News – Page 48
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Article49% find pensions terminology too confusing
Just under half (49%) of respondents find pensions terminology to be complicated and confusing, acting as a barrier to effective retirement planning, according to research by Capita Employee Benefits.Its Employee insight report 2016/17, which surveyed 3,006 UK employees, also found that 51% of respondents do not know how much they ...
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Article68% would save into the lifetime Isa alongside their pension
More than two thirds (68%) of respondents who would consider opening a lifetime individual savings account (Lisa) would save into it alongside their pension, according to research by Hymans Robertson.Its survey of 1,000 employees under the age of 40 also found that 61% of respondents would open a Lisa, and ...
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ArticleGovernment legislates for lifetime saving
The Savings (Government Contribution) Bill 2016-2017, which legislates for the Lifetime individual savings account (Lisa), has now been introduced to the House of Commons, to finalise details in preparation for an April 2017 launch.The savings vehicle was first unveiled by former Chancellor George Osborne in the March 2016 Budget, aiming ...
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ArticleGovernment increases master trust protections and moves to cap early exit fees
The government has published its new Pension Schemes Bill, which lays out stricter operating criteria for master trusts and begins the process of capping early exit charges for members of workplace pension schemes.The bill, published yesterday (20 October 2016), aims to boost consumer protections by creating a new approval regime ...
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ArticleNationwide Building Society introduces retirement planning tool for staff
Nationwide Building Society has launched an online retirement planning tool for the 12,000 employees in its defined contribution (DC) pension scheme.The organisation has introduced the Guided Outcomes tool, provided by Hymans Robertson, to help educate DC pension scheme members about how much money they might need in retirement and what ...
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ArticleGovernment cancels plans for secondary annuity market
The government has cancelled its plans to create a secondary annuity market on the grounds that sufficient consumer protections could not be balanced with the development of a competitive market.After discussions with industry experts, financial regulators and consumer groups, government officials reached the conclusion that creating the conditions for a ...
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9: Industry insight - Pensions versus property: Simplicity and saving
The debate between the virtues of investing in a pension, or in a property when planning for retirement has raged fiercely recently. The Bank of England’s chief economist, Andy Haldane, fanned the flames of the discussion by suggesting that the best way to save for a retirement “ought to be ...
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Article16% of defined contribution scheme members are saving enough into their pension
Less than a fifth (16%) of defined contribution (DC) pension scheme member respondents are saving enough into their pension to maintain their current standard of living in retirement, according to research by Aon.The Defined contribution member survey 2016, which surveyed 2,004 UK adults who are members of a DC fund, ...
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ArticleAdecco Group moves to monthly flex enrolment to enhance benefits engagement
Employee Benefits Live 2016: Adecco Group UK and Ireland has moved from an annual flexible benefits enrolment window to monthly enrolment.The change, which was introduced this year, aims to increase employee engagement and ensure that the organisation’s benefits package is available to all.The transition to monthly enrolment forms part of ...
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ArticleCapital One drives pensions engagement via themed communications campaign
Employee Benefits Live 2016: Capital One developed a tongue in cheek retirement-themed communications campaign to engage staff with pensions following the transition to a master trust in 2015.The campaign included appearances by street performers Granny Turismo, who perform their acts dressed as grannies and use trolleys as props. Some employees ...
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ArticleGovernment to develop single body for pensions and debt guidance
The government is to develop a single, public financial guidance body to provide individuals with easy access to pensions and money guidance, and debt advice.The new body will replace Pension Wise, The Pensions Advisory Service (TPAS), and the Money Advice Service.Plans laid out in the March 2016 Budget originally set ...
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ArticleHow can employers support staff around pension investment decisions?
Need to know:The majority of employees are in their employer’s default pension fund.Many employers are nervous about providing financial guidance to staff.Sourcing investment fund information may be difficult.The majority (90%) of active defined contribution (DC) pension scheme members invest in their employer’s default pension fund, according to the Pensions and ...
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4: key findings
The survey, which was conducted in September 2016 among readers of Employee Benefits and www.employeebenefits.co.uk, received 250 responses. Due to rounding, percentages may not add up to 100.Key findings:68% of respondents want to support staff in making more informed decisions at retirement.45% of respondents see auto-re-enrolment as an opportunity to ...
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ArticleFinancial Conduct Authority consults on transaction cost disclosure for workplace pensions
The Financial Conduct Authority (FCA) has launched a consultation around proposals for standardising the procedure for disclosing transaction costs in workplace pension schemes.Its proposed guidance suggests that asset managers should be subject to the same transaction cost reporting structures as independent governance committees (IGCs) and trustees, ensuring a consistency of ...
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ArticleFTSE 350 pension deficit falls to £152bn
The accounting deficit of defined benefit (DB) pension schemes for the UK’s 350 largest listed organisations fell from £160bn in August 2016 to £152bn in September 2016, according to research by Mercer.Its Pensions risk survey, which is based on analysis and projections of FTSE 350 organisations’ financial statements adjusted from ...
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Article21% are concerned about the performance of their workplace pension scheme
More than a fifth (21%) of respondents are concerned about how their workplace pension scheme has performed over the past two years, according to research by employee benefits organisation Portus Consulting.Its survey of 1,043 UK employees also found that 27% of respondents would welcome guidance on retirement planning from their ...
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ArticleCurrent government consultations could impact employee benefits strategies
A round-up of current government consultations with a bearing on employee benefits:Tax-efficient benefitsHM Revenue and Customs has launched a consultation to examine the potential impact on employers and employees should the government change the way the benefits code applies when a benefit in kind (BIK) is provided in conjunction with ...
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Article65% expect their employer to provide guidance on benefits
Almost two-thirds (65%) of respondents expect their employer to provide guidance on the employee benefits available to them and how appropriate each benefit is for them and their family, according to research by Capita Employee Benefits.Its Employee insight report 2016-17, which surveyed 3,006 UK employees, also found that 69% of ...
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ArticleGovernment orders review of employment practices in changing world of work
Prime minister Theresa May has ordered an independent review into the impact of new work models on employment practices, such as pay and pensions.The review will examine how changes in the labour market and economy are affecting employers and employees, and how flexibility can be maintained while supporting employee rights ...
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ArticleDefined benefit pension deficit falls to £690bn
The deficit for UK defined benefit (DB) pension funds fell by £20 billion in September 2016, according to research by PricewaterhouseCoopers (PWC).Its Skyval index, which is based on the Skyval platform used by individual pension funds, found that the funding deficit was £690 billion in September 2016, compared to a ...