News – Page 45
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Article27% believe the salary sacrifice changes will damage employee engagement
More than a quarter (27%) of employer respondents believe that the limitations on salary sacrifice arrangements will damage employee engagement and employee relations, according to research by Jelf Employee Benefits.Its 2017 Jelf employment survey, which surveyed approximately up to 350 employers across England and Wales, also found that 47% of ...
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ArticleHow to help employees overcome the disconnect between their expected retirement savings and reality
Need to knowAuto-enrolment has improved take-up and membership of pensions but there is still a disconnect between the retirement income people aspire to and what they will actually achieve through saving.Online financial education tools have a part to play but on their own are not the answer; one-to-one and face-to-face ...
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ArticleA step-by-step guide to default investment fund reviews
Need to know: Default investment funds are now the norm, and should be regularly reviewed to help ensure they remain fit for purpose and comply with regulation.Any review should factor in the profile of the workforce, attitude to risk and likely retirement plans.Communicating the findings of a review can help ...
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ArticleAtomic Weapons Establishment staff strike in pensions dispute
Atomic Weapons Establishment (AWE) employees who are members of trade union Unite are striking in a long-running dispute over changes to the organisation’s pension scheme.Around 600 managers, craft employees and manual staff are taking part in the 48-hour strike action, which began today (18 January 2017), at AWE sites in ...
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Article10% of employers believe their staff are saving enough for retirement
One in ten (10%) employer respondents believe their employees are saving enough for retirement, according to research by Wealth at Work.Its Pension changes survey, which polled 108 reward and benefits, HR and pension professionals, also found that 16% of respondents provide no support for employees at retirement, and 39% of ...
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ArticleLifetime Isa becomes law through Savings Bill
The Lifetime Isa (Lisa) has been passed into law after the Savings (Government Contribution) Bill received Royal Assent yesterday (16 January 2017).The Lisa will be available from 6 April 2017 for those under 40 years-old.It will enable individuals to save up to £4,000 a year, with the government providing a ...
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ArticleTribunal rules against Ministry of Justice in pensions discrimination case
The London Central Employment Tribunal has ruled that the Ministry of Justice (MoJ) and Lord Chancellor has discriminated against judges in relation to changes to the judicial pension scheme.The case, which was brought by 210 judges, including six High Court judges, centres around the closure of the judicial pension scheme ...
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Article55% will stay with an employer due to pensions provision
More than half (55%) of respondents who receive a workplace pension that will provide them with a comfortable retirement income say this is a key reason to stay with their current employer rather than look for a new position, according to research by Reed.Its survey of 2,129 UK employees also ...
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Article25% believe money worries affect their ability to do their job
A quarter (25%) of employee respondents with money problems feel that this affects their ability to do their job, according to research by the Chartered Institute of Personnel and Development (CIPD) and Close Brothers Asset Management.The survey of 1,817 adults also found that 41% of respondents believe that being rewarded ...
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ArticleDefined benefit pension funding deficit increased by £90bn in 2016
The funding deficit for defined benefit (DB) pension schemes increased by £90 billion over the course of 2016 to reach £560 billion in December 2016, according to research by PricewaterhouseCoopers (PWC).Its Skyval index, which is based on data gathered via the Skyval platform used by pension funds, also found that ...
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ArticleRoyal Mail consults on closure of defined benefit pension scheme to future accrual
Royal Mail has launched a consultation on the proposed closure of its defined benefit (DB) pension scheme to future accrual.The consultation, which launched yesterday (Thursday 5 January 2017), will run until 10 March 2017. It will involve approximately 90,000 members of the organisation’s DB pension scheme.The consultation with members forms ...
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ArticleFTSE 350 defined benefit pension deficit reaches £137bn
The accounting deficit of defined benefit (DB) pension schemes for the UK’s largest 350 organisations increased from £39 billion at the end of 2015 to £137 billion at the end of December 2016, according to research by Mercer.Its Pensions risk survey, which is based on analysis and projections of FTSE ...
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ArticleHow the Autumn Statement 2016 will affect pay and benefits
Chancellor Philip Hammond delivered his first, and with the scheduled changes to the fiscal event timetable, also his last, Autumn Statement on Wednesday 23 November 2016. Below is a summary of the key announcements impacting employers’ pay and benefits strategies:The range of benefits that attract tax and employer national insurance ...
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ArticleJanet Cooper and Steve Webb recognised in New Year Honours List
Janet Cooper, Charles Counsell, and Steve Webb are among those in the employee benefits and pensions industry to be recognised in the New Year Honours List 2017.Janet Cooper (pictured), partner at law firm Tapestry, was appointed an Officer of the Most Excellent Order of the British Empire (OBE) for services ...
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ArticleEXCLUSIVE: 37% offer a contract-based defined contribution scheme as their primary pension plan
EXCLUSIVE: More than a third (37%) of employer respondents offer a contract-based defined contribution (DC) pension as their organisation’s primary scheme, according to research by Employee Benefits and Close Brothers.The Employee Benefits/Close Brothers Pensions research 2016, which surveyed 250 employer respondents, also found that 85% of respondents which offer a ...
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ArticleEXCLUSIVE: 47% feel more staff want and need at-retirement guidance post-pension freedoms
EXCLUSIVE: Almost half (47%) of employer respondents say the pension freedoms have led to more employees wanting or needing guidance around pension decisions at retirement, according to research by Employee Benefits and Close Brothers.The Employee Benefits/Close Brothers Pensions research 2016, which surveyed 250 employer respondents, also found that 36% of ...
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ArticleSlaughter and May revamps pay and benefits package
Law firm Slaughter and May is revamping its pay and benefits package for its 1,139 employees, including a pay increase for associates, the introduction of paid sabbaticals, an on-site doctor, and the opportunity to work from home one day a week.The changes to the firm's compensation and benefits offering are ...
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Article24% check the pension contributions on offer before accepting a new job
Less than a quarter (24%) of respondents check what pension contributions are on offer by a prospective employer before accepting a new job, according to research by Fidelity International.Its survey of 1,230 UK employees also found that 21% of respondents do not check any benefits except for base salary before ...
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ArticleEXCLUSIVE: 45% see the reduced annual and lifetime allowance limits impact 1-5% of staff
EXCLUSIVE: April 2016’s reductions to the annual and lifetime pensions allowances impacted between 1% and 5% of staff in just under half (45%) of employer respondents’ organisations, according to research by Employee Benefits and Close Brothers.The Employee Benefits/Close Brothers Pensions research 2016, which surveyed 250 employer respondents, also found that ...
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ArticleEXCLUSIVE: 68% offer at-retirement support to help staff make informed decisions
EXCLUSIVE: More than two-thirds (68%) of employer respondents that offer at-retirement support to staff do so because they want to support staff in making informed decisions, according to research by Employee Benefits and Close Brothers.The Employee Benefits/Close Brothers Pensions research 2016, which surveyed 250 employer respondents, also found that a ...