News – Page 38
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Article12% have stopped pension contributions to support financially dependent relatives
More than one in 10 (12%) of respondents over the age of 50 have stopped saving into their pension in order to support either children or parents who are financially dependent on them, according to research by Aviva.Its Real retirement report, which surveyed 3,327 UK adults aged 50 or over, ...
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Article43% do not know how much of their monthly salary to invest into their DC pension
Around four in 10 (43%) of defined contribution (DC) pension scheme members do not know how much of their monthly salary they should be saving into their workplace pension, according to research by BlackRock.Its survey of 509 UK DC pension scheme members aged between 30 and 69 also found that ...
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ArticleThe Work and Pensions Committee launches inquiry into pension freedoms
The Work and Pensions Committee has launched an inquiry to investigate whether the pension freedom and choice reforms, introduced in 2015, are successfully operating as the policy intended.Its call for evidence, which will be open to responses until Monday 23 October 2017, has asked for feedback on whether the freedom ...
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ArticleGreensill Capital launches new benefits package for UK staff
Financial services organisation Greensill Capital has launched a new package of benefits and online benefits platform for its 72 UK employees.Its online portal, Greensill Rewards, which was launched in August and is provided by Portus Consulting, provides staff with access to new employer-paid benefits, such as private medical insurance, a ...
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ArticleDWP consults on increasing Financial Assistance Scheme long service cap
The Department for Work and Pensions (DWP) has launched a consultation into implementing an increased cap on Financial Assistance Scheme (FAS) payments for eligible members with long service in a single defined benefit (DB) pension scheme.The consultation, which will run between 18 September and 25 October 2017, will seek feedback ...
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Article37% of employers worry staff cannot afford to retire
More than a third (37%) of respondents worry that their employees will not be able to afford to retire, according to research by Hargreaves Lansdown.Its survey of 418 employers also found that 20% of respondents do not want automatic-enrolment contribution rates to change, however, 27% want minimum contribution rates to ...
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Article53% believe defined benefit pension costs have a negative impact on pay
More than half (53%) of employer respondents that operate a defined benefit (DB) pension scheme for their staff feel that the costs associated with this are having a negative impact on pay increases, according to research by the Association of Consulting Actuaries (ACA).Its first interim report from the ACA pension ...
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Article17% of over-50s have access to workplace wellbeing support
Under one-fifth (17%) of employee respondents aged 50 or over have access to workplace wellbeing initiatives or advice that could mitigate the impact of health issues on their caeers, according to research by Aviva.Its Real retirement report, which surveyed 3,327 UK adults aged 50 or over, including 1,829 adults who ...
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Article58% cite flexible working as most valued benefit
More than half (58%) of employee respondents cite flexible-working hours as the benefit they value as the most important, according to research by Sodexo Engage.Its survey of 2,001 UK adults also found that 47% of respondents identify a high salary as the benefit they value as the most important, compared ...
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ArticleTPR to prosecute Stotts Tours Oldham for pensions auto-enrolment failure
The Pensions Regulator (TPR) is to prosecute bus services organisation Stotts Tours Oldham and its managing director for failing to automatically enrol 36 employees into a workplace pension.The Greater Manchester-based organisation and managing director Alan Stott have been summoned to appear at Brighton Magistrates’ Court on 4 October 2017 to ...
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ArticleTake part in exclusive pensions research
What are the main retirement concerns facing your employees? What retirement support does your organisation offer staff? Is your organisation aware of how the General Data Protection Regulation (GDPR) might impact workplace pensions?Tell us how your organisation approaches pension saving and helps staff prepare for retirement by taking part in ...
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ArticleThe Pensions Quality Mark appoints Gregg McClymont as chair
The Pensions Quality Mark (PQM) has appointed Gregg McClymont as chair.McClymont is head of retirement at investment organisation Aberdeen Asset Management, and he previously served as shadow minister of state for pensions between 2011 and 2015.McClymont is also deputy chair of the Financial Conduct Authority’s (FCA) working group on institutional ...
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ArticleSecond Finance Bill to legislate for pensions advice exemption and company car tax bands
A second Finance Bill 2017 has been introduced into Parliament, which includes the introduction of an income tax exemption for the first £500 of employer-arranged pensions advice, company car tax bands, and the retrospective application of the money purchase annual allowance (MPAA).A number of measures were dropped from the Finance ...
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ArticleBritish Airways to consult on closure of pension scheme to future accrual
British Airways (BA) is to launch a consultation on the proposed closure of one of its defined benefit (DB) pension schemes to future accrual.Under the proposals, the New Airways Pensions Scheme (NAPS), which has approximately 17,000 scheme members, would be closed to future accrual. The changes aim to address the ...
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ArticleFTSE 350 defined benefit pension deficit rises to £83bn
The accounting deficit for defined benefit (DB) pension schemes at FTSE 350 organisation increased from £71 billion at the end of July 2017 to £83 billion at 31 August 2017, according to research by Mercer.Its Pensions risk survey, which is based on projections and analysis of FTSE 350 organisations’ financial ...
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ArticleEXCLUSIVE: 30% use people analytics to calculate benefits' return on investment
EXCLUSIVE: Less than one-third (30%) of employer respondents use people analytics to calculate the cost, impact, and return on investment (ROI) of reward and benefits in their organisation, according to research by Equiniti.Its survey of 202 employers, conducted by Employee Benefits, also found that 59% of respondents cite an inability ...
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ArticleWatch Employee Benefits Wired: Supporting good governance on demand
Employee Benefits Wired: Supporting good governance is now available to watch on demand. The 30-minute panel discussion can be viewed online anytime on the Employee Benefits video channel. The live panel debate took place on Wednesday 30 August 2017 in association with Nest. The panel included Debbie ...
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ArticleDeloitte and Metropolitan Police to speak at Employee Benefits Live 2017
Deloitte, Hays, and the Metropolitan Police are among the organisations that will address delegates attending Employee Benefits Live 2017 on Tuesday 10 and Wednesday 11 October.During the course of the two-day event, delegates can hear experts discuss a range of hot topics impacting the reward, benefits and compensation industry. The ...
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ArticleDefined benefit pension funding deficit rises to £460bn
The funding deficit for defined benefit (DB) pension schemes in the UK was £460 billion at the end of August 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 trustees, ...
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ArticleOver 90% say pensions dashboard could help them save for retirement
Nine out of 10 parents believe that an online service showing all of their pensions savings would help them to save more for their retirement, according to research by Mumsnet, the parents network, on behalf of the Association of British Insurers (ABI) and the Pensions Dashboard Project.The survey of 1,206 ...