News – Page 20
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ArticleEmployee Benefits/Wealth at Work pensions research 2019
Click to download the Employee Benefits/Wealth at Work pensions research 2019 reportThe Employee Benefits/Wealth at Work pensions research 2019 was conducted in October 2019 among readers of https://employeebenefits.co.uk. It received 135 responses.This report is aimed at helping compensation, reward and benefits professionals understand the key issues driving current pension strategies, ...
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ArticleRos Altmann: What actions would you recommend to government on pensions?
There are several urgent reforms that the new government should consider for early legislation. As the Pension Schemes Bill was abandoned before dissolution of Parliament, it will need to be revived next year.Regulators need more powers to force pension providers to improve the quality of their data records and provide ...
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ArticleRob Yuille: What actions would you recommend to government on pensions?
People find pensions complicated, this we know. So, as political parties do their best to woo the electorate, the Association of British Insurers (ABI) has identified three areas in which a new government can improve the pensions system by making it fairer, safer and simpler for consumers to understand and ...
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ArticleLesley Browning: What actions would you recommend to government on pensions?
Pensions issues have been largely ignored recently. The Pension Schemes Bill died when Parliament dissolved, and even that failed to deal with many burning issues. So, what is on my pensions wish list for any new government?First, allow trustees to invest for good. Pension trustees have to reveal their investment ...
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ArticleFrimley NHS staff protest transfer that could erode pay and conditions
Frimley Health NHS Trust staff who are members of trade unions Unite and GMB are taking industrial action today (18 November 2019) to protest their transfer to a Wholly Owned Subsidiary (WOS), which they claim will risk eroding their pay and employment conditions.Estates management, equipment maintenance, catering, portering procurement and ...
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ArticleSKL Recruitment charged with non-payment of pension contributions
Recruitment agency, SKL Recruitment has pleaded guilty to falsely claiming that it had enrolled employees into a workplace pension scheme.Appearing at Brighton Magistrates' Court on 13 November 2019, the Hertfordshire-based employer admitted to misleading The Pensions Regulator (TPR) by providing false information.Managing director Linus Kadzere told TPR at that his ...
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ArticleApproximately 4.3 million Generation X employees will retire with inadequate savings
Generation X are at a greater risk of reaching retirement with a pension pot that is below what they need to retire comfortably, compared with the baby boomer and millennial generations.According to the Pension Policy Institute's (PPI) Generation VeXed: Solving the retirement puzzle report published in November 2019, employees who ...
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ArticleTiny Hearts Day Nursery prosecuted for auto-enrolment compliance violations
Childcare provider Sulouste, which trades as Tiny Hearts Day Nursery, is being prosecuted by The Pensions Regulator (TPR) in relation to failures to comply with auto-enrolment regulations.Tiny Hearts Day Nursery and its director Christine Moore have been accused of wilfully failing to undertake the auto-enrolment responsibilities outlined under sections 45 ...
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ArticleCaring responsibilities lead to 47% reduction in women's pension savings
Being unable to work due to maternity leave and taking time off to raise a family results in a 47% reduction in women's pensions compared to men's; this is considerably higher than the 28% reduction in pension pots caused by the gender pay gap, according to research by Now: Pensions.The ...
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ArticleDebbie Lovewell-Tuck: Putting pensions in prime position
As our Pensions Week draws to a close, it is time to reflect on some of the trends and issues currently shaping this area of the benefits market.A pension is arguably one of the most important benefits in an organisation’s package. Yet, despite representing the largest proportion of an employer’s ...
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ArticleMajority of 22 to 29 year-olds saving for retirement due to auto-enrolment
More than four-fifths (84%) of employees working in the private sector and aged between 22 and 29, saved for retirement via auto-enrolment in 2018, compared to the 24% who did so in 2012, according to research by The Pensions Regulator (TPR).Automatic enrolment – commentary and analysis: April 2018-March 2019, which ...
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ArticleAviva completes £1.7 billion pension scheme buy-in
Insurance organisation Aviva has completed a pension buy-in transaction worth £1.7 billion with Aviva Life and Pensions UK.The buy-in arrangement will insure the liabilities of Aviva’s defined benefit (DB) pension scheme, the Aviva Staff Pension Scheme.The scheme has approximately 5,800 members, consisting of 4,300 deferred members and 1,500 current pensioner ...
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ArticleOutsourced UCL staff to receive same pay, pension and annual leave as employees
Around 900 outsourced members of staff working at educational institution University College London (UCL) will receive the same pay, pension arrangements and annual leave entitlements as directly employed staff who perform the same roles.The deal, negotiated with trade union Unison, means that from 1 December 2019, outsourced porters, security staff ...
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ArticleAsda and Walmart complete £3.8 billion pension scheme buy-in
Supermarket chain Asda, owned by US retailer Walmart, has completed a full pension scheme buy-in transaction, worth £3.8 billion.The transaction, completed with insurance organisation Rothesay Life, secures the long-term pension benefits for approximately 12,300 members of the Asda Group Pension Scheme.The buy-in procedure has taken place ahead of a full ...
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ArticleEXCLUSIVE: Only 9% of younger employees prioritise retirement savings
EXCLUSIVE: Less than one in 10 (9%) of employees aged between 18 and 35 rank retirement savings as their number one priority, despite 66% of employers believing that pension schemes are a priority for all staff, according to research by Smarterly.The survey of 1,248 employees and 508 HR professionals in ...
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ArticleQueen’s Speech confirms Pension Schemes Bill and CDC pensions
The Queen has confirmed that the implementation of the Pensions Schemes Bill will be brought forward, legislating for the introduction of pensions dashboards as well as collective defined contribution (CDC) pension schemes.The Bill was one of the measures announced in the Queen’s Speech, delivered on Monday 14 October 2019 to ...
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ArticleConfessions of a benefits manager: Candid looks at pension investments
Smarmy Consulting have invited us for an investment review meeting. Well, actually, they invited just me, but as it is to be held in the Gherkin, Big Bad Boss decided to come along too. At least this means we can share responsibility for any difficult decisions.I arrive early to take ...
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ArticlePunter Southall Aspire acquires employee benefits division at BDO
Financial planning and retirement savings organisation Punter Southall Aspire has acquired the employee benefits division of UK accountancy and business advisory firm BDO.The acquisition aims to strengthen Punter Southall Aspire’s employee benefits business, enabling the organisation to offer a comprehensive range of reward products around pensions and auto-enrolment consultancy, pensions ...
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ArticleCardano Group acquires Now: Pensions
Pensions risk and investment management business The Cardano Group has completed the acquisition of pension provider Now: Pensions from Danish pension fund Arbejdsmarkedets Tillaegspension (ATP).Now: Pensions, which received its master trust authorisation from The Pensions Regulator (TPR) on 24 September 2019, is the UK’s third largest auto-enrolment provider. The organisation ...
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ArticleHigh Court rules that equalising state pension age is non-discriminatory
The High Court has ruled that equalising the state pension age between men and women is not discriminatory on the grounds of age or sex, confirming that successive governments were within their jurisdiction to implement legislative changes through numerous Pensions Acts.The case, Delve and Glynn v The Secretary of State ...