News – Page 36
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ArticleEmployers tax relief for life assurance and overseas pensions to be modernised
Autumn Budget 2107: The government has announced that tax relief for employer premiums paid into life assurance schemes or certain overseas pension schemes will be modernised.The changes, coming into effect from April 2019, will cover policies when an employee nominates an individual or registered charity to be their beneficiary.
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ArticleKeep up to date with the Autumn Budget 2017
Chancellor Philip Hammond will deliver his Autumn Budget 2017 speech at 12.30pm on Wednesday 22 November 2017.Stay tuned to the Employee Benefits website for all the latest updates on how the Autumn Budget could impact employers and staff.In the Spring Budget 2017, key announcements included: a reduction in the money ...
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ArticleEXCLUSIVE: 63% are aware of how GDPR legislation will impact pensions
Almost two-thirds (63%) of respondents are aware of how the General Data Protection Regulation (GDPR) legislation will impact workplace pensions according to research by Employee Benefits and Nest.Its Employee Benefits/Nest Pension research 2017, which surveyed 254 employer respondents in September 2017, also found that 32% of respondents are aware of ...
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ArticleUniversities UK proposes closing USS pension scheme to future accrual
Universities UK (UUK), the representative organisation for UK universities, has proposed closing the Universities Superannuation Scheme (USS) to future accrual and moving members to a defined contribution (DC) arrangement in order to tackle the scheme's deficit and the rising cost of future pensions.The USS, which is one of the largest ...
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ArticleStotts Tours Oldham guilty of pensions auto-enrolment non-compliance
Bus services organisation Stotts Tours Oldham and its managing director have been found guilty of failing to automatically enrol 36 employees into a workplace pension.The Greater Manchester-based organisation and its managing director Alan Stott pleaded guilty to eight counts each of wilful failure to comply with automatic-enrolment duties under the ...
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ArticleFTSE 350 defined benefit pension deficit falls to £67bn
The accounting deficit for defined benefit (DB) pension schemes for the UK’s 350 largest organisations decreased from £68 billion at the end of September 2017 to £67 billion on 31 October 2017, according to research by Mercer.Its Pensions risk survey, which is based on projections and analysis of FTSE 350 ...
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ArticleBroadstone Group acquires Mitchell Consulting and 2020 Trustees
Employee benefits and pensions consultancy organisation Broadstone Group has acquired Manchester-based independent actuarial consulting business Mitchell Consulting, and independent trustee organisation 2020 Trustees.The acquisitions have increased Broadstone Group’s employee headcount to 170 staff in total, and has also expanded its regional UK network to reach across five locations. This includes ...
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Article51% of women feel financially unprepared for retirement
More than half (51%) of female employee respondents feel financially unprepared for their retirement, compared to 35% of male respondents, according to research by Close Brothers Asset Management and the Pensions and Lifetime Savings Association (PLSA).Its The lifetime savings challenge report 2017, which surveyed 1,000 employers with 200 or employees ...
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Article36% of employers think pension freedoms have impacted on how employees retire
More than a third (36%) of employer respondents think that the pension freedoms have had an impact on how employees are choosing to exit the workplace, according to research by Barnett Waddingham and Standard Life.Its survey of 58 UK employers, representing over 750,000 employees, also found that of the respondents ...
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ArticleDo not miss Employee Benefits Wired: Member engagement
Employee Benefits Wired: Member engagement, presented in association with Nest, will be broadcast live at 11am on Thursday 23rd November 2017.The expert panel discussion can be viewed for free on the Employee Benefits video channel.The online debate will provide insights which will focus on the key issues surrounding member engagement ...
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ArticleTPR to review value for small and micro defined contribution pension schemes
The Pensions Regulator (TPR) has launched a thematic review into whether trustees of small and micro defined contribution (DC) pension schemes are properly assessing value for members.The review, which will analyse chair statements from a cross section of 100 small and micro DC schemes run by either a lay trustee ...
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Article24% of divorced women are unable to save into a pension
Under a quarter (24%) of respondents who are divorced women are unable to save into a pension, compared with 12% of divorced men who are not able to save in their pension pot, according to research by Scottish Widows.Its Women and retirement report, which surveyed 5,314 UK adults in April ...
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Article23% of millennials do not know how much their employer pays into their workplace pension
Under a quarter (23%) of respondents aged between 18 and 34 with a workplace pension do not know how much their employer is paying into their occupational pension, according to research by Aegon.Its survey of 685 adults, including 380 employees who have a workplace pension, also found that 58% of ...
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ArticleGovernment consults on draft regulations for bulk DC pension transfers without member consent
The Department for Work and Pensions (DWP) has launched a consultation on draft regulations to simplify procedures around the bulk transfer of defined contribution (DC) pension arrangements without member consent.The consultation, which was launched on 26 October 2017 and will run until 30 November 2017, seeks views on the draft ...
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ArticleGovernment consults on draft regulations for the publication of pension costs and charges
The Department for Work and Pensions (DWP) has launched a consultation on proposed policies and draft regulations that would require occupational pension schemes that offer money purchase benefits to publish transaction costs and charges information.The consultation, which launched on 26 October 2017 and will run until 7 December 2017, seeks ...
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ArticleSavers access £14.2bn through pension freedoms
Retirement savers have accessed approximately £14.2 billion through the pension freedoms since the pension reforms were introduced in April 2015, according to data from HM Revenue and Customs (HMRC).Its Flexible payments from pensions: October 2017 report also found that the number of individuals who have received flexible payments from their ...
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ArticleEXCLUSIVE: Hays holds pensions roadshows for 3,500 UK employees
EXCLUSIVE: Recruitment organisation Hays is holding a series of pensions-themed roadshows for its 3,500 employees across 17 of its UK sites.The pensions roadshows, which are running for two weeks from Monday 16 October 2017, form part of the organisation’s overall financial capability and wellbeing strategy. Financial wellness and money is ...
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ArticleHeineken awarded for pensions communication
Pub, cider and beer organisation Heineken has been awarded the Pension Quality Mark's {PQM) Distinction Award for its approach to pension communication.The accolade, which was announced at the Pension and Lifetime Savings Association’s (PLSA) annual conference in Manchester, praised Heineken for providing information to its employees using friendly and easy-to-understand ...
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Article75% have not received employer-provided financial education
Three-quarters (75%) of employee respondents have not received financial education from their employer to help them understand what savings choices exist and what is best for them, according to research by Close Brothers and the Pension and Lifetime Savings Association (PLSA).Its The lifetime savings challenge report 2017, which surveyed 1,000 ...
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ArticlePearson completes £1.2bn pensions buy-in
Education and learning organisation Pearson has completed two pension buy-in transactions totalling £1.2 billion.The organisation has purchased pension buy-in policies with both Aviva and Legal and General for The Pearson Pension Plan. These transactions, amounting to £600 million per plan and covering around 2,400 members each, will cover approximately two-thirds ...