News – Page 37
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ArticleRoyal Mail wins High Court injunction to postpone strike action in pensions dispute
Postal organisation Royal Mail has won an injunction from the High Court to postpone planned strike action in an ongoing dispute over pensions.The High Court ruled yesterday (Thursday 12 October) that contractual dispute resolution procedures included in the Agenda for Growth agreement between Royal Mail and trade union Communications Workers ...
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ArticleLloyds Banking Group to acquire Zurich’s UK workplace pensions and savings business
Lloyds Banking Group is to acquire Zurich’s UK workplace pensions and savings business in a deal including assets under administration of more than £15 billion.The acquisition, which is due to partially close in the first quarter of 2018, is aligned with Lloyds Banking Group's growth strategy. This includes accelerating the ...
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ArticleEXCLUSIVE: Travis Perkins and Hays tailor financial wellbeing messages
Employee Benefits Live 2017: Building merchant organisation Travis Perkins and recruitment organisation Hays have tailored their respective financial wellbeing communications in order to engage their differing workforces.Travis Perkins has centred its financial wellbeing communications on established health and safety messages, which its employees readily engage with. A large number of ...
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ArticleCarillion to withdraw discretionary increases in pension payments
Facilities management and construction organisation Carillion is to withdraw annual discretionary increases in pension payments in order to reduce its pension deficit by £80 million.The discretionary increases in pension payments, which were capped at a maximum of 2.5%, were applied annually for members of the Carillion Staff Pension Scheme, for ...
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ArticleFox Williams to discuss pensions auto-re-enrolment at Employee Benefits Live
EXCLUSIVE: Helen Farr (pictured), partner at law firm Fox Williams, will discuss what employers need to consider around pensions auto-re-enrolment and the potential legal pitfalls at Employee Benefits Live 2017.The session, titled ‘Getting auto-re-enrolment right’, will form part of the workplace pensions conference stream on Tuesday 10 October.During the session, ...
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Article94% of group personal pension members invest in default fund
The majority (94%) of group personal pension (GPPs) members invest in their scheme’s default fund, according to research by the Pensions Policy Institute (PPI) and Columbia Threadneedle.Its annual The future book: unravelling workplace pensions report, based on data from from sources including the Office for National Statistics (ONS) and the ...
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ArticleRoyal Mail employees vote for strike action in dispute over pensions
Employees who work for postal organisation Royal Mail and are members of the Communication Workers Union (CWU) trade union, have voted in favour of strike action in an ongoing dispute over the planned closure of the organisation’s defined benefit (DB) pension scheme to future accrual.Nearly three-quarters (73%) of the CWU’s ...
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Article47% of defined benefit pension transfers since 2015 were suitable
Less than half (47%) of 88 recommended defined benefit (DB) pension scheme transfers advised upon since October 2015 were suitable, according to a review by the Financial Conduct Authority (FCA).The review, which has been conducted over the past two years in order to update current FCA guidelines, assessed the advice ...
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Article19% of 66 to 71 year-olds working full or part-time to supplement pension
More than one in five (19%) of respondents between the ages of 66 and 71 are still working full or part-time to supplement their retirement incomes, according to research by Dunstan Thomas.Its survey of 1,002 UK adults aged 54-71 also found that over half (56%) are currently working, or are ...
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5 - Scheme type
Group personal pension (GPP) plans remain the most commonly offered type of scheme among respondents. Almost half (45%) of respondents to the Employee Benefits/Nest Pensions research 2017 offer a GPP as their organisation's primary scheme. Although the numbers have fluctuated over the years, GPPs have consistently topped the list of ...
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3 Key findings
The survey, which was carried out in September 2017 among readers of employeebenefits.co.uk, received 254 responses. Due to rounding, percentages may not add up to 100.Number of UK-based employees in respondents’ organisationsSample: All respondents (254)1-49 6%10-49 18%50-249 21%250-499 11%500-999 9%1,000-4,999 19%5,000-9,999 5%10,000-19,999 5%20,000 or more 8%Organisation typeSample: All respondents (247)Privately-owned ...
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14-15 - The future
Financial security is a key concern for employeesJust over two-fifths (41%) of respondents believe uncertainty about how to make the best decisions when accessing pension benefits is an area of concern for their employees. While this continues to top the list of retirement concerns affecting respondents’ workforces, it has fallen ...
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2 Sponsor's comment
As the automatic-enrolment staging date period draws to a close, employers that made decisions about their pension scheme up to four years ago are coming into a review period. This review is an opportunity to look closely at pension schemes and to decide if previous choices are still offering value ...
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ArticleEXCLUSIVE: 66% believe supporting staff at retirement is a valuable proposition
Employers want to help staff make informed decisions and two-thirds (66%) believe one of the key advantages to supporting staff at retirement is a valuable part of its employee valuable proposition, according to research by Employee Benefits and Nest.The Employee Benefits/Nest research, which surveyed 254 employer respondents in September 2017, ...
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ArticleEXCLUSIVE: 43% worried about financial stability in retirement
Cropped shot of a diverse group of unidentifiable people holding hands in a circleFinancial security is a key issue for employees with just under one half (43%) concerned they will not have enough money in retirement, according to research by Employee Benefits and Nest.The uncertainty over financial stability at retirement ...
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13, Communications
When respondents’ organisation last undertook a pensions communication exercise. In the last year: 58%1-3 years: 30%4-5 years: 3%5 or more years: 1%They have never conducted a pensions communication exercise: 9%Sample: All respondents (200)The employees with whom the pensions communication exercise was conducted All staff: 86%All staff in the defined contributions ...
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Article83% value employer pension contributions
More than four-fifths (83%) of employee respondents whose employer currently contributes to their workplace pension value these contributions, according to research by The People’s Pension.Its survey of 1,008 UK employees and 500 UK-based HR decision makers also found that 54% of employees would increase the amount of money they contribute ...
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ArticleDefined benefit pension funding deficit remains at £460bn at September 2017
The funding deficit for defined benefit (DB) pension schemes in the UK remained at £460 billion at the end of September 2017, according to research by PricewaterhouseCoopers (PWC).Its Skyval index, which is based on data relating to 5,800 DB pension funds and collected through the Skyval pensions platform used by ...
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ArticleAverage contribution rate for DC schemes is 4.2% of pensionable earnings
The average total contribution rate for occupational defined contribution (DC) pension schemes in the private sector was 4.2% of pensionable earnings for 2016, according to research by the Office for National Statistics (ONS).Its Occupational pension schemes survey: UK, 2016, also found that for private workplace DC pension schemes, average total ...
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Article38% plan to increase their employee benefits offering in 2017
More than a third (38%) of employer respondents plan to increase the number of options in their employee benefits package in 2017, according to research by Mattioli Woods.Its 2017 Employee benefits insight report, which surveyed 300 employers and gathered data from 2,692 UK organisations, also found that 21% of respondents ...