News – Page 16
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ArticleJust 12% of organisations currently measure gender pensions gap
Just over one in 10 (12%) of organisations proactively measure their gender pensions gap, according to research by Employee Benefits.The Employee Benefits Pensions research 2020, which surveyed 94 pension strategy decision-makers, found that while many organisations are proactively working towards closing the much-publicised gender pay gap, the proportion that say ...
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ArticleRetail price index phase-out will impact defined benefit pension schemes
The phasing out of the retail price index (RPI) in favour of the consumer prices index plus the cost of housing (CPIH) will have a significant impact on traditional defined benefit pension schemes.In his Spending Review on 25 November, Chancellor Rishi Sunak announced that the RPI measure of inflation will ...
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ArticleMedian pensions wealth signficantly lower among some ethnic groups
There is a stark difference in levels of pension saving between people of different ethnicities, according to data from the Office for National Statistics.Its analysis, which compared savings by ONS classifications of ethnic background, found that median private pension wealth among Bangladeshi, Chinese, Black African and ‘any other ethnic group’ ...
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ArticleHigh Court rules on GMP equalisation of transfers
A new ruling by the High Court means that trustees of defined benefit (DB) pension schemes must revisit and equalise guaranteed minimum pensions (GMP) for historic transfers.The new judgement, issued on 20 November, ruled that Lloyds Banking Group pension scheme trustees are legally responsible for equalising the GMPs for the ...
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ArticleReckitt Benckiser completes £415 million pensions buy-in transaction
Consumer goods organisation Reckitt Benckiser has completed a £415 million pension buy-in transaction with Scottish Widows.The buy-in arrangement will insure the defined benefit (DB) pension liabilities of 1,400 members in the Reckitt Benckiser Pension Fund. The new transaction removes the interest rate, inflation and longevity risk relating to these liabilities. ...
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Article51% likely to review or reduce pension contributions due to Covid-19 pandemic
Approximately half (51%) of UK savers are likely to review or reduce pension contributions in favour of short-term saving or debt reduction or elimination as a result of the Covid-19 (Coronavirus) pandemic, according to research by BlackRock.Its Defined contribution (DC) pulse survey, which surveyed 1,000 UK savers, also found that ...
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ArticleMarks and Spencer completes two pension buy-in transactions worth £750m
Marks and Spencer has completed two pensions buy-in transactions worth approximately £750 million for its defined benefit (DB) pension scheme.The move, which follows two previous buy-in transactions completed in 2018 and 2019, means that 80% of the scheme’s pensioner liabilities are now insured. The buy-in policies are provided by Aviva ...
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ArticlePensions lifetime allowance to increase by £5,800 next year
The pensions lifetime allowance (LTA) limit is to increase to £1.078 million from April 2021/2022.This represents an increase of £5,800 from the current £1.073 million limit that was set in the 2020/2021 tax year, meaning that pension members can save more money into their funds without receiving a tax charge.The ...
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ArticleEXCLUSIVE: Ford utilises real-time analytics to increase pensions engagement
Employee Benefits Reset 2020: Ford UK has been working on a data analytic project for all of its pension plans globally in order to engage and educate its employees. On the second day of the Employee Benefits Reset online series on 6 October, Oliver Payne, international pensions and data analytics ...
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ArticleSmiths completes £142 million bulk annuity buy-in transaction
Technology engineering organisation Smiths has completed a £142 million pension buy-in transaction with Aviva and under TI Group Pension Scheme.The buy-in arrangement will insure the defined benefit (DB) pension liabilities of 1,224 members of the TI Group Pension Scheme, removing their investment and the long-term risks. Under the new transaction, ...
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Article30% of employees do not know where their pension savings go
Just under one-third (30%) of employees do not know where their pension savings go, according to research by Teamspirit.Its survey of 2,000 people, also found that just 34% say they know their pension is invested in the stock market and other assets. Just over a fifth (22%) know it is ...
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ArticleThe Pensions Regulator updates Covid-19 guidance for employers
The Pensions Regulator (TPR) has updated its Covid-19 (Coronavirus) guidance explaining what is to be expected of pension scheme providersThe guidance explains that from 1 January 2021, defined contribution (DC) schemes and providers will resume reporting late contributions no later than 90 days to ensure schemes have enough time to ...
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ArticleDepartment for Work and Pensions launches consultation on long-term asset planning
The Department for Work and Pensions (DWP) has launched consultation encouraging pension schemes to invest more in a wide range of long-term assets.These products encouraged by the government will include venture capital and green infrastructure. The seven-week consultation published 11 September 2020, is an addition to the government's response in ...
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ArticleEXCLUSIVE: Ford to discuss reinventing post-pandemic pensions at EB Reset 2020
EXCLUSIVE: Oliver Payne, international pensions and data analytics manager at car manufacturer Ford, will discuss how the Covid-19 (Coronavirus) pandemic has impacted the world of pensions at Employee Benefits Reset 2020.The strategy session titled ‘Re-Inventing pensions for a post-pandemic world’ will take place at 10am on Tuesday 6 October in ...
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ArticleUSS launches consultation on changes to pension scheme's 2020 valuation
The Universities Superannuation Scheme (USS) has launched a consultation with Universities UK (UUK) on key changes of the pension scheme’s 2020 valuation.The consultation will determine the pension contributions required by employees working in the UK university sector. Based on initial proposals put forward by USS, and depending on which employers ...
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ArticleThe Pensions Regulator forces former chief executive to pay £286,852
The Pensions Regulator (TPR) has forced the former chief executive of Yateley Industries to pay £286,852 to compensate members of a charity pension scheme that he defrauded.Pattrick McLarry, aged 72, who was CEO of Yateley Industries for the Disabled, a charity dedicated to supporting vulnerable adults, stole over £250,000 from ...
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ArticleTake part in Employee Benefits pensions research for a chance of winning £100 voucher
How is Covid-19 impacting employees’ behaviour around pensions? How are organisations providing financial education with a largely mobile workforce and how are organisations communicating these benefits?Employee Benefits' readers can now benchmark their approach to pensions and retirement by participating in this year’s exclusive Employee Benefits pensions research. The survey aims ...
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ArticleThe Department for Work and Pensions publishes consultation on pension climate risk
The Department for Work and Pensions (DWP) has published a consultation, setting out proposals for larger occupational pension schemes and authorised master trusts to publish their climate risk financial disclosures.The consultation, published 26 August 2020, recommends that trustees of large occupational pension schemes must have effective governance, strategy, risk management ...
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ArticleHitachi UK completes £275 million pensions buy-in transaction
Hitachi UK has agreed to a £275 million buy-in transaction for its defined benefit (DB) pension scheme with Legal and General Assurance Society (Legal and General).This is the first transaction between Hitachi UK and Legal and General, which covers the remaining uninsured deferred members and retirees, since Hitachi's first buy-in ...
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ArticleSupreme Court rules that inheritance tax should not be applied to pension transfer
The Supreme Court has ruled that there should be no charge to inheritance tax on a transfer to an individual's personal pension plan.The case was brought to the Supreme Court when Mrs Rachel Staveley who, before she passed away in 2006, transferred her pension fund from a company pension under ...