News – Page 33
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ArticleGovernment publishes report into pension freedoms
The Work and Pensions Committee has recommended that default pensions decumulation routes should be introduced in order to mirror the accumulation successes achieved by auto-enrolment.The recommendation has been published as part of the Pension freedoms: ninth report of session 2017-19 report, which proposes measures that aim to facilitate a pension ...
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ArticleTPR prosecutes Workchain for opting employees out of workplace pension
The Pensions Regulator (TPR) is to prosecute recruitment organisation Workchain, its directors and some senior staff members for illegally opting employees out of the business’ workplace pension.TPR has accused Workchain, its directors Phil Tong and Adam Hinkley, and a further five employees, of logging in to the organisation’s online pension ...
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ArticleThe tax and legislation changes impacting reward from April 2018
With the arrival of the new tax year, a number of measures impacting pay and benefits are scheduled to come into effect. Below is a round up of these measures, along with other tax and legislation changes, that employers need to be aware of from April 2018:National minimum wage and ...
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ArticleRoyal Mail to proceed with pay and collective DC pension scheme deal
Postal organisation Royal Mail is to proceed with its new pay and pensions structure after approximately 110,000 employees, who are members of the Communication Workers Union (CWU) trade union, voted in favour of the agreement.The deal, which was initially proposed in February 2018 after CWU members voted for industrial action ...
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Article47% believe pension freedoms have increased employee engagement
Under half (47%) of employer respondents believe that pension freedoms have led to employees being more engaged with their workplace pension, according to research by the Confederation of British Industry (CBI) and Aegon.Its survey of 189 employers also found that 59% of respondents feel that employees diverting money away from ...
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ArticleDPD to give delivery drivers paid leave, pension and sick pay in new worker contract
Parcel delivery organisation DPD is to give its delivery drivers paid annual leave, pension entitlement and sick pay under a new self-employed worker contract.The new contract will offer all of DPD’s delivery drivers the choice of being directly employed by DPD or to work with the organisation on a self-employed ...
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ArticleThe Pensions Regulator launches consultation on master trust authorisation
The Pensions Regulator (TPR) has launched a consultation on the proposed authorisation process for master trust pension schemes.The consultation, which will run until 8 May 2018, seeks feedback on the draft code of practice that is to be implemented for master trust schemes from 1 October 2018. The code of ...
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ArticleFCA publishes changes to pension transfer advice
The Financial Conduct Authority (FCA) has published new rules on pension transfer advice requiring that individuals’ specific circumstances are taken into consideration.The new rules, which follow on from a consultation originally proposing the changes in June 2017, will apply for advice on transfers from safeguarded benefit schemes, for example transfers ...
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Article77% of employers view workplace pension as an important benefit
More than three-quarters (77%) of employer respondents believe a workplace pension is an important employee benefit, according to research by Royal London.Its survey of 325 organisations, which typically employ between 10 and 250 employees, also found that 66% of respondents would be prepared to facilitate employees increasing their pension contribution ...
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Article82% view workplace pension as an important benefit
More than three-fifths (82%) of respondents cite their workplace pension scheme as an important employee benefit, according to research by Jobsite.Its survey of 500 UK employees also found that 51% of respondents value private medical insurance (PMI) as an important employee benefit, however only 23% currently receive this as part ...
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ArticleGovernment publishes white paper on defined benefit pensions
The Department for Work and Pensions (DWP) has published a white paper on defined benefit (DB) pension schemes setting out the government’s intentions to give The Pensions Regulator (TPR) stronger powers to take action against company directors who commit reckless action in relation to a pension scheme, strengthening scheme funding ...
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ArticleUnited Utilities employees strike in dispute over pensions
Employees at water service organisation United Utilities who are members of Prospect, Unison and Unite trade unions are undertaking two days of strike action in a dispute over pensions.Approximately 1,500 employees will take part in the industrial action, which is taking place today (Friday 16 March 2018) and on Monday ...
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Article50% will use workplace pension for retirement income
Half (50%) of respondents who are approaching retirement in the next 10 years plan to use their workplace pension for their retirement income, according to research by Age Partnership.Its Is the UK retirement ready? report, which surveyed 2,000 UK adults who are either retired, approaching retirement in the next 10 ...
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ArticleJohn Lewis Partnership to give 5% bonus to staff
The John Lewis Partnership is to pay 85,500 employees across John Lewis and Waitrose a bonus worth 5% of their salary, totalling £74 million.The bonuses have been awarded after the organisation announced its profit before tax, bonuses and exceptional payments of £289.2 million in the year ending 27 January 2018. ...
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ArticleCrest Healthcare pleads guilty to auto-enrolment non-compliance
Crest Healthcare and its managing director, Sheila Aluko, have pleaded guilty to not complying with auto-enrolment duties and to providing false information to The Pensions Regulator (TPR) about a workplace pension scheme.The healthcare organisation and Aluko each pleaded guilty to one charge of knowingly or recklessly providing false or misleading ...
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Article12% regret not being more engaged with their pension savings
More than one in 10 (12%) of respondents regret not being more engaged with their pension savings, wishing they had either joined their workplace pension scheme or moved out of their pension scheme’s default fund, according to research by Aegon.Its survey of 824 adults also found that 14% of retired ...
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ArticleThe Post Office completes £450m pensions buy-in
The Post Office has completed a £450 million bulk annuity buy-in transaction for its section of the Royal Mail Pension Plan.The buy-in transaction, completed with Rothesay Life, will cover the scheme’s deferred members and includes all benefits accrued since the Royal Mail Pension Plan started in 2012.The pension scheme’s trustees ...
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ArticleCourt of Appeal rules in favour of Air Products in long-term incentive plan age discrimination case
The Court of Appeal has allowed an appeal by industrial gas and chemical retailer Air Products, finding that the organisation can objectively justify retirement at a specific age as a good leaver reason within its long-term incentive plan.The case, Air Products v Cockram, regards employee Michael Cockram, who resigned from ...
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ArticleFTSE 350 defined benefit pension deficit falls to £72bn
The accounting deficit for defined benefit (DB) pension schemes at the UK’s top 350 organisations has decreased by £1 billion, from £73 billion at the end of January 2018 to £72 billion at the end of February 2018, according to research by Mercer.Its research, which analyses pension deficits calculated using ...
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ArticleDominic Chappell fined £87,170 for withholding information on BHS from TPR
Dominic Chappell, the majority shareholder of Retail Acquisitions, the organisation that bought BHS for £1, has been fined £87,170 for failing to provide information to The Pensions Regulator (TPR) during the sale of the British retail organisation.Under section 72 of the Pensions Act 2004, Chappell was legally obliged to provide ...