News – Page 31
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ArticleFTSE 350 defined benefit pension deficit falls to £34bn
The accounting deficit for defined benefit (DB) pension schemes at the UK’s top 350 organisations has decreased by £16 billion in a single month, reaching £34 billion as of May 2018, according to research by Mercer.Its research, which analyses pension deficits calculated using the approach FTSE 350 organisations have to ...
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ArticleWorkchain pleads guilty to opting employees out of workplace pension
Recruitment organisation Workchain, as well as its two directors and five senior staff members, have pleaded guilty to illegally opting employees out of the organisation's workplace pension.Derby-based Workchain, its directors Phil Tong and Adam Hinkley, and a further five senior staff members pleaded guilty at Derby Magistrates’ Court today (Thursday ...
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ArticleEmployees saved £90.3bn into workplace pensions in 2017
Eligible employees saved a total of £90.3 billion into workplace pensions in 2017, an increase of £4.3 billion on the total amount saved in 2016, according to research by the Department for Work and Pensions (DWP).Workplace pension participation and savings trends of eligible employees official statistics: 2007 to 2017, published ...
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ArticleUniversity of Southampton to close defined benefit scheme to future accrual
The University of Southampton is to close its defined benefit (DB) pension scheme for non-academic staff to future accrual.The DB pension scheme, The Pension and Assurance Scheme for Non-Academic Staff (PASNAS), will close to new members as of 31 December 2018. Eligible employees joining the university staff will instead be ...
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ArticleShop Direct completes £880m pensioner buy-in
Retailer Shop Direct has completed an £880 million pensioner buy-in transaction for the Littlewoods Pensions Scheme.The buy-in transaction, completed with Scottish Widows, passes risks associated with approximately 60% of the defined benefit (DB) scheme’s liabilities to the insurer, and provides a monthly income to the trustee in order to meet ...
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Article50% of employers are clear on auto-enrolment requirements
Half (50%) of employers are clear on auto-enrolment requirements and which employees are eligible, according to research by maritime pension scheme provider Ensign.Its survey of 44 employers and 87 employees in the shipping and maritime sector also found that 50% of employees do not know how much they need to ...
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Article30% do not know the total value of their pensions
Less than a third (30%) of employees do not know the total value of their pensions, according to research by retirement, workplace savings and protection solutions provider Aegon.Its survey of 909 individuals aged 18 and over also found that 22% of respondents with multiple pension pots have lost track of ...
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ArticleTPR used enforcement powers 35,862 times to tackle pensions non-compliance in Q1
The Pensions Regulator (TPR) used its enforcement powers for pensions auto-enrolment non-compliance 35,862 times between January and March 2018, compared to 28,446 times last quarter, according to research by TPR.Its Compliance and enforcement quarterly bulletin: January-March 2018 report, which provides information on the powers TPR has used as well as ...
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Article47% believe they have a good selection of employee benefits
Under half (47%) of respondents believe they have a good selection of employee benefits to choose from, according to research by Thomsons Online Benefits.Global employee benefits watch 2018/19: giving employees a voice on global reward and benefits surveyed 2,200 employees in organisations of 4,000 or more employees in the UK, ...
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ArticleUK has a 31% pension gender gap
The UK has a 31% pension gender gap, with an average female pension pot of £16,083 compared to the average male pension savings of £23,416, according to research by PensionBee.Its analysis of 5,098 individuals who save into PensionBee pensions also found that the gender gap in Northern Ireland is 76%, ...
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ArticleUpper Tribunal rules against ITV in pensions anti-avoidance case
The Upper Tribunal has ruled against television broadcasting organisation ITV, confirming that pensions watchdog organisation The Pensions Regulator (TPR) was entitled to use its powers to gain financial support for members of the Box Clever pension scheme.The case, ITV and others v The Pensions Regulator, concerns TPR’s decision to undertake ...
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ArticleBuckingham Palace seeks private secretary for the Princess Royal
Something for the weekend: Some individuals may view peeking behind the doors of Buckingham Palace as more of a tourist outing than a potential job perk, but the royal household is now recruiting for a new private secretary to serve Her Royal Highness The Princess Royal (pictured), offering a lucrative ...
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ArticleMarks and Spencer completes £1.4bn pensioner buy-in
Retailer Marks and Spencer has completed a £1.4 billion pensioner buy-in transaction for its defined benefit (DB) pension scheme.The buy-in transaction was completed with insurers Aviva and Phoenix Life using an umbrella master agreement. It has been designed to reduce longevity risk for a proportion of the pension scheme’s retired ...
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ArticleNational Grid agrees £2bn pension longevity swap
Energy organisation National Grid has agreed to an intermediated longevity swap for its Electricity Group’s UK pension scheme, to counteract the cost risks associated with pensioners and future dependent members having longer life expectancies.The longevity swap, which has been completed with Zurich, has been arranged to cover the pensioner liabilities ...
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ArticleCrest Healthcare fined more than £20,000 for pensions non-compliance
Crest Healthcare and its managing director have been sentenced to pay more than £20,000 in fines after being found guilty of not complying with auto-enrolment duties, and of providing false information to The Pensions Regulator (TPR) about a workplace pension scheme.The Birmingham-based organisation and managing director Sheila Aluko each pleaded ...
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ArticleTPR to take tougher approach on employers that do not take pensions seriously
The Pensions Regulator (TPR) has published its corporate plan for 2018 to 2021, in which it has stated its aim to take a tougher approach regarding employers that are not taking pension schemes seriously, as well as introducing a new anti-scams campaign to help savers.TPR will also work alongside those ...
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Article73% of employees have active workplace pensions due to auto-enrolment
In 2012, less than half (47%) of UK employees had active workplace pensions. By 2017, that number rose to almost three-quarters (73%), according to the Office for National Statistics (ONS).The ONS attributes this increase to the introduction by the government of auto-enrolment in October 2012. To be eligible for auto-enrolment, ...
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ArticleAverage southern pension pots almost double those in the north
The average yearly pension income across the UK is £21,441, but this figure is far from evenly split among the various regions, according to research by online pension manager PensionBee.Its report, which surveyed 5,098 UK employees, also found that the south-east had the highest average pension size within England, at ...
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ArticleFTSE 350 defined benefit pension deficit falls to £53bn
The accounting deficit for defined benefit (DB) pension schemes at the UK’s top 350 organisations has decreased by £19 billion, from £72 billion at the end of March 2018 to £53 billion at the end of April 2018, according to research by Mercer.The research, which analyses pension deficits calculated using ...
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ArticleTPR to appoint enforcement officers to seize assets for pension non-compliance fines
The Pensions Regulator (TPR) is to appoint high court enforcement officers (HCEOs) to enforce court orders or their equivalent on employers who have failed or refused to comply with auto-enrolment pension duties.The HCEOs will operate in England, Wales, Scotland and Northern Ireland, and will have the ability to visit the ...