News – Page 14
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Article58% of part-time employees have workplace pensions
Just over half (58%) of all part-time employees in the UK have workplace pensions, compared to 86% of full-time workers, according to new data from the Office of National Statistics (ONS).Men who work part-time in the private sector are particularly under-represented in employer pension schemes, with only 41% in one. ...
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ArticleWomen have up to 45% less in their pension pots than men at retirement
A new report by Barnett Waddingham has revealed a stark gender disparity in wealth at retirement, with women having between 25% and 45% less than men in their pension pots when they retire.The research, based on an analysis of some 35,000 members in seven defined contribution (DC) schemes, found that ...
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ArticleGeneral Motors completes £53 million bulk annuity deal
The defined benefits (DB) liabilities of members of the General Motors VACPF (Vauxhall Associated Companies Pension Fund) have been insured by Aviva, it has been announced.The £53 million bulk annuity transaction means the DB liabilities of 1,392 members are now protected, removing the investment and longevity risk from the Fund.The ...
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ArticleRothesay secures £6m aviation pensions scheme buy-out
Rothesay and K3 Advisory, the bulk annuity and consolidator, have completed a £6 million pensions buy-out with an unnamed aviation scheme in a deal which insures the benefits of eight pensioners and 31 deferred members.The scheme had already insured the benefits for more than 20 members in 2009 through a ...
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ArticlePublic sector workers paying more into pensions
A report by the National Audit Office (NAO) has revealed most pensions have become more affordable in recent years – but it has also raised concerns that pensions affordability among public sector workers is now falling behind.According to the report, employee contribution levels have increased by 16% in real terms ...
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ArticleOne in eight quit work due to ill-health
A new report by the Trades Union Congress (TUC) has revealed the extent to which employees are forced out of the workforce early due to ill-health and lack of employer support.The Ending working lives report, published today (12 March), has revealed one in eight (12%) employees have to cut short ...
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ArticleKavitha’s keynote: Choosing to challenge
You would have had to have been hiding under a rock to miss the fact that it was International Women’s Day at the beginning of this week (8 March). Celebrated across the globe, this year’s theme was about choosing to challenge, encouraging people to call out gender bias and inequality.At ...
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ArticleThe Pensions Regulator consults on new powers
The Pensions Regulator (TPR) has published a consultation on how it will use new powers to investigate and prosecute those who avoid employer debts to pension schemes or put savers’ pensions at risk.The powers relate to sections 58A and 58B of the Pensions Act 2004 and were introduced by the ...
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ArticleReport highlights huge gender pension gap
Research released by the Organisation for Economic Co-operation and Development (OECD) has revealed a signifcant gender pension gap, with women over the age of 65 receiving 26% less income than men from their pensions.The study, which combines datasets from around the world, also found that this difference has only decreased ...
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ArticlePenny Cogher: How will the pensions lifetime allowance freeze affect staff retirement plans?
While freezing the lifetime allowance at £1,073,100 until 2026 allows the Treasury to kick pension tax reform down the road, employers need to manage the retirement expectations of mainly their higher earners and executives. However this may also impact on those on a more modest salary if they have defined ...
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ArticleDaniela Silcock: How will the pensions lifetime allowance freeze affect staff retirement plans?
The 2021 Budget announced the freezing of the pensions lifetime allowance at its current level of £1,073,100 for the next five years as a way of reducing tax relief. This means that those with pension savings or entitlement above this level will need to pay additional taxes of 25% in ...
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ArticleNigel Peaple: How will the pensions lifetime allowance freeze affect staff retirement plans?
Despite widespread speculation that the level of support the Treasury provides pension savers through tax relief on contributions could be cut in this year’s Budget, Chancellor Rishi Sunak saw fit to spare pension savers from drastic changes on 3 March.This is fortunate, because in our assessment such a move would ...
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ArticleLucy Dunbar: How will the pensions lifetime allowance freeze affect staff retirement plans?
The freezing of the pensions lifetime allowance may seem like a problem that would be nice to have. For most, the problem will be whether they can afford to save enough to enable retirement, not whether they will be able to retire with a certain level of income or lifestyle. ...
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ArticleYounger women face £100,000 gender pensions gap
A new report from Scottish Widows has revealed that younger women face a six-figure gender pensions gap.The company’s findings, published to coincide with International Women’s Day, showed that a female saver can expect to have £100,000 less in her retirement pot thanks to time taken out of the workplace to ...
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ArticlePensions lifetime allowance frozen until April 2026
Budget 2021: The pensions lifetime allowance (LTA) limit will be frozen for five years, Chancellor of the Exchequer Rishi Sunak confirmed in his Budget 2021 speech.Under the plans, LTA will be held at its current level of £1,073,100 until April 2026.The measure is one of a number designed to freeze ...
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ArticleUK furlough scheme extended until September
Budget 2021: The UK’s furlough scheme has been extended until the end of September, Chancellor of the Exchequer Rishi Sunak (pictured) confirmed in the Budget today (3 March).The Coronavirus Job Retention Scheme (CJRS), which currently pays 80% of furloughed employees’ wages up to £2,500 per month for hours that cannot ...
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ArticleKeep updated with the Budget 2021
Tomorrow (3 March) Chancellor Rishi Sunak will deliver his long-awaited Budget 2021 – a statement widely anticipated to outline how the government will seek to rebalance the books after nearly a year of on-and-off economic shutdown.With debt now at 99.4% of GDP and borrowing at its highest level since 1993, ...
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ArticleWest Ferry Printers agrees pension buy-in
The pension benefits of 263 workers from West Ferry Printers have been protected after a £120 million buy-in deal was agreed between pension insurance firm Rothesay and Reach plc, the parent of the Scheme’s sponsor.Reach is one of the biggest contract newspaper printer in the UK and the deal is ...
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ArticleMitchells and Butlers defers pension contributions
Pubs and restaurants group Mitchells and Butlers (M and B), which owns chains including Harvester, O'Neill's and All Bar One, has announced it has delayed paying into its staff pension scheme.The move to suspend the £4.2 million monthly payment into the fund comes as it battles to keep its head ...
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ArticleDeutsche Bank completes pensioner buy-in transaction with Legal and General
Deutsche Bank has announced the completion of a £570 million pensioner buy-in transaction with Legal and General.The deal has been described as the first step in a Deutsche Bank's pension scheme’s de-risking strategy, and now means it has reached full insurance over the medium-term.According to LCP, which provided strategic longevity ...