News – Page 27
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ArticleMore than a quarter plan to increase investment in health and wellbeing benefits
More than a quarter (29%) of employer respondents state that they are likely to increase investment in their health and wellbeing benefits in the next two years, for example around occupational sick pay, employee assistance programmes (EAPs) and flu jabs, according to research by the Chartered Institute for Personnel and ...
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ArticleTPR used enforcement powers 38,095 times to tackle non-compliance in Q3
The Pensions Regulator (TPR) used its enforcement powers to deal with pensions auto-enrolment non-compliance 38,095 times between July and September 2018, compared to 43,700 times in the previous quarter, according to its latest compliance and enforcement quarterly bulletin.The report, which provides information on the powers TPR has used, as well ...
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ArticleTimpson to be first employer to trial 'sidecar savings' auto-enrolment model
Shoe repair organisation Timpson will be the first employer to trial a new 'sidecar savings' model for auto-enrolment, launched by Nest Insight.In a sidecar structure, contributions over and above the auto-enrolment minimum are managed through a mechanism designed to create an optimal level of liquid savings, while also maximising long-term ...
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ArticleFlexible working tops list of most desired benefits for SME employees
Flexible working tops the benefits wishlist for employees at UK small to medium enterprises (SMEs), according to a study by financial adviser Drewberry.Some 42% of respondents to the survey, which polled 1,000 workers, said flexible hours were the most desired benefit, while 29% valued work-from-home options the highest.Insurance also proved ...
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ArticleFTSE 350 defined benefit pension deficit reaches £36bn
The accounting deficit for defined benefit (DB) pension schemes at the UK’s top 350 organisations is £36 billion as at October 2018, resulting in the largest deficit since October 2017, according to research by Mercer.Its Pension risk survey, which analyses the pension deficit calculated using the approach FTSE 350 organisations ...
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ArticleSavers access £21.7 billion through pension freedoms
Retirement savers have accessed approximately £21.7 billion through pension freedoms since reforms were introduced in April 2015, according to data from HM Revenue and Customs (HMRC).The Flexible payments from pensions: November 2018 report also found that the number of individuals who have received flexible payments from their pensions between the ...
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ArticleHalf do not know how much is in their pension
Around half (49%) of respondents do not know how much is in their pension pot, according to research by price comparison website MoneySuperMarket.Its survey of 1,000 adults also found that 26% of respondents do not have a personal pension and 67% do not have life insurance; in addition, only 18% ...
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ArticlePrimadell accountant fined £6,857.50 for pensions auto-enrolment non-compliance
An accountant working on behalf of Primadell, the organisation that runs Gran Caffe Londra in Knightsbridge, has been ordered to pay £6,857.50 after pleading guilty to falsely informing The Pensions Regulator (TPR) that employees had been automatically enrolled into a workplace pension scheme.In October 2015, Gran Caffe Londra missed its ...
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ArticleKavitha’s keynote: Benefits and the Autumn Budget 2018
Chancellor Philip Hammond delivered the Autumn Budget 2018 on Monday, 29 October, but there was not a great deal in it affecting employee benefits and reward, despite much speculation about what might be announced regarding pensions.What was welcomed by the pensions industry was the revelation that the government will provide ...
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ArticleOne third admit that retirement is not part of current financial planning
Nearly half (46%) of working people in the UK say their biggest fear for the future is not having enough money in retirement, but almost a third (30%) admit retirement is not part of their current financial planning, according to research by Punter Southall Aspire.The survey of over 2,000 workers ...
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ArticleGovernment announces DC pensions investment drive for business growth
Autumn Budget 2018: The government will support defined contribution (DC) pension funds to invest in growing UK organisations and start-ups through the British Business Bank, according to the Autumn Budget 2018 statement.The British Business Bank is the government’s UK-wide economic development bank aimed at making finance markets work more effectively ...
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ArticlePensions cold calling to be made illegal
Autumn Budget 2018: The government has confirmed that it will be introducing new legislation to make pensions cold calling illegal.In Monday’s Autumn Budget 2018 speech, chancellor Philip Hammond (pictured) announced that the government will shortly be implementing legislation to make pensions cold calling illegal.Alongside the Budget, it is also due ...
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ArticleGovernment to provide £5m additional funding to make pensions dashboard a reality
Autumn Budget 2018: The government will provide an additional £5 million in funding in 2019-2020 to help bring the pensions dashboard to fruition.Chancellor Philip Hammond (pictured) confirmed in his Autumn Budget 2018 speech, delivered on Monday 29 October, that the Department for Work and Pensions (DWP) will consult later this ...
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ArticleLloyds Banking Group ordered to equalise pensions for men and women
The High Court has ruled that Lloyds Banking Group must equalise its guaranteed minimum pensions (GMP) for men and women, in a landmark judgment that could cost major pension schemes £15 billion.The case relates to GMP schemes that ran between 1990 and 1997 for members who contracted out of the ...
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ArticleWorkchain staff fined and sentenced for illegal pension opt-outs
Directors and senior staff at Derby-based recruitment organisation Workchain have received suspended prison sentences, and have been ordered to pay more than £280,000 in fines for plotting to illegally opt workers out of their pension scheme.Owners and directors Phil Tong and Adam Hinkley encouraged five senior Workchain staff members to ...
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ArticleTPR bans masterminds of £13.7m pension scam from being trustees
The individuals identified as the masterminds behind a £13.7 million pension scam have been banned from being trustees of pension schemes.David Austin, Susan Dalton, Alan Barratt and Julian Hanson ran a scam that cheated 245 people out of their pension savings after the members were persuaded to transfer funds into ...
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ArticleKavitha Sivasubramaniam: Championing financial wellbeing at work
As our Financial Wellbeing Week, in association with Wealth at Work, draws to a close, it is time to reflect on some of the trends and issues currently shaping this area of the benefits market.Many employers recognise that financial stress can have a significant impact on an individual’s mental and ...
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ArticleFCA and TPR launch joint strategy to tackle 'fundamental' pensions challenges
The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have launched a joint regulatory strategy, identifying issues contributing to inadequate saving for retirement and outlining priorities for addressing fundamental challenges in the pensions sector.The joint strategy sets out how the FCA and TPR will work in tandem in the ...
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ArticlePositive, personal language is best for pension communications
A study by investment management organisation Invesco into the language of defined contribution (DC) pension schemes has identified four key language principles for communicating with employees about their pensions.Research for the report, ReDefined contribution schemes, published on 18 October 2018, included interviews with heads of pension schemes, focus groups and ...
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ArticleFour in 10 UK employees want a flexible reward package
More than four in 10 (43%) UK workers want a flexible reward package and the ability to control their benefits, according to research carried out by payroll and HR service provider SD Worx.The survey of employees in the UK, Austria, Belgium, France and the Netherlands, sampling 500 workers in each ...