News – Page 40
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ArticleNigel Peaple: How can employers support staff with later life care costs?
The care conundrum is not simple and the vast majority of employers may wish to consider later life care costs from two different perspectives.First, some members of their workforce are likely to need to finance care in later life, well past the age that they are likely to have a ...
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ArticleDavid Finch: How can employers support staff with later life care costs?
The friction between work and caring responsibilities has a long and troubled history. It is a key reason why women leave the labour market and an enduring source of the gender pay gap.But addressing this challenge has, in one respect, been one of Britain's biggest labour market success over the ...
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ArticleDWP consults on auto-enrolment measures for DB schemes and offshore staff
The Department for Work and Pensions (DWP) has launched a consultation into whether auto-enrolment regulations relating to the quality of defined benefit (DB) schemes used for auto-enrolment purposes, and occupational pension provision for seafarers and offshore staff is working as intended.The consultation, which will run until 30 August 2017, will ...
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ArticleRoyal Mail offers defined benefit and defined contribution pension deal
Royal Mail has proposed a new pensions deal comprising defined benefit (DB) and defined contribution (DC) options for members following the planned closure of its current defined benefit (DB) pension scheme to future accrual in 2018.Under the proposals, affected employees would be offered a choice between a DB cash balance ...
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ArticleMoney purchase annual allowance reduction legislation to apply retrospectively
The reduction to the money purchase annual allowance (MPAA) and the introduction of the £500 tax-exempt employer-arranged pensions advice allowance are to apply retrospectively from April 2017.These measures were due to be legislated for in the Finance Bill 2017. However, following the announcement of the snap general election on 8 ...
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ArticleSupreme Court refers part-time pensions entitlement case to EU court
The Supreme Court has referred to the Court of Justice of the European Union (CJEU) to clarify the amount a retired part-time judge can receive in pension income.The case, O’Brien v Ministry of Justice, relates to retiree O’Brien, who in addition to his work as a barrister also worked on ...
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Article53% of pension pots accessed under the pension freedoms have been fully withdrawn
More than half (53%) of pension pots that have been accessed through the pension freedoms since their introduction in April 2015 have been fully withdrawn, according to research by the Financial Conduct Authority (FCA).Its Retirement outcomes review: interim report, which is based on consumer research, retirement income data, sales data, ...
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ArticleSupreme Court rules in favour of same-sex spousal pension in discrimination case
The Supreme Court has ruled that an employee’s spousal pension benefit can be paid to his same-sex partner.The case, Walker v Innospec Limited, relates to retiree John Walker, who worked for global chemical organisation Innospec between 1980 and 2003. Walker, who paid into the organisation’s occupational pension scheme during his ...
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Article96% are confident they are fully compliant with their auto-enrolment duties
More than nine in 10 (96%) employer respondents are confident they are fully compliant with their ongoing auto-enrolment duties, according to research by The Pensions Regulator (TPR).Its Ongoing duties survey: July 2017 report, which surveyed 290 micro employers with 1-4 members of staff, 305 small employers with 5-49 employees, and ...
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ArticleFTSE 350 defined benefit pension deficit falls to £131bn
The accounting deficit of defined benefit (DB) pension schemes for the UK’s largest 350 organisations fell from £134 billion at the end of May 2017 to £131 billion at 30 June 2017, according to research by Mercer.Its Pensions risk survey, which is based on projections and analysis of FTSE 350 ...
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ArticleConfessions of a benefits manager: Candid gets bad service
I might be a bit lazy and easily distracted, but I can tell you I am a productivity ninja compared to the people I have to work with. Let's take my colleague, Lazy Susan. For her, work is just a place to catch up on her social media. Susan's career ...
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ArticleStandard Life employee’s transfer value complaint is rejected by Pensions Ombudsman
The Pensions Ombudsman has rejected a complaint by a Standard Life employee regarding the provision of a second cash equivalent transfer value (CETV) within 12 months of a previous request.The complainant, Mr Y, is a deferred member of the Standard Life staff pension scheme who was considering transferring his deferred ...
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ArticleSkanska agrees £300m pension longevity hedge
The trustees of construction organisation Skanska’s pension scheme have agreed a longevity hedge for the scheme, covering £300 million in member liabilities.The hedge has been agreed between the Skanska Construction Services Trustees for the Skanska Pension Fund and insurance organisation Zurich. Zurich has reinsured 75% of the hedge with reinsurance ...
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ArticleDefined benefit pension funding deficit falls to £460bn
The funding deficit for defined benefit (DB) pension schemes in the UK was £460 billion at the end of June 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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Article47% start to save for retirement due to a life stage event
Almost half (47%) of global respondents start to save for retirement because of a life stage event, according to research by Aegon.Its Successful retirement: healthy ageing and financial security report, which surveyed 14,400 employees and 1,600 retired individuals across 15 countries, also found that 32% of global respondents who expect ...
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ArticlePoll: 34% want the new pensions minister to focus on simplifying pensions taxation
Employee Benefits poll: More than one-third (34%) of employer respondents want the new pensions and financial inclusion minister to prioritise the simplification of pensions taxation.A poll of www.employeebenefits.co.uk readers, which received 50 responses, found that 18% of respondents would like the new minister, Guy Opperman, to focus on broader financial ...
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ArticleRetirement income gender gap is £6,400
The annual average expected retirement income for women who are retiring in 2017 is £6,400 lower than the annual average expected retirement income for men retiring this year, according to research by Prudential.Its Class of 2017 report, which surveyed 10,605 non-retired UK adults aged 45 and over, also found that ...
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Article38% believe workplace pensions are the safest way to save for retirement
More than a third (38%) of respondents aged under 40 years old or aged 40 and over who have not yet retired believe that a workplace pension scheme is the safest way to save for retirement in the period July 2016-December 2016, according to research by the Office for National ...
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ArticleGovernment to implement General Data Protection Regulation through Data Protection Bill
The government will implement the General Data Protection Regulation (GDPR) through the Data Protection Bill, which was announced in the Queen’s Speech on Wednesday 21 June 2017.The GDPR, which been designed to protect EU citizens from privacy and data breaches, will include mandatory breach notifications delivered in a 72-hour period ...
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ArticleCoats agrees £74m settlement in pension scheme anti-avoidance case
Industrial thread manufacturing organisation Coats Group has agreed a £74 million settlement for one of its defined benefit (DB) pension schemes, which will bring an anti-avoidance case brought by The Pensions Regulator (TPR) to an end.The settlement relates to the Staveley Industries Retirement Benefits Scheme (SIRBS), which is one of ...