News – Page 28
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ArticleNASUWT staff begin series of one-day strikes over pay and pensions
Image credit: GMBAround 140 employees of the NASUWT teaching union are staging a series of three one-day strikes over pay and changes to pensions.The industrial action, which starts today, is being taken by members of the GMB union, with further strikes planned for 5 November and 9 November.GMB regional organiser ...
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ArticleThree-quarters support pension tax relief changes if they help lower income employees
Three-quarters (75%) of employers would support changes to the pensions tax relief system if this would provide more help to lower income employees, according to research conducted by the Association of Consulting Actuaries (ACA).Its 2018 Pensions trends survey, which polled 349 employers, also found that 59% of respondents believe the ...
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ArticleTwo-thirds of UK employees want employers to help them plan for retirement
Around two-thirds (64%) of UK employees, and 51% of staff approaching retirement, want their employer to help them plan for retirement, according to research by financial services organisation State Street Global Advisors (SSGA).Its Global retirement reality report 2018, which surveyed 9,451 individuals across eight countries, including 1,603 people in the ...
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ArticleTPR fines Salvus trustees £5,000 over non-investment of £1.4m in pension contributions
Four trustees of Salvus Master Trust have been fined a total of £5,000 by The Pensions Regulator (TPR) for failing to promptly invest members’ savings for three years.A master trust is an occupational pension scheme that provides money purchase benefits for multiple, unconnected employers. The trustees were in breach of ...
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ArticleEXCLUSIVE: DWP calls for HR professionals to act as workplace pensions advocates
Employee Benefits Live 2018: HR professionals and employers can help the Department for Work and Pensions communicate the benefits of saving into a workplace pension.In a session titled ‘Auto-enrolment – what can HR learn from the DWP’s national multichannel campaign’, Mary Hennessey, head of marketing and communications at the DWP, ...
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ArticleEXCLUSIVE: RBS’ Cowan says changing workplace requires individual pensions approach
Employee Benefits Live 2018: Changes to the workforce mean the days of a one-size-fits-all approach to lifetime savings are over.In a session titled ‘Lifetime savings for a changing workplace culture and demographic’, Jim Cowan, head of benefits at RBS Group, told delegates that personalisation is the key to the future ...
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ArticleEmployee Benefits Live 2018 set to welcome delegates to ExCeL London
Employee Benefits Live 2018, the largest dedicated reward and benefits event in Europe, is set to welcome delegates to ExCeL London for its 20th anniversary this week.The event, held on Tuesday 2 and Wednesday 3 October 2018, will allow HR, reward and benefits professionals to explore the latest industry innovations ...
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ArticleMaster trust pension schemes now required to apply for TPR authorisation
Legislation now in force means all new and existing master trust pension schemes must apply to The Pensions Regulator (TPR) for authorisation to show they meet a revised set of safeguarding standards.A master trust is an occupational pension scheme that provides money purchase benefits for multiple, unconnected employers.From 1 October, ...
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ArticleA fifth believe the pensions dashboard would most encourage them to save for retirement
A fifth (21%) of respondents believe that the pensions dashboard is the online technology that would most encourage retirement saving, according to research by pensions consultants Lane Clark and Peacock (LCP) and YouGov.Its survey of 2,008 UK adults also found that 57% of overall respondents would not trust retirement planning ...
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ArticlePWC, Motor Neurone Disease Association and Deloitte to speak at Employee Benefits Live
PWC, the Motor Neurone Disease Association and Deloitte are among the organisations that will address attendees at Employee Benefits Live 2018 on Tuesday 2 and Wednesday 3 October.During the course of the two-day event, delegates will hear experts discuss a wide variety of topics impacting the reward, benefits and compensation ...
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ArticleDominic Chappell loses appeal against BHS conviction
Dominic Chappell, the majority shareholder of Retail Acquisitions, the organisation that bought BHS for £1, has lost his appeal against his conviction and sentence for failing to provide information to The Pensions Regulator (TPR) during the sale of BHS.Chappell was originally convicted on 11 January 2018 by district judge William ...
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Article84% of employees now saving into workplace pensions
Workplace pension saving rates continue to rise, with 84% of employees now contributing to an employer plan, compared with 77% last year, according to the latest figures from The Pensions Regulator (TPR).TPR's annual commentary and analysis report, released on 20 September 2018, claims auto-enrolment has now reached a steady state, ...
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ArticleNew TPR approach to put pension schemes under greater scrutiny
The Pensions Regulator (TPR) has announced a shift in its approach to workplace pension regulation, meaning schemes will face increasing scrutiny and a greater likelihood of intervention, from October 2018.Following a review of its operating model, the regulator will introduce a new supervision regime to monitor schemes more closely and ...
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ArticleWorkplace pension savers engage more when pot breaches £5,000
Workplace pension savers cross a boredom threshold and become more engaged with their pot once it breaches £5,000, according to research by Hargreaves Lansdown.Its The rules of engagement report, published in September 2018, reveals that 50% of Hargreaves Lansdown workplace pension members with less than £5,000 saved are engaging with ...
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ArticleBritish Airways pension scheme agrees £4.4bn buy-in with Legal and General
The British Airways-sponsored Airways Pensions Scheme (APS) and Legal and General have completed a £4.4 billion pensioner bulk annuity buy-in, covering around 60% of all pensioner liabilities.Existing longevity reinsurance contracts of approximately £1.7 billion, entered into with Canada Life Reinsurance and PartnerRe, were incorporated into the buy-in arrangement.The APS is ...
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ArticleNottingham and Derbyshire-based Trentbarton bus drivers strike in pay dispute
Around 160 bus drivers at transport organisation Trentbarton in Nottingham and Derbyshire, who are members of the trade union Unite, are undertaking strike action today (Monday 10 September 2018) in a dispute over pay.Unite members who work at Trentbarton voted 70% in favour of strike action, after rejecting the organisation's ...
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ArticlePrivate sector defined contribution pension schemes have 7.7m active members
Defined contribution (DC) pension schemes at private sector organisations had 7.7 million active members in 2017, compared with 6.4 million active members in 2016 and 1 million active members in 2012, according to research by the Office for National Statistics (ONS).Its Occupational pension schemes survey: UK, 2017 also found that, ...
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ArticleEU upholds that employees are entitled to 50% of pension if employer is insolvent
The Court of Justice of the European Union (CJEU) has upheld a ruling by its Advocate General, confirming that all employees are entitled to at least 50% of the total value of their accrued workplace pension savings in the event that their employer becomes insolvent.The case, Grenville Hampshire v The ...
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ArticleConfessions of a benefits manager: Candid grapples with pensions communication
I’ve not seen Big Bad Boss so cross since the management team golf day was cancelled. Words have been exchanged with two of the Higher Beings, our executive management team, and Big Bad Boss emerges red-faced. It is not a good sign.It seems a misleading communication went out to all ...
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Article44% believe they are not on track for retirement
Two-fifths (44%) of respondents believe they are not on track for retirement, according to research by global investment management business BlackRock.Its 2018 DC pulse survey, which canvassed the opinions of 1,000 UK employees aged between 25 and 69 who have at least one defined contribution (DC) pension, also found that ...