News – Page 51
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Article31% are more concerned about their pension after Brexit vote
Just under a third (31%) of respondents are more concerned about their pension and retirement since the UK’s decision to leave the European Union (EU) in June’s referendum vote, according to research by Wealth Wizards.Its survey of 2,000 Brits also found that 31% of respondents feel it is their employers’ ...
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ArticleEXCLUSIVE: Freepoint Commodities boosts staff engagement with pensions
EXCLUSIVE: Commodity trading organisation Freepoint Commodities has seen 45% of UK employees who are members of its workplace pension scheme check their pensions online on a monthly basis since the launch of a new group pension and workplace savings platform in January 2016.The organisation introduced the new group self-invested personal ...
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ArticleUK EXCLUSIVE: Arthur J Gallagher acquires Orb Financial Services
UK EXCLUSIVE: Arthur J Gallagher has acquired Surrey-based employee benefits organisation Orb Financial Services.Orb provides employee benefits consultancy and broker services, including group risk and healthcare, flexible benefits, benefit communications, workplace pension schemes, travel and dental protection, as well as key person and partnership protection.The acquisition is aimed at bringing ...
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ArticlePension Protection Fund compensation cap queried in court
The Court of Appeal has referred the Hampshire v The Board of the Pension Protection Fund legal case to the EU (European Union) Court of Justice for a final ruling regarding the compensation limits that restrict the retirement remuneration given to former staff of insolvent employers.The compensation cap that is ...
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ArticleSavers access £6.1bn through pension flexibilities
Savers have received flexible pension payments worth a total of more than £6.1 billion since the introduction of the pension flexibilities in April 2015, according to data from HM Revenue and Customs (HMRC).Its Flexible payments from pensions: July 2016 statistical bulletin found that between April and June 2016 approximately 159,000 ...
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Article6.1 million employees have been auto-enrolled into a pension scheme
More than 6.1 million UK employees have been automatically enrolled into a pension scheme since 2012, according to research by The Pensions Regulator (TPR).Its Automatic-enrolment: commentary and analysis report, which covers the period from April 2015 to March 2016, also found that two-thirds (66%) of employees are active members of ...
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Article35% of CFOs see sustainability as defined benefit pension scheme end goal
More than a third (35%) of chief financial officer (CFO) respondents cite scheme sustainability as the end goal for their organisation's defined benefit (DB) pension scheme, according to research by Hymans Robertson.The survey of 100 pension trustees and 51 CFOs at organisations with more than 1,000 employees also found that ...
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ArticleImperial Chemical Industries Pension Fund completes £750m buy-in
Imperial Chemical Industries (ICI) Pension Fund has completed a £750 million pension buy-in transaction with Legal and General.Of the pension scheme's £11 billion of total liabilities, £7 billion-worth of liabilities are now insured.This transaction follows similar buy-ins with both Scottish Widows and Prudential.Since 2014, the ICI Pension Fund and Legal ...
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ArticleRichard Harrington to fulfil pensions minister duties
Richard Harrington has been named parliamentary under secretary of state at the Department for Work and Pensions (DWP).Although it differs in name, the role will cover the duties previously performed by the minister of state for pensions.Baroness Ros Altmann served as minister of state for pensions between 2015 and 2016, ...
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ArticleRos Altmann leaves pensions minister post
Baroness Ros Altmann (pictured) has left her post as minister of state for pensions.The change forms part of a cabinet reshuffle following the resignation of David Cameron and the appointment of Theresa May as Prime Minister and leader of the Conservative Party.Other changes at the Department for Work and Pensions ...
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ArticleWatch Employee Benefits Wired: the changing shape of the employee benefits market on demand
Employee Benefits Wired: the changing shape of the employee benefits market, is now available to watch on demand. The 30-minute panel discussion can be viewed online at any time. The webinar took place on 7 July 2016 in association with Xerox HR Services. The panel included Debbie ...
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ArticleEmployee Benefits named Pensions/Benefits Publication of the Year
Employee Benefits has been named Pensions/Benefits Publication of the Year at the 2016 Willis Towers Watson Media Awards, winning the accolade for the second year in a row.The annual industry media awards, now in its eleventh year, recognises excellence in business journalism, focusing on the areas of HR, pensions, benefits ...
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ArticlePension deficit for defined benefit schemes increases by £89bn
The aggregate deficit of defined benefit pension schemes in the Pension Protection Fund (PPF) 7800 Index reached £383.6 billion at the end of June 2016, an £89 billion increase from the £294.6 billion recorded at the end of May 2016, according to data from the PPF.The latest PPF 7800 Index ...
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ArticleEmployee Benefits Live conference streams to address key industry challenges
Workplace equality and diversity, benefits technology, pensions, and health and wellbeing are just some of the dedicated conference streams that will feature at Employee Benefits Live 2016.On day one of the event, on Tuesday 11 October, conference streams include workplace pensions, which will highlight issues such as auto-re-enrolment, and the ...
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ArticleWhat should employers watch for after the EU leave vote?
On 23 June, the UK electorate voted to leave the European Union (EU).Since the result of the referendum was announced, there has been much uncertainty and speculation about the impact of the Leave decision on employment legislation and rights, workplace pensions and other employee benefits.With a minimum two-year wait on ...
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ArticleDWP consults on future of Nest
The Department for Work and Pensions (DWP) has launched a consultation on the future of the National Employment Savings Trust (Nest) to investigate whether the service needs to better reflect the current pensions market.The consultation will consider the role and breadth of Nest in relation to pension reforms, such as ...
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Article7% would opt out of workplace pension in favour of Lifetime Isa
Just 7% of respondents would stop saving into a workplace pension upon the introduction of the Lifetime individual savings account (Lisa), according to research by Fidelity International.Its survey of 2,000 UK adults aged between 18 and 40, also found that 37% of respondents would be interested in saving into both ...
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ArticleFTSE 350 pension deficit hits £119bn after Brexit vote
The accounting deficit for defined benefit (DB) pension schemes for the UK’s 350 largest listed organisations rose to £119 billion at the end of June 2016, according to research by Mercer.Its Pensions risk survey found that the accounting deficit for DB pension schemes increased by £21 billion from £98 billion ...
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ArticleConfessions of a benefits manager: Candid is swamped with conference calls
Today didn’t begin well. For a start, I had to get out of a nice comfortable bed and go to work. Now I am here, I wonder if I have mistakenly come in on a bank holiday. The office is empty and eerily quiet. My colleague, Lazy Susan, is at ...
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ArticlePensions Ombudsman supports Signet Group in ruling on spouse’s pension
The Pensions Ombudsman has ruled that the widow of a deceased member of the Signet Group Pension Scheme was not entitled to receive a spouse's pension because the couple were not married at the point the scheme rules required in order to qualify for the benefit.Mrs R filed a complaint ...