News – Page 21
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ArticleTake part in exclusive pensions research and be in with a chance to win £100 retail voucher
How are organisations providing financial education to employees? Are staff saving enough money to feel comfortable in retirement? How often do businesses conduct pensions-related communications?Employee Benefits readers can now benchmark their approach to pensions and retirement by participating in this year’s exclusive Employee Benefits/Wealth at Work pensions research. The survey ...
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ArticleEXCLUSIVE: Virgin Atlantic reinvigorates benefits package for 10,000 employees
Employee Benefits Live 2019: International airline Virgin Atlantic has reinvigorated its wellbeing approach and employee benefits package to better reflect and accommodate its growing workforce.Josie Lazenby, senior manager, wellbeing and benefits at Virgin Atlantic, discussed the benefits refreshment journey during the conference programme at Employee Benefits Live 2019 on Tuesday ...
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ArticleTelent agrees bulk annuity transaction to cover 39,000 pension scheme members
Technology and telecommunications organisation Telent has agreed a bulk annuity buy-out transaction with specialist insurance firm Rothesay Life.The two-part transaction, which will consist of both a buy-in and buy-out process, aims to secure the pension benefits and existing benefit terms and conditions for approximately 39,000 members within Telent’s defined benefit ...
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ArticleTwo-fifths think pension funds will fall in value as a result of Brexit
Just over two-fifths (42%) of respondents believe that their pension funds will fall in value as a result of Britain's exit from the European Union (Brexit), currently projected for 31 October 2019, according to research by pension provider Aegon.Aegon's bi-annual Retirement confidence survey, which surveyed 830 respondents recruited via the ...
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ArticleTake part in exclusive pensions research to benchmark strategy and map trends
What primary and secondary pension schemes are employers offering to staff? Are employees saving enough to be comfortable in retirement? How recently have organisations conducted pensions communications exercises? What are businesses doing to tackle the gender pension gap?Employee Benefits readers can now have their say by participating in this year's ...
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ArticleHalf of UK residents are confident they can retire comfortably
Half (52%) of UK individuals are confident about their ability to retire comfortably, compared to 48% who agreed with this in 2017, according to research by Aegon.The Retirement confidence survey, which polled 830 UK residents, further found that 10% of individuals do not have any pension savings, while 36% have ...
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ArticleTPR prosecutes director for failing to cooperate with pensions investigation
The Pensions Regulator (TPR) is prosecuting director and shareholder of trustee firm PIM Trustees, Michael Woolley, for failing to provide information and documents in support of an ongoing pensions investigation.On 22 January 2019, TPR issued a notice in writing under section 72 of the Pensions Act 2004, requiring Woolley to ...
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ArticleSeven in 10 employees are not actively engaged with their workplace pension
More than seven in 10 (72%) employee respondents are not actively engaged with their workplace pension, according to research by Atlas Master Trust, part of Capita.Its Why engagement needs a reality check white paper, which surveyed 200 pension managers, 200 senior finance professionals, 100 senior HR professionals and 2,000 employees, ...
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ArticleThérèse Coffey appointed secretary of state for work and pensions
Conservative MP Thérèse Coffey (pictured) is the new secretary of state for work and pensions, replacing Amber Rudd MP.Coffey, who was elected as MP for Suffolk Coastal in May 2010, was appointed to her new office on Sunday 8 September 2019.Previously, Coffey served as the minister of state at the ...
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ArticleDefined benefit pension deficit increases to £340 billion as at August 2019
The deficit for defined benefit (DB) pension schemes in the UK has increased by £100 billion between July and August 2019, reaching £340 billion as at the end of August 2019, according to research by PricewaterhouseCoopers (PWC).The Skyval index, which is based on aggregated data from 5,450 corporate DB pension ...
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ArticleUK-based Ryanair pilots undertake three-day strike
UK-based pilots employed by airline Ryanair who are members of The British Airline Pilots Association (Balpa), are undertaking three days of strike action, starting today (Monday 2 September 2019).Balpa members employed by Ryanair were balloted in August 2019 with regards to industrial action; based on a 72% turnout, 80% voted ...
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ArticleDepartment for Education to increase teacher starting salary and pension contributions
The Department for Education has announced today (Monday 2 September 2019) that starting salaries for new teachers will increase to £30,000 a year by the 2022-2023 financial year, and that employer pension contributions will rise to 23.6%.Education secretary Gavin Williamson (pictured) has confirmed that new teacher salaries will increase by ...
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ArticleLeigh Day to launch pensions discrimination case for teachers and doctors
Law firm Leigh Day has today (27 August 2019) announced that it will bring legal challenges against the UK government for age discrimation in relation to public sector pensions for teachers and doctors.The case relates to changes made to pension arrangements across the public sector, which came into force on ...
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ArticleTPR used auto-enrolment enforcement powers 23,409 times in Q2
The Pensions Regulator (TPR) has used its enforcement powers to tackle pensions auto-enrolment non-compliance 23,409 times between April and June 2019, closing a total of 15,726 cases, according to research by TPR.The Compliance and enforcement quarterly bulletin: April-June 2019, which provides information on the powers TPR has used, as well ...
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ArticleHitachi completes bulk annuity transaction covering 120 pension scheme members
IT services organisation Hitachi has completed a pensions bulk annuity transaction with insurer Legal and General Assurance Society, protecting approximately 120 pension scheme members.The agreement provides insurance cover for 120 members of the Hitachi Data Systems Retirement Benefits Plan, who have retired since 2013 or are deferred pensioners.This is the ...
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ArticleCadbury UK completes pensioner buy-in transaction worth £520 million
Confectionery organisation Cadbury UK has completed a pensioner buy-in transaction for its defined benefit (DB) pension scheme, totalling £520 million.The transaction, completed with Rothesay Life, insures the pension liabilities for approximately 1,900 pensioner members of the Cadbury Mondelez Pension Fund; the bulk annuity will be held as an asset of ...
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ArticleTPR prosecutes recruitment agency for pensions non-compliance
The Pensions Regulator (TPR) is prosecuting Hertfordshire-based SKL Professional Recruitment Agency and its managing director for allegedly failing to enroll the organisation's 22 employees into a workplace pension.SKL Professional Recruitment Agency, which provides staff in the care sector, and 54-year-old managing director Linus Kadzere are accused of willfully failing to ...
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ArticleHSBC completes pension longevity swap transaction worth £7 billion
Banking organisation HSBC has completed a longevity swap transaction with The Prudential Insurance Company of America (PICA), to insure approximately £7 billion worth of pensioner liabilities.The transaction, which is the second largest deal of its kind confirmed for a UK pension scheme, has been designed to manage the longevity risks ...
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Alice Honeywill: Will a bonus for new mothers sufficiently address the gender pensions gap?
I read with interest the June 2019 report that consumer association Which? published in collaboration with the Pension Policy Institute (PPI) entitled Top up the pots: Achieving adequate retirement incomes with automatic-enrolment.The reports looks at a variety of different areas, with one suggestion in particular that the state should award ...
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ArticleTim Pike: Will a bonus for new mothers sufficiently address the gender pensions gap?
Gender inequality in pension saving leads to an imbalance of finances within families and risks leaving women vulnerable at particularly sensitive times.Mothers who have not worked, but have instead taken time to raise a family, rate their financial wellbeing worse than any other group, according to the Wellbeing, health, retirement ...