News – Page 44
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ArticleSir Philip Green agrees £363m settlement for BHS pension scheme
Sir Philip Green has agreed a £363 million cash settlement with The Pensions Regulator (TPR) for the British Home Stores (BHS) pension scheme.A total of £343 million will be used to fund a new independent pension scheme, and £20 million will be put towards expenses and scheme costs.The new arrangement, ...
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ArticleHow to future proof a reward strategy in light of changing pay regulations
Need to knowNew legislation on the horizon could increase pay bills in certain sectors.Changes to salary sacrifice arrangements could also impact the benefits mix.Reward professionals need to communicate with employees, the wider business and government.This year will see a raft of pay and benefits-related initiatives come into force or appear ...
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ArticleWhat should employers expect from today’s pension trustee board?
Need to know:Trustees of defined contribution (DC) pension schemes have been placed under the spotlight, leading to a greater focus on governance.Trustees will be under more pressure from employers to ensure that the objectives of a pension scheme are being met.Auto-enrolment, and the increase in the number of savers into ...
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Article98% of FTSE 350 organisations offer defined contribution pension schemes to new staff
The majority (98%) of FTSE 350 organisations offer a defined contribution (DC) pension scheme to new employees, according to research by Willis Towers Watson.Its FTSE 350 defined contribution pension scheme survey 2017, which is based on analysis of surveys and public data relating to the pension schemes offered by 97 ...
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ArticleEXCLUSIVE: Explore how policy changes are impacting future pensions strategy at Employee Benefits Connect 2017
EXCLUSIVE: Delegates at Employee Benefits Connect 2017 will be able to explore how changes to pension legislation are impacting future benefits strategy.Robin Armer (pictured), senior development manager at Nest, will lead a session titled ‘How are changes in pension policy impacting future pension-based employee benefits strategy?’ as part of the ...
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Article50% do not know how much they have invested in their retirement savings
Half (50%) of respondents do not know how much they have invested in their retirement savings, according to research by Portus Consulting.Its survey of 1,043 UK employees also found that 17% of respondents have built up three or more pension funds during their working lives.The research also found:11% of respondents ...
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ArticleGovernment consults on the sustainability of private sector defined benefit pensions
The Department for Work and Pensions (DWP) has launched a consultation into the sustainability of defined benefit (DB) pension schemes in the private sector.The green paper, Security and sustainability in defined benefit pension schemes, poses consultation questions around four key areas: employer contributions and affordability; member protection; consolidation of DB ...
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ArticleEXCLUSIVE: 95% of benefits professionals belong to a workplace pension scheme
EXCLUSIVE: Almost all (95%) HR and benefits professionals belong to a pension scheme provided by their employer, according to research by Employee Benefits.This is the highest percentage of a sample to do so since we first carried out this research in 2008, up from 91% in 2014 and 89% in ...
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ArticleTata Steel employees vote to accept pensions proposal
Tata Steel UK employees who are members of the GMB, Unite and Community trade unions have voted in favour of the organisation’s latest pension proposal, which will see the closure of the British Steel pension scheme (BSPS) to future accrual.Consultative ballots on the proposal closed yesterday (Wednesday 15 February 2017), ...
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Article68% of employers in south west England offer salary sacrifice pension arrangements
More than two-thirds (68%) of employer respondents in the south west of England enable staff to contribute to their workplace pension via a salary sacrifice arrangement, according to research by Benefiz.Its survey of 50 employers based in the south west of England that employ HR managers or directors, also found ...
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Article50% do not understand the role of their employer or trustee in their retirement planning
Half (50%) of respondents do not understand the role and responsibilities of their employer or trustee when it comes to planning for their retirement, according to research by LV=.Its survey of 1,004 UK adults aged 55 or over who have a defined benefit (DB) pension but have not started to ...
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ArticleCourt rules that woman can receive co-habiting partner's workplace pension
The Supreme Court has ruled that an unmarried woman is entitled to receive payments from her co-habiting partner's workplace pension scheme following his death.Denise Brewster, who brought forward the review, had been living with William Leonard McMullan for 10 years in the shared home that they bought together in 2005, ...
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ArticleGovernment invites employer feedback for auto-enrolment review
The Department for Work and Pensions’ (DWP) review of automatic enrolment has called for feedback on the existing and future coverage of automatic enrolment, employee engagement, and contribution levels.The 2017 review of automatic enrolment, which will be led by the DWP and an external advisory group, will seek to ensure ...
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ArticleAuto-enrolment review to consider how to widen workplace pension scope
On 12 December 2016, the Department for Work and Pensions (DWP) confirmed the key areas that will be tackled in the 2017 review of pensions auto-enrolment.As well as measuring the success of auto-enrolment so far, the review will also investigate how auto-enrolment can be developed further to encourage more individuals ...
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ArticleEmployer-arranged pensions advice can be combined with pensions advice allowance
The government has confirmed that the incoming pensions advice allowance can be used alongside the tax exemption for employer-arranged pensions advice, enabling employees to access up to £1,000 of tax-advantaged financial advice in a tax year.In its response to the Introducing a pensions advice allowance consultation, which ran between August ...
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ArticleGovernment sets out strategy to support older employees to stay in work
The government has launched a new strategy to promote the benefits of remaining in work for longer, which includes encouraging employers to increase the number of older employees within their workforces.The Fuller working lives strategy outlines how a coalition of job centres and employers can work together to support older ...
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ArticleDefined benefit pension funding deficit stands at £470bn
The funding deficit for defined benefit (DB) pension schemes was £470 billion at the end of January 2017, according to research by PricewaterhouseCoopers (PWC).Its Skyval index, which is based on data collected from the Skyval pensions platform used by trustees, sponsors and advisers, also found that DB pension assets and ...
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ArticleEXCLUSIVE: 58% of baby boomers have never increased their workplace pension contributions
EXCLUSIVE: More than half (58%) of baby boomer respondents who are in a workplace pension scheme have never increased their workplace pension contributions, according to research by Chase de Vere.Its survey of 500 private sector employees aged between 51 and 70 also found that more than a third (36%) of ...
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ArticleSavers access £9.2bn through pension freedoms
Savers have accessed more than £9.2 billion through the pension freedoms since the pension reforms were introduced in April 2015, according to data from HM Revenue and Customs (HMRC).Its Flexible payments from pensions: January 2017 report also found that the number of individuals who have received flexible payments from their ...
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ArticleConfessions of a benefits manager: Candid looks at pensions law
It is safe to say quarterly trustee meetings are never the highlight of my year. Not that my job is otherwise a whirlwind of glittering excitement, but if there is something guaranteed to sink the Candid heart, it is anything to do with pensions. This trustee meeting is not likely ...