News – Page 50
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ArticleFCA consults on Pension Wise standards for secondary annuity market
The Financial Conduct Authority (FCA) has launched a consultation into the standards of support expected of Pension Wise for those considering selling an annuity upon the launch of the secondary annuity market.The government will remove tax restrictions for individuals looking to sell their annuity from April 2017.The remit of the ...
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ArticleMarks and Spencer enhances pay and pensions deal
Retailer Marks and Spencer has enhanced the pay deal offered to staff, including the extension of top up payments and pension cash supplements for affected employees.The agreed offer follows the completion of a three-month consultation on pay and pensions with the organisation's national employee representative group, the Business Involvement Group.The ...
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ArticleEXCLUSIVE: 49% cite flexible working as most coveted future benefit
Just under half (49%) of respondents say flexible-working arrangements and work-life balance will be the most important benefits to them in the future, making it the most coveted benefit, according to research by Grass Roots.Its Future of employee benefits report, which surveyed 1,000 employees and 200 HR managers, also found ...
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ArticlePirelli agrees £600m pension longevity swaps
Multi-national tyre firm Pirelli has agreed two longevity swaps for its UK pension arrangements to counteract the risks of an ageing population.The longevity swaps have been arranged for both the Pirelli General Pension and Life Assurance Fund and the Pirelli Tyres Limited 1988 Pension and Life Assurance Fund with Zurich ...
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ArticleGovernment consults on pensions advice allowance
The government has launched a consultation on whether defined contribution (DC) pension members should be able to access their retirement funds early to pay for financial advice.The consultation, which will run for eight weeks until 25 October 2016, focuses recommendations by the Financial Advice Market Review (FAMR), announced in the ...
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ArticleRichard Harrington commits to continuing key pension reforms
Since Richard Harrington’s appointment as parliamentary under secretary of state at the Department for Work and Pensions in July 2016, there has been much industry speculation about his priorities and commitment to existing pension reforms and proposed changes.Harrington stepped in to the role previously filled by Baroness Ros Altmann in ...
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Article75% of DC pension savers will retire on inadequate income
Post-Brexit, the proportion of savers into a defined contribution (DC) pension scheme who will retire on an inadequate income has risen to 75% from 66%, according to research by Hymans Robertson.Its analysis of data of 500,000 savers on the organisation's Guided Outcomes platform also found that the cost of providing ...
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Article5% of FTSE 250 still provide defined benefit pensions
The total deficit of defined benefit (DB) pension schemes in FTSE 250 organisations has reached £11 billion, according to research by JLT Employee Benefits.Its FTSE 250 and their pension disclosures half-yearly report, which analyses data of annual reports for years ending on or before 31 December 2015 and published by ...
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ArticleEXCLUSIVE: 36% have not reviewed core benefits in the last two years
Just over a third (36%) of respondents have not reviewed their core benefits offering in the last two years, according to research by Hargreaves Lansdown.Its study of 350 employers also found that only 13% of organisations that provide flexible benefits do not operate salary sacrifice arrangements, or if they do, ...
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ArticleIbstock consults on closing defined benefit pension scheme to future accrual
Brick manufacturer Ibstock is consulting staff on a proposal to close its defined benefit (DB) pension scheme to future accrual for all active members.The consultation process, which began last week, will liaise with approximately 40% of the organisation’s UK employees, lasting for a minimum period of 60 days.According to Ibstock's ...
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Article60% who have used pensions freedoms unsure how to fund future care
Less than two-thirds (60%) of respondents who have accessed their pension since the pension freedoms were introduced in April 2015 have not thought about how they will pay for future care needs, according to research by Citizens Advice.Its survey, which polled 501 British adults aged 55 or over who have ...
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ArticleEXCLUSIVE: 74% offer salary sacrifice pension arrangements
EXCLUSIVE: Almost three-quarters (74%) of employer respondents enable staff to contribute into their defined contribution (DC) pension scheme via a salary sacrifice arrangement, according to research by Employee Benefits and Xerox HR Services.The Benefits research 2016, which surveyed 338 employer respondents, also found that two-thirds (66%) of respondents offer a ...
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ArticleFTSE 100 organisations pay £13.3bn into defined benefit pension schemes
FTSE 100 organisations paid £13.3 billion into defined benefit (DB) pension schemes in 2015, compared to £12.5 billion in 2014, according to research by Lane Clark and Peacock (LCP).The annual Accounting for pensions report, which is based on analysis of data publicly disclosed by FTSE 100 organisations, also found that ...
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Article£4.3bn paid out in lump sums under pension freedoms
Some £4.3 billion has been paid out in 300,000 lump sum payments under the pension freedoms between April 2015 and April 2016, according to research by the Association of British Insurers (ABI).It also found that the average lump sum payment totals £14,500.In addition, £3.9 billion has been paid out via ...
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ArticleNestle agrees pay and pensions deal for employees
Food and drink organisation Nestle has agreed to a pay and pensions deal for 7,600 UK employees put forward by the GMB and Unite trade unions.The new package includes a career average defined benefit (DB) pension based on an 80th accrual rate for all existing members, the introduction of a ...
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ArticleFTSE 350 pension deficits increase by £10bn in five days
The accounting deficit of defined benefit (DB) pension schemes for the UK’s 350 largest listed organisations increased by £10 billion in the five days to 4 August 2016, according to research by Mercer.Its Pensions risk survey, which is based on analysis of pension deficits using the approach organisations adopt for ...
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ArticleHow to re-engage staff with retirement saving
Need to knowEmployers are under pressure to devise engaging pensions communication strategies.At retirement, guidance is lacking.Employees must take responsibility for keeping informed about their retirement options.Larger employers are in the midst of re-enrolling employees into their workplace pension scheme and working hard to devise and develop communication strategies that re-engage ...
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ArticleManweb Group agrees £1bn pension longevity swap
Manweb Corporate Pension Trustee has agreed a £1 billion longevity swap with Abbey Life Assurance, which covers around 4,000 members of the Manweb Group of the Electricity Supply Pension Scheme (ESPS).The swap has been structured as a tri-partite insurance policy between the Electricity Pension Trustee, Manweb Corporate Pension Trustee, and ...
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ArticleUnion to bring equal pensions case against Lloyds Banking Group
Lloyds Trade Union (LTU) is preparing to bring a class action lawsuit against Lloyds Banking Group regarding equal payments for members of its defined benefit (DB) pension scheme.According to the union, the different rates at which male and female members of the pension scheme accrue guaranteed minimum pensions (GMP) payments ...
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ArticlePension deficits hit £139bn for FTSE 350 organisations
The accounting deficit of defined benefit (DB) pension schemes for the UK’s 350 largest listed organisations stood at £139 billion at the end of July 2016, compared to £119 billion at the end of June, according to research by Mercer.Its Pensions risk survey, which is based on analysis and projections ...