News – Page 24
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ArticleGovernment approves phased implementation of pensions dashboard
The government has approved a phased introduction of the pensions dashboard, advising that pension schemes need to start preparing now in order to hit a three to four year delivery timeline.Yesterday (Thursday 4 April 2019), the government published its response to the Pensions dashboards: Working together for the consumer consultation, ...
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ArticleAccountant jailed for three years for pensions fraud
Accountant Roger William Bessent has been sentenced to three years in prison for fraudulently transferring more than £290,000 of pension funds into his own businesses and investments.An investigation conducted by The Pensions Regulator (TPR) found that 66-year-old Bessent took money from the Focusplay Retirement Benefit Scheme; this was the pension ...
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ArticleGovernment recommends cap on executives’ total remuneration
The Business, Energy and Industry Strategy (BEIS) Committee has recommended that employers’ remuneration committees should set, publish and explain an absolute cap on executives’ annual total remuneration, in order to encourage fairer pay practices.In its Executive rewards: Paying for success report, published on 26 March 2019, the BEIS Committee states ...
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ArticleGender pensions gap grew to £126 in 2018
Women saved an average of £126 less than men into their workplace pensions in 2018, putting aside £433 on average, compared to the £559 saved by their male counterparts, according to research by workplace pension provider Now: Pensions.Its analysis of the 1.7 million members saving into its pension scheme found ...
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ArticleGovernment supports the introduction of collective DC pension schemes
Amber Rudd (pictured), secretary of state for work and pensions, has confirmed that primary legislation for the introduction of collective defined contribution (CDC) pension schemes in the UK will be brought forward, to be implemented as soon as parliamentary time allows.In a consultation response published on Monday 18 March 2019, ...
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ArticleNearly half do not know how much their employer pays into their pension
Nearly half (48%) of respondents do not know how much their employer pays into their workplace pension, according to research by not-for-profit pension provider The People’s Pension.Its survey of 2,378 UK adults, including 2,009 individuals who have a pension, also found that 35% are not aware that the government contributes ...
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ArticleWomen in southern Scotland have a 48% smaller pension pot than men
Women living in southern Scotland have 48% less in their pension pot compared to men from the same region, with average pension savings of £19,039, compared to £36,836, according to research by pensions advice organisation Profile Pensions.Analysing the retirement savings of 9,446 of its customers, Profile Pensions further found a ...
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ArticleEXCLUSIVE: More than half of employers offer group personal pension as primary scheme
EXCLUSIVE: Group personal pension (GPP) plans continue to be the most commonly offered primary pension scheme, according to research by Employee Benefits and Barnett Waddingham.The Employee Benefits/Barnett Waddingham pensions research 2018, which surveyed 246 respondents and was published in December 2018, found that more than half (55%) of employers provide ...
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ArticleTPR to prosecute charity chairman for pensions fraud
The Pensions Regulator (TPR) is prosecuting the former chief executive officer and chairman of charity Yateley Industries for the Disabled on suspicion of defrauding the organisation’s pension scheme.Patrick McLarry, 70, has been accused of transferring more than £250,000 from Yateley Industries’ pension scheme between April 2011 and September 2013, when ...
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ArticleOne day left to take part in exclusive benefits strategy research
How is your organisation’s benefits strategy changing to reflect future challenges? How do you measure employee engagement? What outside influences are shaping your approach to reward?There is just one day left to have your say in Employee Benefits' exclusive benefits strategy research.We are particularly interested in finding out about the ...
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ArticleAccountant pleads guilty to pensions fraud
An accountant who acted as a pension trustee and administrator has pleaded guilty to five counts of fraud for transferring more than £280,000 of pension funds into his own businesses and investments.An investigation conducted by The Pensions Regulator (TPR) found that 66-year-old Roger William Bessent took money from the Focusplay ...
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ArticleEXCLUSIVE: A third have seen engagement boost as a result of pension freedoms
EXCLUSIVE: Engagement with pensions is cited by 34% of organisations as one of the top effects of the introduction of pension freedoms, according to research by Employee Benefits and Barnett Waddingham.The Employee Benefits/Barnett Waddingham pensions research 2018, which surveyed 246 respondents and was published in December 2018, also found that ...
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ArticleFinancial Conduct Authority consults on disclosing pension charge details to members
The Financial Conduct Authority (FCA) has launched a consultation on new rules requiring workplace pension governance bodies to disclose cost and charge information to members on an ongoing basis in order to be compliant with the Pensions Act 2014.The consultation, which will close on 28 May 2019, will set out ...
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ArticleEXCLUSIVE: Intangible assets are key to demonstrating return-on-investment
Employee Benefits Connect 2019: The way organisations measure return-on-investment (ROI) for employee benefits should take into consideration intangible assets, such as branding, employee goodwill, customer relationships, intellectual property and knowledge sharing, according to Alex Tullett (pictured), director of decision science and consulting at outsourcing and professional services firm Capita HR ...
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ArticleMondelez International seeks panel of part-time chocolate tasters
Something for the weekend: Confectionery and biscuit manufacturer Mondelez International is searching for 12 part-time chocolate tasters, and successful candidates will be able to taste and give feedback on an array of chocolate goodies and sweet treats.The international organisation, which owns popular brands such as Cadbury, Milka, Prince and Oreo, ...
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ArticleEXCLUSIVE: Auto-enrolment has increased costs for 50% of organisations
EXCLUSIVE: Pensions auto-re-enrolment either has increased or will increase costs for 50% of organisations, according to research by Employee Benefits and Barnett Waddingham.The Employee Benefits/Barnett Waddingham pensions research 2018 report, which was published in December 2018, canvassed 246 respondents, and found that the proportion of those who felt that auto-enrolment ...
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ArticlePearson completes £500m pensions buy-in
Education and learning organisation Pearson has completed a pensions buy-in transaction totalling £500 million.The buy-in policy has been completed with Legal and General Assurance Society for The Pearson Pension Plan. This will operate alongside two previous buy-in transactions, purchased in 2017 with Aviva and Legal and General, to cover approximately ...
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ArticleCardano Group to acquire Now: Pensions
Pensions risk and investment management firm Cardano Group has agreed to acquire workplace pension provider Now: Pensions.Cardano Group, which previously acquired covenant advisory organisation Lincoln Pensions in October 2016, will acquire 100% of Now: Pensions from Danish pension fund Arbejdsmarkedets Tillaegspension (ATP). This is due to complete later in 2019, ...
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ArticleEXCLUSIVE: Two-fifths of organisations offer cash to staff who reach lifetime or annual limits
EXCLUSIVE: Two-fifths (42%) of organisations offer cash as an alternative to pension contributions for those employees that reach their lifetime or annual allowance limits, according to research by Employee Benefits and Barnett Waddingham.The Employee Benefits/Barnett Waddingham pensions research 2018, published in December 2018, gathered 246 responses. It found that the ...
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ArticleThree-fifths cite having more than 28 days of annual leave as an important benefit
Approximately three-fifths (59%) of employees state that having more than 28 days of annual leave within their benefits package is important; however, only 36% of employers offer this, according to research by recruitment organisation Hays.The Hays salary and recruiting trends 2019 guide, which surveyed 7,820 employers and 14,889 employees, also ...