News – Page 29
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Government confirms support for industry-led pensions dashboard
The Department for Work and Pensions (DWP) has re-confirmed its support for the creation of a pensions dashboard built by the pensions industry.In an announcement yesterday (Tuesday 4 September 2018), Parliamentary under secretary of state for pensions and financial inclusion, Guy Opperman (pictured), stated that an industry-led pensions dashboard, facilitated ...
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EXCLUSIVE: Have your say in new pensions research
EXCLUSIVE: How does your organisation approach pensions communication? How have pension freedoms impacted your business’ pension strategy? Have your say in our new pensions research.Take part in the exclusive Employee Benefits Pension research 2018, which aims to help you benchmark your organisation’s pension strategy.We are particularly interested in hearing about ...
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UK private sector defined benefit pension schemes have estimated £40bn deficit
Defined benefit (DB) pension schemes within the UK’s private sector had an estimated £40 billion total deficit by 31 August 2018, according to research by JLT Employee Benefits.JLT's monthly index shows the funding position of UK private sector DB pension schemes, based on the standard accounting measure used in organisation ...
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Poll: 85% think employers have a responsibility to raise awareness of pension scams
Employee Benefits poll: The majority (85%) of respondents think that employers have a responsibility to raise employee awareness of pension scams.A straw poll of www.employeebenefits.co.uk readers, which received 41 responses, also found that 15% of respondents feel that it is not the job of the employer to inform staff about ...
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Lorraine Harper: Should employers encourage taking retirement sabbaticals?
The cliff edge of retirement can have a dramatic effect on personal wellbeing and self-worth, so a gradual move is a good way to ease into a different lifestyle, probably on a lower income.The concept of winding down to retirement is not new. Traditionally, this has taken the form of ...
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Baroness Ros Altman: Should employers encourage taking retirement sabbaticals?
The UK workforce is ageing, and the prevalence of ‘early retirement’ has fallen sharply, as more staff want or need to keep working longer.This means employers have a great opportunity to retain valuable skills and experience, rather than losing their long-standing staff and having the cost of training and recruitment.The ...
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John Chilman: Should employers encourage taking retirement sabbaticals?
The concept of retirement sabbaticals sounds great in theory. However, the challenge in retirement comes after six months, following the rest, holiday, and completion of jobs that have been put off for years, when you wonder what you are going to do every day. To really work, sabbaticals would need ...
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Half of employers do not have a financial wellbeing strategy
Almost half (49%) of employers do not have a financial wellbeing strategy in place for their employees, according to research by pensions and investment consultancy Barnett Waddingham.Beyond Pensions: Pension and the Provision of Wider Financial Wellbeing, an Employer’s Perspective, which surveyed 200 UK organisations and 43 of the firm’s client ...
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TPR used enforcement powers 43,700 times to tackle pensions non-compliance in Q2
The Pensions Regulator (TPR) used its enforcement powers for pensions auto-enrolment non-compliance 43,700 times between April and June 2018, compared to 35,862 times last quarter, according to research by TPR.Its Compliance and enforcement quarterly bulletin: April-June 2018 report, which provides information on the powers TPR has used, as well as ...
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Menzies Distribution completes £75m pensions buy-out
Logistics organisation Menzies Distribution has completed a £75 million pensions buy-out transaction for Section B of its defined benefit (DB) pension scheme, the Menzies Pension Fund.The transaction, completed with the Pension Insurance Corporation (PIC), was designed to align with a strategy imposed by the John Menzies Group, which owns Menzies ...
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Primadell accountant pleads guilty to pensions auto-enrolment non-compliance
An accountant working on behalf of Primadell, the organisation that runs Gran Caffe Londra in Knightsbridge, has pleaded 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 deadline to confirm that it had ...
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TPR and FCA launch awareness campaign on pension scams
The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) have launched a joint awareness campaign to raise understanding of pension scams and the tactics employed by potential scammers.The ScamSmart awareness campaign, which launches today (Tuesday 14 August 2018), follows on from research conducted by the regulatory bodies in July ...
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£800m pensions buy-out completed for BHS defined benefit pension scheme
The BHS2 Pension Scheme, the defined benefit (DB) pension scheme of retailer BHS, has been subject to a full pension insurance buy-out, covering £800 million of pension liabilities for the scheme’s 9,000 members.The transaction, completed with the Pension Insurance Corporation (PIC), was viable due to the scheme’s trustees and advisers ...
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Kavitha’s keynote: Are some employers turning a blind eye to mental health?
Earlier this week, we reported that a fifth of employers provide counselling for staff in a bid to support their mental health. These findings, from insurers Aviva and the British Chambers of Commerce, highlight a growing awareness of mental health concerns among employers, as well as a commitment to help ...
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31% of women do not know how much they have saved into their pension
Less than a third (31%) of female respondents do not how much they have saved into their pension, compared to 21% of men, according to research by Aegon.Its Retirement confidence survey, which polled 946 UK non-retired individuals, further revealed that 15% of women have no pension arrangements in place.The research ...
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Pension transfers could cost members £2,600 over expected lifetime
Pension members choosing to transfer out of their employer's scheme could receive an income that is £2,600 lower over their expected lifetime, according to research by XPS Pensions Group.The report, Member Outcomes Under Freedom and Choice, published today (7 August 2018), looks at data on defined benefits (DB) scheme transfers, ...
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Work and Pensions Committee launches inquiry into pension costs and transparency
The Work and Pensions Committee has launched an inquiry into whether enough is being done by those in the pension industry to provide transparency around charges, investment strategy and performance.The investigation follows on from the committee's report published in April, in response to an earlier inquiry launched in September 2017, ...
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FTSE 100 DB pension schemes move into surplus for the first time in 10 years
Defined benefit (DB) pension schemes for FTSE 100 organisations have achieved a surplus of £3 billion, moving out of deficit for the first time in 10 years, according the JLT Employee Benefits monthly index.The index, which tracks the funding position of all UK private sector DB schemes based on the ...
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FTSE 350 defined benefit pension deficit increases to £32bn
The accounting deficit of defined benefit (DB) pensions at the UK’s top 350 organisations has increased from £29 billion at the end of June 2018 to £32 billion as of 31 July 2018, according to research by Mercer.The Pensions risk survey, which analyses the pension deficit calculated using the approach ...
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21% of 18 to 35-year-olds do not know how their pension works
More than one-fifth (21%) of respondents aged between 18 and 35 do not understand how their pension works, according to research by Printerland.co.uk.Its survey of 2,000 18 to 35-year-olds also found that 45% of respondents do not know how much money they will have saved into their pension pot by ...