News – Page 46
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ArticleGovernment freezes auto-enrolment trigger at £10,000 a year
The government has frozen the workplace pensions auto-enrolment trigger at £10,000 a year.The earnings trigger for employees to be automatically enrolled into a workplace pension arrangement will be frozen at £10,000 a year for the 2017-18 tax year, meaning that employees who earn this amount or more will automatically be ...
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ArticleEXCLUSIVE: 35% believe Brexit will impact pensions
EXCLUSIVE: More than a third (35%) of employer respondents believe that Brexit will impact pensions, according to research by Employee Benefits and Close Brothers.The Employee Benefits/Close Brothers Pensions research 2016, which surveyed 250 employer respondents, found that while 14% of respondents do not believe that the outcome of the June ...
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ArticleTata Steel to consult on closure of defined benefit pension scheme to future accrual
Tata Steel UK is to consult on the closure of the British Steel pension scheme (BSPS) to future accrual.Under the proposals, the organisation's defined benefit (DB) pension scheme would be closed to future accrual and replaced with a defined contribution (DC) arrangement.The new DC pension scheme would have a maximum ...
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ArticleFTSE 350 defined benefit pension deficit falls by £22bn
The accounting deficit of defined benefit (DB) pension schemes for the UK’s largest 350 organisations fell by £22 billion from £149 billion on 31 October 2016 to £127 billion on 30 November 2016.Its Pension risk survey, which is based on analysis and projections of FTSE 350 organisations’ financial statements adjusted ...
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ArticleGovernment consults on measures to tackle pensions scams
The government has launched a consultation into potential measures to counteract pensions scams, including a ban on cold calling.Chancellor Philip Hammond announced the consultation on pensions scams in the Autumn Statement 2016.The consultation puts forward proposed measures to reduce the frequency of pensions scams in three key areas. This includes ...
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ArticleWatch Employee Benefits Wired: Maximising pensions potential on demand
Employee Benefits Wired: Maximising pensions potential is now available to watch on demand.The 30-minute panel discussion can be viewed online anytime on EB TV.The live panel debate took place on Tuesday 29 November 2016 in association with Close Brothers Asset Management.The panel included Debbie Lovewell-Tuck, editor of Employee Benefits; Jeanette ...
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ArticleDefined benefit pension deficit stands at £414bn in the private sector
The deficit for UK private sector defined benefit (DB) pension schemes was £414 billion as of 30 November 2016, compared to £265 billion at the end of November 2015, according to research by JLT Employee Benefits.Its monthly funding update also estimates that DB pension assets increased from £1,242 billion in ...
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ArticleEXCLUSIVE: 28% provide financial education for all staff
EXCLUSIVE: More than a quarter (28%) of employer respondents provide financial education for all staff, compared to 32% in 2015, according to research by Employee Benefits and Close Brothers.The Employee Benefits/Close Brothers Pensions research 2016, which surveyed 250 employer respondents, found that a further 31% of respondents are considering introducing ...
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ArticleEXCLUSIVE: 26% believe employers should meet retirement costs as life expectancies rise
EXCLUSIVE: More than a quarter (26%) of respondents believe that employers should provide for the cost of retirement in societies where life expectancies are increasing, according to research by Chase De Vere.Its survey of 500 UK residents aged between 35 and 64 also found that 30% of respondents think that ...
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ArticleGovernment launches consultation on guaranteed minimum pensions equalisation
The government has launched a consultation on potential methods for equalising the impact of guaranteed minimum pensions (GMP) on men and women.The GMP is the minimum pension a UK occupational pension scheme that contracted employees out of the additional state pension between 6 April 1978 and 5 April 1997 has ...
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ArticlePost Office staff to strike in pensions dispute
Post Office managers who are members of trade union Unite and employees who are members of the Communication Workers Union (CWU) will undertake 24-hour strike action on Saturday 3 December 2016 in a ongoing dispute over pensions.Around 720 Post Office managers will join CWU members in targeting 300 Crown Office ...
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ArticleEXCLUSIVE: 46% offer at-retirement support to staff
EXCLUSIVE: Less than half (46%) of employer respondents offer at-retirement support to employees, compared to 45% in 2014, 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 49% of respondents run retirement seminars for staff in ...
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ArticleFCA consults on annuity comparator implementation
The Financial Conduct Authority (FCA) has launched a consultation on its plans to require annuity providers to inform consumers about how much they could gain from shopping around before a potential annuity purchase.The introduction of an annuity comparator aims to encourage individuals to shop around for a competitive annuity product ...
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ArticleDo not miss Employee Benefits Wired: maximising pensions potential
Employee Benefits Wired: maximising pensions potential, presented in association with Close Brothers Asset Management, will be broadcast live at 11am on Tuesday 29 November 2016. The debate can be viewed for free on EB TV.The online panel discussion will provide insight on the key factors impacting pensions. This will include ...
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ArticleHow the Autumn Statement 2016 will impact employee benefits
On 23 November 2016, Chancellor Philip Hammond delivered his Autumn Statement 2016 speech. Below is a round-up of the key announcements with a bearing on employee benefits:From April 2017, the government will limit the range of benefits that attract tax and employer national insurance (NI) advantages when offered through a ...
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ArticleEXCLUSIVE: 73% have conducted a pensions communication exercise in the last year
EXCLUSIVE: Almost three-quarters (73%) of employer respondents have carried out a pensions communication exercise within the last year, 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 18% of respondents have undertaken a pensions communication exercise ...
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ArticleGovernment limits tax-efficient salary sacrifice arrangements
Autumn Statement 2016: From April 2017, the government will significantly limit the range of benefits that attract tax and employer national insurance (NI) advantages when offered through a salary sacrifice arrangement.Pensions and pensions advice, childcare, bikes-for-work schemes, and ultra-low emission vehicles (ULEVs) will be exempt from the changes.Arrangements in place ...
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ArticleGovernment to consult on measures to tackle pension cold calling
Autumn Statement 2016: Chancellor Philip Hammond has announced plans to tackle pension cold calling.In his Autumn Statement, Hammond said that the government plans to publish a consultation on options to tackle pension scams including a ban on cold calling in relation to pensions, giving organisations greater powers to block suspicious ...
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ArticleGovernment to reduce money purchase annual allowance
Autumn Statement 2016: Chancellor Philip Hammond (pictured) has announced that the money purchase annual allowance is set to be reduced to £4,000 from April 2017.The money purchase annual allowance applies to those who have accessed their pension savings through the pension flexibilities and then make further defined contribution (DC) pension ...
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ArticleBenchmark your pay and benefits package
How does your salary stack up against your peers'? And how does your total remuneration package compare to other reward and benefits professionals?Take part in the exclusive Employee Benefits salary survey for the chance to benchmark your own benefits and compensation offering.We are particularly interested in finding out how salary ...