News – Page 13
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ArticleFTSE 350 pension scheme deficits increase to £81 billion
The accounting deficit for defined benefit (DB) pension schemes at the UK’s top 350 FTSE organisations increased by £5 billion to £81 billion in May this year, up from £76 billion in April 2021.According to Mercer’s Pensions risk survey, which analysed pension scheme deficits calculated using the approach organisations have ...
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ArticleEmployee benefits could ease the burden for Generation X carers
New data has suggested that offering statutory paid parental leave and flexible working could ease the burden for Generation X carers.According to the International Longevity Centre’s (ILC) Slipping between the cracks report which was supported by long-term savings and retirement business Phoenix Group, carers from Generation X - those born ...
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ArticleJohn Wyeth and Brother completes £190 million bulk annuity deal
The defined benefits (DB) liabilities of members of the John Wyeth and Brother's Wyeth Group Pension and Life Assurance Scheme (1997) have been insured by Aviva, it has been announced.The £190 million bulk annuity buy-in transaction means the DB pension liabilities for approximately 2,000 members of the scheme are protected, ...
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ArticleKavitha’s keynote: Employers must take heed of the gender pensions gap
Figures out this week showed that in the UK men have 38% more in their pension pot than women, with a 57% gap in favour of men found in Northern Ireland. But it’s not the first time research has highlighted such a huge disparity in gender pensions savings.Meawhile, other pensions ...
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ArticleUK gender pensions gap averages 38%
Research carried out by PensionBee has revealed that depending on age and location, the UK gender pensions gap is as high as 57%.The online pension provider found UK men have saved £24,236 towards their retirement compared to just £15,006 saved by UK women, which is a 38% gap in the ...
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Article25% would increase pension contributions if they understood tax relief
One in four people would be more likely to increase pension contributions if they understood tax relief better, according to new research.A survey of 2,000 UK adults carried out by Opinium on behalf of insurer Royal London found that 15% of respondents fully understood how tax relief on pension contributions ...
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ArticleThe top 10 most-read articles between 13 May – 20 May 2021
The top 10 most-read stories on employeebenefits.co.uk between 13 May – 20 May 2021 were: Get paid £1,000 to test bottomless brunchesDaisy Hooper: Should employers cut pay for staff who continue to work from home?Modibodi offers leave for menstruation, menopause and miscarriagesClare Fletcher: Should employees cut pay for staff who ...
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ArticleIkea, Brewdog and Oxfam sign up to Green Pensions Charter
A total of 50 employers have signed the new Green Pensions Charter to ensure that their pensions are invested more sustainably in order to take action on climate change.The charter, launched today (18 May) by the campaigns Make My Money Matter and Count Us In, has 50 signatories including Ikea, ...
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Article25% of 55-64-year-olds unaware of pension freedoms
More than six years after employees gained pension freedoms that gave them more control of their retirement savings, research has revealed one-in-four people aged 55-64 are not aware of them.This lack of knowledge among the age group most likely to need the freedoms was highlighted by Fidelity International. According to ...
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ArticleConfessions of a benefits manager: Candid declutters her inbox
Who are these people who achieve ‘inbox zero’ with their email? I think it must be an urban myth put about by people who have personal assistants. Still, I always used to aim for a white space at the bottom of my inbox by the end of the day. How ...
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ArticlePension participation stalls for first time since 2012
Data released by the Office for National Statistics (ONS) has revealed 78% of people now have a workplace pension – up from 47% just eight years ago.The findings, which showed figures as at April 2020, also highlighted that last year was the first since 2012 where pension participation levels remained ...
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ArticleEmployees still losing track of their pensions
Despite all the marketing and employee communications, the number of people who have lost track of at least one of their pensions has barely improved at all in the past five years, according to new research.Data released by Aegon has revealed 17% of those with multiple pensions do not readily ...
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Article43% of workers to delay retirement due to Covid-19
New data from PensionBee has found that more than two-fifths (43%) of workers will now have to push back their planned retirement date because of the Covid-19 (Coronavirus) pandemic.The pension provider's study, which surveyed more than 2,000 savers, revealed that across three different generations (Generation X, Millennials and Generation Z), ...
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ArticleWomen have 39% smaller pension pots
New research has revealed the pensions gender gap is more than double the difference between men and women’s average earnings, with women having significantly smaller pension pots.Profile Pensions' analysis of 20,000 customers discovered the gap is such that it means men can expect to retire on an average of £21,800 ...
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ArticlePension scheme members want more retirement decision help
Aon’s 2021 Member Options Survey, published today, has revealed that there continues to be a clear trend for schemes to provide members with more support for their retirement decisions.The survey, which asked for views of 316 pension schemes, revealed a new trend that 10% of schemes now provide members with ...
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ArticlePension savers would divest from firms that don't pay the living wage
One-third of pension savers would rather divest their savings from organisations that fail to pay the living wage.This is the main finding of research by PensionBee, which polled more than 1,500 savers last month.According to its research, 83% of savers expect the organisations in their pension to pay all of ...
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ArticleKavitha’s keynote: Financial awareness is paramount
The pandemic has thrown many people’s finances into disarray, with some finding themselves unexpectedly being made redundant, while others at the end of their careers may be having to delay their retirement to save more money.While everyone’s situation is different, in these trying times what has become increasingly apparent is ...
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ArticleTPR publishes new climate change strategy
The Pensions Regulator (TPR) has published its new Climate change strategy, calling on pensions scheme trustees to invest in companies that protect savers from climate risk or face its own enforcement action.The report follows the recent recommendation by the Department for Business, Energy and Industrial Strategy (BEIS) for mandatory climate-related ...
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ArticleDB pensions still misunderstood by members
New research released by Hymans Robertson and employee engagement organisation Like Minds on defined benefits (DB) pensions has revealed workers lack confidence about making informed decisions at retirement, with more wanting greater levels of employer support.The study – which specifically focused on DB pensions members over the age of 55 ...
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ArticlePensions changes in the new tax year
A new tax year has begun and employers should make sure their payroll, and other HR systems, have been updated to meet their legal responsibilities with regard to pensions changes that have arisen.One of the key developments introduced yesterday (6 April) was the rise in national minimum wage (NMW) and ...