News – Page 41
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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 ...
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Article27% increase member contributions to reduce defined benefit pension provision costs
More than a quarter (27%) of pension trustee, scheme sponsor, and pension manager respondents have introduced higher member contributions to reduce the cost of defined benefit (DB) pension provision, according to research by Aon.Its Global pension risk survey 2017, which surveyed 185 UK pension trustees, pension managers and scheme sponsors ...
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ArticleHow the Queen’s Speech 2017 will impact employee benefits
On 21 June 2017, the Queen attended the Houses of Parliament to deliver the Queen’s Speech, and officially open the next session of Parliament following the general election on 8 June 2017.The policies will be debated in the House of Lords and House of Commons over the next five days ...
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Article78% saved into a workplace pension in 2016
More than three-quarters (78%) of eligible employees saved into a workplace pension in 2016, compared to 75% in 2015, according to research by the Department for Work and Pensions (DWP).Its Workplace pension participation and savings trends of eligible savers official statistics: 2006 to 2016 report, which is based on analysis ...
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ArticleGovernment appoints Guy Opperman pensions and financial inclusion minister
The government has appointed Guy Opperman parliamentary under-secretary for pensions and financial inclusion at the Department for Work and Pensions (DWP).The position, otherwise referred to as minister for pensions and financial inclusion, replaces that of parliamentary under-secretary of state for pensions. This role was previously held by Richard Harrington, who ...
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ArticleAA to move final salary pension scheme members to Care arrangement
Motoring association AA will proceed with proposed changes to its defined benefit (DB) pension scheme, moving all members of its final salary pension plan to a career average revalued earnings (Care) arrangement.At present, the AA operates both a final salary section and a Care section within its DB pension scheme.The ...
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ArticlePoll: 15% are examining the General Data Protection Regulation’s impact on benefits
Employee Benefits poll: Less than one-fifth (15%) of employer respondents are currently looking at the impact of the General Data Protection Regulation (GDPR) on benefits and pensions.A poll of www.employeebenefits.co.uk readers, which received 39 responses, also found that 31% are examining their staff data protection policies in light of the ...
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ArticleEXCLUSIVE: 84% offer salary sacrifice pension arrangements
EXCLUSIVE: More than three-quarters (84%) of employer respondents allow staff to contribute to their defined contribution (DC) pension through a salary sacrifice arrangement, according to research by Employee Benefits and Staffcare.The Employee Benefits/Staffcare Benefits research 2017, which surveyed 271 employer respondents in February-March 2017, also found that this is 10 ...
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ArticleHoover pension proposal receives regulatory approval
The Pensions Regulator (TPR) has approved a regulated apportionment arrangement (RAA) for appliance retail organisation Hoover's pension scheme.The proposal will see Hoover pay £60 million into the Hoover (1987) Pension Scheme (HPS). The scheme will also gain ordinary shares in Hoover, representing a 33% stake.The pension scheme, which has 5,319 ...
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ArticleFTSE 350 defined benefit pension deficit falls to £134bn
The accounting deficit of defined benefit (DB) pension schemes for the UK’s largest 350 organisations fell from £145 billion at the end of April 2017 to £134 billion at 31 May 2017, according to research by Mercer.Its Pensions risk survey, which is based on projections and analysis of FTSE 350 ...
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ArticleNuclear Decommissioning Authority staff to vote on pensions deal
Nuclear Decommissioning Authority (NDA) employees who are members of trade unions GMB and Unite are to vote on proposals to replace the government organisation’s current final salary pension scheme with a career average revalued earnings (CARE) arrangement.The consultative ballot will open on Monday 12 June 2017 and close on Friday ...
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ArticleEon to consider closing its defined benefit pension schemes to future accrual
Energy organisation Eon will potentially close its defined benefit (DB) pension schemes to future accrual, which could affect around 3,000 UK-based employees.The organisation is considering the pension scheme closures as part of a review into its final salary and DB arrangements.Eon closed various DB pension plans to new employees by ...
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ArticleEXCLUSIVE: Royal Academy of Arts sees 51% of staff engage with pensions online
Copyright: Fraser MarrEXCLUSIVE: Royal Academy of Arts has seen 51% of its employees register to view their pension online following the launch of a new pension scheme and workplace savings platform.The charity launched a group self-invested personal pension (Sipp) and introduced the Corporate Vantage workplace savings platform, provided by Hargreaves ...
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ArticleBritish Airways granted leave to appeal in pensions case
British Airways (BA) has been granted leave to appeal a High Court ruling that found in favour of the Airways Pension Scheme (APS) trustees' power and decision to award discretionary pension increases.In the case of British Airways v Airways Pension Scheme Trustee, the airline disputed the trustees’ decision to amend ...
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Article62% manage auto-enrolment administration in-house
Almost two-thirds (62%) of employer respondents manage the administration of pensions auto-enrolment in-house, according to research by Chase de Vere and Lightbulb.The research, which surveyed 300 senior HR decision makers in the UK, also found that more than a third (37%) of respondents cite administration as the biggest challenge to ...
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ArticleAgeas, Hasbro and Oracle shortlisted for best pensions communications
Ageas, Hasbro and Oracle (pictured) are among the organisations that have been shortlisted in the best pensions communications category at the Employee Benefits Awards 2017.This award celebrates employers that have implemented an effective pensions communications strategy.The full category shortlist is:Ageas, Pensions Re-EnrolmentDHL (Entered by Willis Towers Watson)Hasbro, The Lab (Entered ...
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ArticleThe College of Law Pension and Assurance Scheme completes £28m buy-in
The College of Law Pension and Assurance Scheme has completed a £28 million pension buy-in transaction with Aviva.The College of Law Pension and Assurance Scheme is administered by the Legal Education Foundation and has 760 members. The transaction covers employees who have been retired since 2012. This means that the ...
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ArticleHigh Court rules against British Airways in pensions discretionary increase case
A High Court judge has ruled against British Airways (BA) in its bid to challenge a decision made by its pension scheme trustees to award a 0.2% discretionary increase to members of the Airways Pension Scheme (APS).The case, which was heard between October and December 2016, centred around allowing the ...
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ArticleTata Steel offers to pay £550m to British Steel pension scheme
Manufacturing organisation Tata Steel has offered to pay £550 million to the British Steel pension scheme (BSPS) to meet conditions of a regulated apportionment arrangement (RAA), which has been agreed in principle.The defined benefit (DB) pension scheme closed to future accrual on 31 March 2017 following a consultation process. In ...
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ArticleThe Pensions Regulator names auto-enrolment non-compliant employers
The Pensions Regulator (TPR) has published the names of employers that have not complied with pensions auto-enrolment regulations after being issued an escalating penalty notice.This includes organisations that TPR has secured a court order against for failure to pay escalating penalty notices for auto-enrolment non-compliance, as well as those that ...