News – Page 2
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ArticleHalf of employers advertise statutory requirements as perks
Almost half UK employers have been touting statutory requirements or basic rights as workplace benefits in their job adverts, according to a new analysis by Rippl. The employee benefits platform looked at employers’ recruitment advertising on the largest job listing sites. It found that 46% of them ...
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ArticleFirst Milk completes £42 million full-scheme pension buy-in
Dairy co-operative First Milk has completed a £42 million full-scheme pension buy-in for its Scottish Milk Retirement Benefits Plan. The transaction, which was carried out with financial services Just Group, secures the benefits of 452 scheme members, of which 292 are pensioners and 160 deferred members. The ...
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Article33% of retirees worry about being unable to meet living costs
One-third of retirees (33%) have concerns about being unable to meet living costs, according to research by Legal and General.Its survey of 1,000 retirees, which was carried out in partnership with the University of Sheffield, found that 38% of retiree respondents fear unexpected expenses during retirement, and 36% are anxious ...
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ArticleMacmillan Cancer Support completes £33.7 million pension bulk annuity deal
Credit: Serge Cornu / Shutterstock.comCharity Macmillan Cancer Support has completed a £33.7 million bulk annuity deal for its pension scheme.The full scheme buy-in with Aviva will secure the scheme’s retirees and deferred members’ benefits. The defined benefit (DB) scheme is maintained by Macmillan, under the stewardship of a board of ...
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ArticleChancellor launches pensions system review
Chancellor of the exchequer Rachel Reeves has launched a review to boost investment, increase saver returns and tackle waste in the pensions system. The review will be led by minister for pensions Emma Reynolds and will focus on defined contribution workplace schemes and the Local Government Pension ...
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ArticleReservist wins landmark Territorial Army pensions case
A retired major has won a landmark case against the Ministry of Defence (MoD) that could mean thousands of reservists will receive army pensions for the first time. Major Charles Milroy took the MoD to the employment tribunal in Glasgow, claiming that he should have been enrolled ...
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ArticleCaring responsibilities contribute to gender pensions gap
The amount of time women spend out of paid work because of caring responsibilities has been found to be one of the most significant contributing factors to the gender pensions gap, according to analysis by the Trades Union Congress (TUC).The findings have been published today to coincide with the trade ...
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ArticleFCA, DWP and regulator consult on DC pensions joint framework
The Financial Conduct Authority (FCA), the Department for Work and Pensions (DWP) and the Pensions Regulator (TPR) have launched a consultation on a joint framework for workplace defined contribution (DC) schemes.The proposed framework has been designed to move the focus from costs to long-term value and deliver better retirement savings. ...
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ArticleRawle Gammon and Baker completes £23m full pension buy-in
Building materials supplier Rawle Gammon and Baker has completed a £23 million full buy-in for its pension scheme, sponsored by commercial property sector business FTI Property. The transaction with K3 Advisory and Just Group secures the benefits of 113 deferred members and 154 pensioners. It was supported ...
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Article65% of pension scheme sponsors do not know how much members can expect at retirement
Two-thirds (65%) of those running pension schemes do not know how much a typical member can expect at retirement, according to Aon’s latest research.The global professional services firm drew insights from 214 UK defined contribution (DC) schemes, with combined assets of over £60 billion and more than one million members, ...
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ArticleSCA UK Pension Plan completes £1.1 billion pensions buy-in
The SCA UK Pension Plan, which is sponsored by global hygiene and health firm Essity Group, has completed a £1.1 billion pensions buy-in.Headquartered in Sweden, Essity employs 1,600 UK employees across six manufacturing sites and three commercial offices. Its portfolio includes Tena, Cushelle, Tork, Plenty, Velvet and Bodyform.The transaction, which ...
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ArticleMoog completes £25 million pensions buy-in
Moog, a motion control solutions supplier, has completed a £25 million pensions buy-in for its retirement benefits plan.The buy-in transaction, which was completed in partnership with Just Group and Gallagher, secures the benefits of 28 deferred members and 139 current pensioner members.Gallagher worked with the trustees to monitor the affordability ...
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ArticleGreggs pension scheme completes £100m buy-in
The trustee of Greggs plc 1978 Retirement and Death Benefit scheme has entered into a £100 million bulk purchase annuity transaction with Aviva.Greggs provided additional funding support that facilitated the buy-in to increase the long-term security of all member’s benefits, as part of the trustee’s long-term de-risking strategy.The deal covers ...
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ArticleCourt of Appeal upholds High Court ruling on Virgin Media pension scheme
The Court of Appeal has upheld the High Court’s ruling that a written actuarial confirmation was required where an alteration to the Virgin Media scheme’s rules affected pension benefits for past or future service benefits.This was in relation to section 9(2B) contracted-out rights and was based on the relevant legislation ...
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ArticleITV agrees deal for Box Clever pension scheme members to receive benefits
Members of the Box Clever pension scheme will receive their pension benefits in full following an in-principle deal between The Pensions Regulator (TPR) and ITV.The TV rental businesses of Granada, now ITV, and Thorn, now Carmelite, together formed Box Clever as a joint venture in 2000. Employees were then transferred ...
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ArticleNewcastle Building Society accredited as living pension employer
Newcastle Building Society has received living pension employer accreditation from the Living Wage Foundation.The society’s commitment will see its new employees, who join the organisation after 1 April 2024, receive a higher default level of pension than current auto-enrolment contributions, with workers paying 5% and employers paying 7%. Through auto-enrolment, ...
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ArticleGovernment launches pensions review to boost investment and outcomes
Rachel Reeves, chancellor of the exchequer, has announced a pensions review as part of the government’s aim to boost growth and productive investment into the UK economy. The chancellor’s plans include looking at how broader investment strategies could potentially deliver higher pensions returns and how to unlock ...
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ArticlePension Schemes Bill announced in King’s Speech
The new Labour government will introduce a Pension Schemes Bill to improve outcomes for savers in private sector pension schemes.In the State Opening of Parliament, His Majesty King Charles introduced plans for the Pension Schemes Bill to strengthen pension investment.The bill is designed to help people get more from their ...
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ArticleEmma Reynolds named pensions minister
Credit: UK government, under Attribution 3.0 Unported Deed, resizedEmma Reynolds, the elected Labour MP for Wycombe, has been appointed parliamentary secretary for both the Department of Work and Pensions (DWP) and HM Treasury.The new joint role is part of the new government's recognition that pensions are the responsibilities of both ...
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ArticleLiz Kendall named secretary of state for work and pensions
Credit: UK government, under Attribution 3.0 Unported Deed, resizedLiz Kendall, the re-elected MP for Leicester West, has been appointed as the secretary of state for work and pensions as part of the new Labour government established last week.In her new role, she will have overall responsibility for the Department for ...