News – Page 4
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ArticleSingle parents have lowest average income for both men and women
Single parents have the lowest average income for both men and women, according to research by workplace pension provider Now: Pensions and the Pensions Policy Institute (PPI).The underpensioned: defining the gender pension gap report revealed that single mothers earn 53% less than the average man and 37% less than the ...
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ArticleSpring Budget 2024: TPR and FCA given powers to enforce Value for Money framework
Spring Budget 2024: The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) will have a full range of regulatory powers to ensure employers are adhering to the Value for Money (VFM) framework.Chancellor of the Exchequer, Jeremy Hunt, announced the plans in order to address pension schemes that are “persistently ...
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ArticleSpring Budget 2024: DC pensions required to disclose investment in UK equities
Spring Budget 2024: Jeremy Hunt, Chancellor of the Exchequer, has announced plans to bring forward requirements for defined contribution (DC) schemes and local government pension schemes (LGPS) to publicly disclose the breakdown of their asset allocation in UK equities.The 2024 Spring Budget report stated that across the pensions industry as ...
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Article49% of staff changed retirement plans due to cost-of-living crisis
Almost half (49%) of working adults have changed their retirement plans because of the cost-of-living crisis, according to new research by the Pensions Management Institute.The professional body that supports and develops UK pension schemes surveyed 2,030 employees with pensions. It found that 24% of respondents have delayed their retirement, 23% ...
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ArticleSpar UK completes £11 million pensions buy-in
Retailer Spar UK has completed an £11 million buy-in transaction for its UK pension fund.The transaction was carried out by Just Group in order to provide a better outcome for members through greater security of their benefits. Before approaching the market, the trustees worked to equalise guaranteed minimum pensions within ...
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ArticleHalf of employers think pots-for-life will increase pensions engagement
Employee Benefits poll: Approximately half (49%) of organisations think the pots-for-life plan will increase employees’ engagement with their pensions, according to a survey of Employee Benefits readers. More than one-third (39%) of respondents said that they do not think that the pots-for-life plan will increase workers’ engagement ...
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ArticleBirmingham Chamber of Commerce completes £9 million pension buy-in
Birmingham Chamber of Commerce, which supports local businesses, has completed a £9 million pension buy-in.The transaction, which was brokered by financial services consultancy Quantum Advisory, which was also the scheme actuary and lead transaction and investment adviser, will provide improved benefit security to around 100 pensioners and 40 deferred members.The ...
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ArticleAverage woman saves £136,000 less than the average man for retirement
By the time the average woman reaches the retirement age of 67, she will have saved a pension pot worth £69,000, which is £136,000 less than the average man, who will have saved £205,000 in the same period, according to research by Now: Pensions.Its 2024 gender pension gap report, published ...
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ArticleSacker and Partners becomes living pension employer
Pensions law firm Sacker and Partners has become a living pension employer.The living pension accreditation, which was launched in March 2023, is a voluntary savings target for employers and aims to support lower-paid employees who are not saving enough into their pension pots each year to prevent poverty and meet ...
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ArticleDWP publishes updated occupational pension schemes regulations
The Department of Work and Pensions (DWP) has published the final version of the Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2024 and a consultation response.It has outlined what is required of defined benefit (DB) pension schemes in funding, investment strategy revisions are clearer on the flexibilities ...
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Article69% of employees do not want to choose workplace pension provider
More than two-thirds (69%) of employees do not want to choose their workplace pension provider and would rather their employer make the choice, according to new research from the Pensions and Lifetime Savings Association (PLSA).Following the government’s announcement of a lifetime provider model for workplace pensions, where employees can choose ...
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ArticleOffice Depot UK completes £140 million pensions buy-in
Office supplies firm Office Depot UK has completed a £140 million bulk purchase annuity buy-in transaction with the trustee of the Guilbert UK Retirement Benefits Plan, of which it is the sponsor.Aviva insured the plan liabilities to remove the investment and longevity risk for around 1,500 plan members, who will ...
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ArticleBP Pensioner Group takes legal action in pensions value dispute
The BP Pensioner Group has begun legal action against senior members of BP management and directors of the BP pension fund trustee due to concerns around the value of 2,500 members’ pensions.According to the BP Pensioner Group, the dispute is about decisions made by BP and the pension fund trustee ...
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ArticleOne-third think the pension pot for life will help employees manage their pension
Employee Benefits poll: Just one-third (33%) of organisations think the pension pot for life plans announced in November's Autumn Statement by Chancellor Jeremy Hunt will help employees to manage their pension, according to a survey of Employee Benefits readers.Two-fifths (40%) said they do not think the pension pot for life ...
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Article66% of full-time UK staff think contributory pensions are important
Two-thirds (66%) of full-time UK employees regard contributory pensions and savings as important, according to research by Employee Benefits Isle of Man.Its 2023 Non-salary benefits global survey, which polled more than 2,000 full time UK and expat workers in Singapore, Hong Kong, the United Arab Emirates (UAE) and South Africa, ...
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ArticleAskews and Holt Library Services completes £11m pensions buy-in
Askews and Holt Library Services has completed an £11 million pensions buy-in deal. The transaction with Legal and General, which was made possible by a discretionary one-off contribution from the employer, covers 64 pensioners and 22 deferred members. The scheme will now proceed to a full buy-in ...
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Article53% of employers do not think the living pension meets basic retirement needs
Employee Benefits poll: More than half (53%) of organisations do not think the living pension goes far enough to support employees in building a pension pot that meets basic retirement needs, according to a survey of Employee Benefits readers.One-third (33%) said they did think the living pension goes far enough ...
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ArticleBoots completes £4.8 billion pension scheme buy-in
Credit: Martin Good / Shutterstock.comRetailer Boots has completed a £4.8 billion pensions buy-in.The transaction with Legal and General will secure the benefits of all 53,000 retirees and deferred members of the scheme. This buy-in begins the conclusion of a de-risking process that the scheme first embarked on in 2001.Aon acted ...
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ArticleHow will the Autumn Statement 2023 affect pay, pensions and employee benefits?
Autumn Statement 2023: Chancellor of the Exchequer, Jeremy Hunt, delivered his Autumn Statement speech in the House of Commons on Wednesday 22 November. A number of key announcements were made that will affect pay, pensions and benefits.Autumn Statement: Government announces plans to offer pension pot for lifeAutumn Statement: State pension ...
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ArticleAutumn Statement: Government welcomes Value for Money framework update
The government has welcomed next steps towards implementing the Value for Money framework in the defined contribution (DC) pensions market.The Financial Conduct Authority (FCA) will launch a consultation next spring on the next steps of the new Value for Money framework and rules for contract-based DC schemes.As part of this, ...