News – Page 47
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Article65% do not feel they understand how workplace pensions are taxed
Almost two thirds (65%) of respondents do not feel they have a good understanding of how workplace pensions are taxed, according to research by PricewaterhouseCoopers (PWC).Its survey of 2,000 UK adults also found that three quarters (75%) of respondents do not understand how the lifetime individual savings account (Lisa) will ...
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ArticleAuto-enrolment increases pension saving by £2.5bn
Pension saving has increased by £2.5 billion a year by April 2015 as a result of auto-enrolment, according to research by the Institute for Fiscal Studies (IFS).Its study, which analysed data from around 500,000 jobs between April 2011 and April 2015, also found that auto-enrolment has increased pension participation among ...
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Article58% do not know how much their employer contributes to their pension
More than half (58%) of respondents do not know how much their employer contributes to their workplace pension, according to research by Just Retirement.Its survey of 3,208 employees over the age of 21 also found that 43% of respondents would struggle to identify how much they contribute to their workplace ...
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Article65% of employees view financial wellness in the workplace as important
Almost two thirds (65%) of employee respondents cite financial wellness in the workplace as important to them, according to research by Thomsons Online Benefits.Its Future of financial wellness report, which surveyed 200 HR and reward professionals and 500 employees in the UK, also found that less than one in 10 ...
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Article53% of under 35s place flexible working in their top three benefits
More than half (53%) of respondents under the age of 35 cite flexible working as one of the top three most attractive benefits when applying for a new job, according to research by Fidelity International.Its survey of 1,230 UK employees also found that 53% of all respondents list annual leave ...
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ArticleEarly exit charges to be capped at 1% for existing pension schemes
Early exit charges for existing pension schemes are to be capped at 1% from 2017.The cap aims to ensure that individuals over the age of 55 who wish to take advantage of the pension freedoms are not unfairly penalised for accessing their savings early.The Department for Work and Pensions (DWP) ...
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ArticleWhat is the future for pensions technology?
Need to knowThe introduction of the pension freedoms intensified the need for online pension tools.New pensions technology will be more interactive, allowing employees to make immediate changes to their pension plan.The growth of defined contribution assets will help drive product innovation.Pensions technology was thrust into the limelight following the announcement ...
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ArticleRolls-Royce completes £1.1bn pension buyout
Rolls-Royce has completed a £1.1 billion pension buyout for its Vickers Group pension scheme.The £1.1bn buyout transaction with Legal and General covers more than 11,000 members of the pension scheme, which is part of the Rolls-Royce Group. Rolls-Royce acquired engineering organisation Vickers in 1999.The buyout forms part of the pension ...
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ArticleJeanette Makings: The continuing importance of pensions
Pensions are not the whole story of the UK’s workplace benefits offering, but they are still a major player. Half of respondents have more than 90% of their workforce as active members of their primary pension scheme. And with 68% of organisations contributing 3% or more and 26% contributing between ...
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ArticleEXCLUSIVE: 33% do not plan to offer a workplace lifetime Isa
EXCLUSIVE: A third (33%) of employer respondents do not plan to introduce the lifetime individual savings account (Lisa) as a workplace savings tool, according to research by Employee Benefits and Close Brothers.The Employee Benefits/Close Brothers Pensions research 2016, which surveyed 250 employer respondents, found that just 7% plan to offer ...
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Article52% would contribute more than 5% of their salary into their workplace pension
Just over half (52%) of employee respondents who are currently saving into a workplace pension would be willing to contribute more than 5% of their salary themselves, according to research by Aviva.Its research, which is based on surveys of 2,000 UK adults who currently pay into a workplace pension, 277 ...
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ArticleOffering pensions education and guidance provides benefits for employers and staff
Investing in pensions education and guidance provides benefits for employers and employeesOver the past few years, the pace of change in the pensions industry has posed a number of challenges for employers. Not only has it required organisations to review and adapt their pensions provision, they have often had to ...
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Article32% of financial services organisations do not offer extra flexibility around pension allowance changes
Around a third (32%) of London-based financial services organisation respondents are not providing additional flexibility for employees who may be affected by the changes to the annual and lifetime pensions allowances, according to research by Punter Southall Aspire.Its Taxing times for high earners report, which surveyed 50 London-based financial services ...
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ArticleEXCLUSIVE: 36% are using auto-re-enrolment to introduce wider pensions communications
EXCLUSIVE: More than a third (36%) of employer respondents are using pensions auto-re-enrolment as an opportunity to introduce wider communications around pensions and pension savings, 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 fifth ...
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ArticleReview to examine the impact of new working models on employment practices
Prime minister Theresa May has commissioned an independent review into the impact of new working models on employee rights and employment regulatory frameworks, exploring issues around areas such as pensions and pay.The review, which will be led by Matthew Taylor (pictured), chief executive at the Royal Society for the Encouragement ...
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Article52% believe the lifetime Isa will discourage younger staff from pension saving
More than half (52%) of employer respondents believe the lifetime individual savings account (Lisa) is likely to discourage younger employees from saving into a workplace pension, according to research by the Association of Consulting Actuaries (ACA).Its 2016 smaller firms pension survey, which surveyed 455 organisations with less than 250 employees, ...
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ArticleEXCLUSIVE: 56% cite uncertainty around how best to access pension benefits as a retirement concern
EXCLUSIVE: More than half (56%) of employer respondents believe uncertainty about how to make the best decisions when accessing pension benefits is an area of concern for employees, according to research by Employee Benefits and Close Brothers.While this continues to top the list of retirement concerns affecting respondents’ workforces, it ...
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ArticleThe Pensions Regulator begins enforcement action over BHS pension scheme
The Pensions Regulator (TPR) has formally commenced enforcement action against parties it believes to be liable to support the British Home Stores (BHS) pension scheme.TPR has sent warning notices to Sir Philip Green, Taveta Investments, Dominic Chappell, and Retail Acquisitions. These notices comprise arguments and evidence as to why TPR ...
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ArticleFTSE 350 defined benefit pension deficit falls to £149bn
The accounting deficit of defined benefit (DB) pension schemes for the UK’s largest 350 listed organisations fell from £152 billion at the end of September 2016 to £149 billion on 31 October 2016, according to research by Mercer.Its Pension risk survey, which is based on analysis and projections of FTSE ...
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ArticlePost Office staff strike over closure of defined benefit pension scheme to future accrual
Post Office staff who are members of trade unions Unite and the Communication Workers Union (CWU) are taking part in strike action in a dispute over the closure of the organisation's defined benefit (DB) pension scheme to future accrual and potential job losses.The 24-hour strike action commenced at 3am today ...