2 July – 8 July 2021 were: NHS staff to protest over proposed pay riseAsda unveils hybrid working modelTransUnion launches flexible Fridays for UK staffThe Royal household looks for new recruits57% want their pension to be invested responsiblyFintru implements pregnancy loss policyKavitha's ...
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Article50% use salary sacrifice benefits for pensions
Research conducted by Workplace Pensions Direct (WPD) and YouGov has found that only half of British businesses are using the salary sacrifice benefits available for workplace pensions.According to WPD, this means that more than 15 million people could be missing out on the ability to contribute an average extra £204 ...
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Article57% want their pension to be invested responsibly
New research has found that while approximately 3.14 million people (15%) currently invest responsibly in their pension either through their workplace or privately, an additional six million could change to responsible investing once they understand what it involves.Mutual pension provider Royal London revealed that more than half (57%) want their ...
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ArticleThe Royal Household looks for new recruits
Something for the weekend: Do you feel royally fed up with where you are working? Well, now’s your chance to swap those everyday humdrum office surroundings for the exclusive environments of Buckingham Palace, Windsor Castle, the Palace of Holyrood House and beyond, because The Royal Household is on a recruitment ...
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ArticleThe Pensions Regulator launches new employer equality strategy
The Pensions Regulator (TPR) has implemented a new equality, diversity and inclusion strategy for employers to create a fairer and more inclusive culture throughout the pensions industry.The strategy, which was developed in discussion with pensions firms, focuses on how TPR will embed diversity and inclusion throughout its organisation, and how ...
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ArticleGivaudan completes £64 million bulk annuity deal
Flavours and fragrances manufacturer Givaudan has announced the defined benefit (DB) pension liabilities of its UK pension plan have been insured by Aviva.The £64 million bulk purchase annuity transaction means the DB pension liabilities for the 277 members of the scheme are protected, with the insurance provider taking responsibility for ...
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ArticleThree in 10 millennials do not save into a pension pot
New research has found that nearly a third of millennials are not saving into a pension pot.The study was carried out in order to learn more about the younger generations and their attitudes and behaviours towards saving for retirement by pension provider Profile Pensions. It discovered that many of those ...
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ArticleEastman introduces new employee pension services
Global speciality materials business Eastman has introduced combined actuarial and administrative services for employees in its three UK defined benefit (DB) pension schemes.US-based Eastman, whose UK DB schemes cover nearly 2,000 members, outsourced the administration, actuarial, investment and consultancy services to Willis Towers Watson (WTW), while still allowing trustees and ...
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ArticleSouthwark Council improves employee pensions management
Southwark Council has introduced improved digital pension services for its employees.The new provision will allow pension scheme members to manage their pension and personal information, view communications and track progress on their case at any point during the day. They will benefit from being able to have more control over ...
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Article16% of employees want to contribute more to their workplace pension
A total of 16% of employees plan to increase their workplace pension contributions as a result of the Covid-19 (Coronavirus) pandemic, according to findings from Close Brothers.The new report, Expecting the unexpected: a spotlight on preparing for a crisis, was compiled based on data from 2,000 UK-based staff at companies ...
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ArticleGeneral Electric faces industrial action over pension reforms
UK division workers at General Electric (GE) have threatened industrial action over reforms to the company's pension schemes, following criticism from the union Unite.Back in January, the digital industrial company announced proposals to freeze the accrual of benefits for 2,800 staff across its UK businesses, as well as all current ...