News – Page 3
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ArticleMenzies completes £260 million pensions buy-in
Aviation services firm Menzies has completed a £260 million pensions buy-in for its Menzies Pension Fund.The transaction secures the benefits of more than 3,000 members, including almost 1,400 pensioners and 1,650 deferred members.The process included a secondary market sale of an illiquid asset and deferral of premium, which enabled the ...
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ArticleOnly 28% of employees feel employers are supporting their financial wellbeing
Nearly half (49%) of employers said they believe they are supporting their workforce’s financial wellbeing, while only 28% of employees agree, according to new research by Payroll Integrations. The technology firm surveyed 250 full-time employees and HR leaders between the ages of 18 and 65 for its ...
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Article39% of UK staff do not think they will be able to retire
Two-fifths (39%) of full-time UK employees do not believe they will ever be able to retire due to the rising cost of living, up from 33% 12 months ago, according to research by Wealth at Work.The financial wellbeing and retirement specialist surveyed 2,019 UK adults aged 22 and above in ...
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ArticleNottingham Building Society introduces defined benefit pension platform
Credit: Electric Egg / Shutterstock.comNottingham Building Society has introduced a platform to modernise the management of its defined benefit pension scheme in order to support its members.The building society selected defined benefit (DB) consolidation platform Enplan, which is operated by Entrust and Isio, following a review of its DB scheme ...
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Article49% of employees do not know how they will access pension savings
Almost half (49%) of employees aged between 50 and 59 do not know how they will access their pension savings, according to research by workplace pensions provider TPT Retirement Solutions.Its survey of 2,500 defined contribution (DC) members also found that 23% of respondents would draw it down over time, 16% ...
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ArticleFormer sports centre director receives fine for withholding pensions information
A former director of 1066 Target Sports in St Leonards, East Sussex, has received a £15,000 fine for withholding legally-required pensions information.The Pensions Regulator formally requested information from Lee Bartholomew on 10 June 2020 as part of an investigation into allegations of fraudulent evasion relating to employee pension contributions. It ...
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ArticleTelereal Trillium completes £130m full pension scheme buy-in
Commercial property investment firm Telereal Trillium, now known as TT Group, has completed a £130 million bulk purchase annuity full scheme buy-in for its pension plan.The plan is sponsored by Telereal Services. The transaction, which was carried out by Aviva, will see that the defined benefit liabilities for around 500 ...
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ArticleMorrisons warehouse workers strike over pension contribution change
About 1,000 Unite union members working at two Morrisons warehouses have undertaken strike action for three days over a cut in company contributions to their pensions. The workers at sites in West Yorkshire and Cheshire claim to be losing £500 each through the company’s plan to reduce ...
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ArticleNortel Networks UK pension plan completes third buyout deal
Nortel Networks UK pension plan has completed a third and final buyout deal to insure the final tranche of members’ benefits.The plan entered a Pension Protection Fund (PPF) assessment after Nortel Networks went into administration in 2009. The plan was able to secure material additional funds from the Nortel insolvency ...
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Article23% of employees unsure of pension size needed to achieve retirement income
Nearly one-quarter (23%) of UK employees are unsure of the size of pension pot they require to achieve their desired retirement income, according to research by online pension provider PensionBee.Its survey of 1,000 working-age UK adults also found that 15% of respondents thought they would need a pension pot of ...
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ArticleICI completes £900 million pensions buy-in
ICI has completed a £900 million pensions buy-in deal.The transaction, which was carried out with Legal and General Assurance Society, has secured the benefits of more than 7,000 retired members. The fund was able to meet its de-risking objectives as part of its long-standing relationship and collaborative approach with the ...
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ArticleNovus Health becomes living pension employer
Health provider Novus Health has received living pension employer accreditation from the Living Wage Foundation.The employer delivers free audiology, physiotherapy and dermatology services on behalf of the NHS. It employs 65 members of staff from its Horbury headquarters and four local health and wellbeing hubs in Wakefield, Pontefract, Normanton and ...
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ArticleSiemens and Stockton-on-Tees Borough Council shortlisted for Best pensions strategy
Technology firm Siemens and Stockton-on-Tees Borough Council are among the employers shortlisted for Best pensions strategy at the Employee Benefits Awards 2024.This award was created to recognise organisations that have developed a pensions strategy which best meets the needs of employees, whether that includes reviewing and changing existing pensions provision, ...
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ArticleJust 35% of employees feel confident in choosing how to access their pension
Just over one-third of pension savers (35%) feel confident to make decisions such as choosing how to access their pension when they reach retirement age, according to research by workplace pension scheme provider TPT Retirement Solutions.Its survey of more than 2,500 defined contribution (DC) scheme members also found that a ...
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ArticleIncreasing minimum pension contributions to 12% could boost savings by £95,530
Increasing minimum pension contributions under auto-enrolment from 8% to 12% could result in additional contributions of £10 billion a year in the UK, according to research by Phoenix Group and WPI Economics.The long-term savings and retirement business and economic consultancy’s report Falling behind the curve, which models the cost to ...
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ArticleLexmark completes £46 million pension buy-in
Credit: JHVEPhoto / Shutterstock.comPrinter and image product manufacturer Lexmark has completed a £46 million pension buy-in for its UK division's pension scheme.The deal, which was carried out with insurance and financial services Canada Life and pensions administration, investments and employee benefits provider Broadstone, secures the benefits of all 177 plan ...
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ArticlePublic trust in pensions industry increases for fourth consecutive year
Public trust in the pensions industry has increased for the fourth consecutive year, according to research by third-party pensions administrator Trafalgar House.Its annual Trust and confidence index, which surveyed more than 2,000 people aged 18 and above to understand how the British public feel about the pensions industry, asked respondents ...
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ArticleEpson UK completes £60 million pension buy-in
Electronics business Epson UK has completed a £60 million pension buy-in for its Epson UK Pension Scheme.The deal, which was carried out with financial services firm Just Group and scheme trustee Dalriada, secures the benefits of 113 pensioners and 289 deferred members. The scheme is sponsored by Epson UK and ...
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ArticleEnergizer Group completes £44 million pension buy-in
Credit: MAHATHIR MOHD YASIN / Shutterstock.comGlobal battery and lighting brand Energizer Group has completed a £44 million pensions buy-in for its Energizer UK Pension Plan.The deal, which was carried out with financial services firm Just Group and scheme trustee Zedra Governance, secures the benefits of all scheme members, which includes ...
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ArticleBolt launches flexible pension scheme for private hire vehicle drivers
Ride-hailing operator Bolt is to launch a pension scheme for its 65,000 UK registered private hire vehicle drivers from 1 May 2024.Through the scheme, which is provided by Aviva, drivers will be able to contribute 5% of their fees from every completed trip into their pension pot, to which Bolt ...