News – Page 23
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ArticleKavitha’s keynote: Employee benefits keep one in six at work after 65
Around seven in 10 UK employees expect to work past the age of 65, while almost two in five anticipate retiring after they turn 75, research from Canada Life Group Insurance revealed earlier this week.More than 70% of those set to continue working beyond their 65th birthday attribute this to ...
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ArticleA third plan to work past age 65 because their pension is not sufficient
Around a third (32%) of respondents plan to work beyond the age of 65 because their pension savings will not be sufficient to allow them to cease earning a wage, according to research by Canada Life Group Insurance.Its survey of 1,002 full and part-time employees also found that 25% believe ...
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ArticleMarks and Spencer completes pensioner buy-in transactions equating to £1.4bn
Retail organisation Marks and Spencer has completed two pensioner buy-in transactions for its defined benefit (DB) pension scheme, totalling approximately £1.4 billion.The buy-in policies have been completed with insurance organisations Phoenix Life and the Pension Insurance Corporation (PIC) as part of the scheme’s long-term de-risking strategy. This approach aims to ...
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ArticleCalifornia-based cannabis organisation boosts pay and benefits for delivery drivers
Something for the weekend: California-based cannabis organisation Caliva has boosted the pay and employee benefits for its delivery drivers, offering up to $16 (£12.62) an hour and a 401K pension scheme.Caliva, which grows its own cannabis to use in a range of consumer products, available in shops or online, has ...
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ArticlePWC Australia to pay superannuation contributions while staff are on parental leave
Global professional services firm PricewaterhouseCoopers (PWC) is to pay full superannuation contributions for up to 12 months for employees in Australia on parental leave.The new policy, applicable for the organisation’s 8,000 staff based in Australia, will see PWC make full superannuation contributions into an employee’s workplace retirement savings for up ...
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ArticleTwo-fifths are most interested in receiving paid annual leave as employee benefit
Two-fifths (44%) of employee respondents are most interested to receive between 22 and 35 days of paid annual leave as an employee benefit, according to research by insurance organisation Aviva.Its survey of 2,011 UK employees and 502 managers with recruitment responsibilities further found that other workplace benefits staff are most ...
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ArticleJohn Lewis Partnership to close defined benefit section of workplace pension scheme
John Lewis Partnership, which consists of retailers John Lewis and Waitrose, will close the defined benefit (DB) section of its occupational pension scheme, instead providing an improved defined contribution (DC) scheme for its 83,900 employees.The employee-owned organisation currently provides staff with a hybrid pension scheme, which combines elements of both ...
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ArticleFour in 10 mothers would work longer hours if childcare costs were lower
Almost four in 10 (38%) women with children would choose to work longer hours if childcare was cheaper, according to research by The People's Pension.Gender pensions gap: Tackling the motherhood penalty, published in May 2019, found that after having children, more than two-fifths of women (44%) reduced their hours, more ...
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ArticleChris Curry: What does the CDC decision mean for workplace pension schemes?
One of the most eagerly anticipated parts of the new Pensions Bill promised in the 2019 Queen’s Speech is legislation that will enable Royal Mail to open a new collective defined contribution (CDC) scheme for its employees, replacing their current defined contribution (DC) pension.The expected legislation, as trailed in the ...
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ArticleGraham Wrightson: What does the CDC decision mean for workplace pension schemes?
The government recently set out plans for introducing legislation to facilitate collective defined contribution (CDC); it is clearly committed to legislating for these schemes. However, if and when it happens, there is still a question mark around just how popular CDC will be with employers.In CDC, members receive a pension ...
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ArticleDavid Pitt-Watson: What does the CDC decision mean for workplace pension schemes?
The Work and Pensions Select Committee described the adoption of collective defined contribution (CDC) pensions as a 'new Beveridge', a new chapter in delivering pensions. Unlike its defined contribution (DC) counterpart, CDC achieves the proper purpose of a pension: to deliver an income in retirement.Employers offer pensions because they are ...
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ArticleEXCLUSIVE: Starr Companies sees 90% member engagement with new pension scheme
EXCLUSIVE: As of May 2019, global insurance and investment organisation Starr Companies has reported 90% engagement among the 180 members of its workplace pension, which was launched in October 2018.The organisation's new group pension, provided by Hargreaves Lansdown, was launched six months ago in response to the need for staff ...
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ArticleSavers have accessed £25.6 billion through pension freedoms
Retirement savers have accessed approximately £25.6 billion through pension freedoms since reforms were introduced in April 2015, according to data from HM Revenue and Customs (HMRC).Its Flexible payments from pensions: April 2019 report also found that the number of individuals who have received flexible payments from their pensions between the ...
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ArticleThree-fifths increase pension contributions if employer offers to match them
Around three-fifths (61%) of workplace pension scheme members opt to increase their pension contributions if their employer offers to match them, according to research by investment organisation Hargreaves Lansdown.Its analysis of nearly 53,000 scheme members enrolled in the Hargreaves Lansdown workplace pension also found that 49% choose to increase their ...
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ArticleGovernment publishes guidance on equalisation of GMPs
The Department for Work and Pensions (DWP) has published official guidance to help pension scheme trustees equalise the benefits of guaranteed minimum pensions (GMPs), following a High Court ruling in October 2018.The guidance, produced in conjunction with an industry working group, was published on 18 April 2019. Designed to mitigate ...
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ArticleBT and Siemens shortlisted for Best pensions communications
Telecommunications provider BT, construction business Kier Group and technology organisation Siemens are among those shortlisted for the Best pensions communications category at this year’s Employee Benefits Awards and Summer Party.The Best pensions communications award celebrates employers that have implemented effective strategies in order to engage employees with their retirement savings ...
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ArticleTwo-thirds believe benefits are equal to or more important than basic salary
Two-thirds (66%) of employees in the UK believe that the employee benefits offered to them are equal to or more important than their basic salary, according to research by corporate gift organisation Adler.The survey of 1,000 UK employees also found that 14% would accept an increase in benefits over a ...
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ArticleBank of America Merrill Lynch completes £400 million pensioner buy-in
Financial services organisation Bank of America Merrill Lynch has completed a pensioner buy-in transaction with Scottish Widows, totalling £400 million.The policy insures the pension liabilities for 915 pensioner members of the Bank of America Merrill Lynch UK Pension Plan, which is the largest pension scheme offered by the organisation.The transaction ...
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ArticleEXCLUSIVE: Seven in 10 multinationals have effective global benefits strategies
EXCLUSIVE: Seven in 10 (70%) employers have effective global benefits strategies and structures, according to research by professional services firm Aon.Its Global benefits governance and operations study 2018-2019, which surveyed more than 200 multinational organisations with workforces of between 10,000 and 100,000, also found that 60% want to create a ...
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ArticleCommerzbank AG completes £1.2bn pensions buy-in
International commercial bank Commerzbank AG has completed a full pensions buy-in transaction with the Pension Insurance Corporation (PIC), totalling £1.2 billion.The policy has been completed to insure the pension liabilities of the Dresdner Kleinwort Pension Plan, which Commerzbank AG is responsible for following its acquisition of Dresdner Bank in December ...