News – Page 54
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ArticlePensions advice allowances to be extended
Budget 2016: The £150 limit on income tax and national insurance (NI) relief on employer-arranged pensions advice is to be extended to £500.In its Budget 2016 documentation, the government also confirmed that it is to consult on the introduction of a pensions advice allowance. This would allow pension scheme members ...
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ArticleGovernment to restructure financial guidance providers
Budget 2016: The government is to restructure the Money Advice Service, The Pensions Advisory Service and Pension Wise into two new guidance bodies.The move, which was detailed in the Budget 2016 documentation, is intended to ensure that consumers can access the help they need to make effective financial decisions.The new ...
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ArticleGovernment to introduce Lifetime Isas to encourage long-term saving
Budget 2016: The government is to introduce a new savings mechanism known as a Lifetime individual savings account (Isa).Chancellor George Osborne announced the plans in his Budget 2016 speech today (16 March).The Lifetime Isa is aimed at helping young people save for the long term, with a particular emphasis on ...
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ArticleEmployer contributions to public sector pensions to increase
Budget 2016: Employer contributions to public sector pensions will increase from 2019-20 onward.In his 2016 Budget speech today (16 March), Chancellor George Osborne announced that the government has reassessed the discount rate used to set employer contributions. The discount rate is based on the Office for Budget Responsibility’s (OBR's) long-term ...
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Article77% do not feel in control of their pension savings
More than three-quarters (77%) of respondents do not feel in control of their pension savings, according to research by Hymans Robertson.Its Putting your workforce back in control of pensions report, which is based on a survey of 102 HR and benefits professionals, 2000 pension savers, focus groups, and individuals saving ...
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ArticleAuto-re-enrolment offers an opportunity to re-engage individuals with pension savings
Employee Benefits Connect 2016: Interventions are required to help employees save adequately for retirement.In a conference session titled ‘Using auto-re-enrolment to future proof pensions provision’, at Employee Benefits Connect on 9 March, Amy Hennessy, policy adviser at the Pensions and Lifetime Savings Association (PLSA), discussed how the pension freedoms have ...
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Article15% view frequent pensions regulation changes as a burden
Some 15% of employer respondents feel that frequent changes to pensions regulation are a burden, according to research by Barnett Waddingham and Standard Life.The Employers’ attitudes to the changing defined contribution (DC) pensions landscape report, which surveyed 76 employers, also found that more than half (52%) of respondents cite regulatory ...
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Article79% used existing workplace pension scheme for auto-enrolment
Around three-quarters (79%) of respondents that already have a workplace pension scheme in place opted to use their existing scheme for auto-enrolment, according to research by the Department for Work and Pensions.Its Employers’ pension provision survey 2015, which is based on a survey of 3,008 private sector employers, also found ...
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Article23% have yet to review schemes in light of pension freedoms
Almost a quarter (23%) of respondents have yet to review their pension scheme investment strategy since the pension freedoms were introduced in April 2015, but plan to do so this year, according to research by Willis Towers Watson.Its Pension design survey, which surveyed 160 of the UK’s largest organisations, also ...
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ArticleRolls-Royce introduces financial education and engagement strategy
Rolls-Royce has implemented a financial education and employee engagement strategy to engage employees with saving for retirement, and switched pension scheme providers.The strategy, which includes financial education presentations and access to an online platform, is designed to help employees take control of their finances.The aerospace power systems manufacturer introduced the ...
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ArticleGain insight into balancing benefits and financial wellbeing at Employee Benefits Connect
Those who attend Employee Benefits Connect 2016 can gain insight into how employee benefits could potentially harm employee’s financial wellbeing, as well as the measures that can be taken to address this, in a session led by Darren Laverty (pictured), partner at Secondsight.During the conference session, Laverty will discuss the ...
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ArticleOmbudsman upholds pensions tax complaint against police
The Pensions Ombudsman upheld a complaint against the Police and Crime Commissioner of South Wales over its failure to inform a police officer of the tax implications of re-employment on his retirement benefits.The police officer, Mr Cherry, retired in June 2011 and was re-employed by the Commissioner within one month ...
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ArticleGain insight into the future of master trusts at Employee Benefits Connect
Delegates who attend Employee Benefits Connect 2016 will have the opportunity to gain insight into the future of master trusts in defined contribution (DC) pension provision in a conference session hosted by Willis Towers Watson.During the session, Fiona Matthews managing director of Life Sight at Willis Towers Watson and Richard ...
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Article55% take an active interest in their pension savings
More than half (55%) of respondents take an active and regular interest in their pension savings, according to research by chartered accountant and business adviser Price Bailey.Its Workplace pensions: the members’ perspective report, which surveyed 2,017 pension scheme members, also found that 42% of respondents do not know whether they ...
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Article70% are against changing the current pensions tax relief system
More than two-thirds (70%) of employer respondents do not think that the current pension tax relief system should change, according to research by Hargreaves Lansdown.Its survey of employers also found that 41% of respondents are considering new reward strategies for their highest earners.The research also found:76% of respondents believe that ...
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ArticleHigh Court rules in pensions transfer case
The High Court has ruled against Royal London in a pensions transfer case, overturning the Pensions Ombudsman’s earlier determination in favour of the mutual life and pensions provider.In the case of Donna-Marie Hughes vs The Royal London Mutual Insurance Society, Hughes requested to transfer her benefits from her personal pension ...
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ArticleHSBC reduces executives' pensions payments to 30% of base salary
HSBC has reduced the amount of cash executive directors receive in lieu of pensions from 50% to 30% of base salary.The change to executive directors' remuneration policy came into effect from January 2016. The change follows concerns raised by investors.The lower pensions payments for executive directors also reduces their fixed ...
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Article92% falling behind on retirement savings targets
The majority (92%) of respondents are falling behind on their retirement savings targets, according to research by Aegon UK.Its UK readiness report, which surveyed 4,000 UK adults, also found that 22% of respondents are unaware of how many pension pots they have.The research also found:More than a third (37%) of ...
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ArticleJust 3% help staff understand the changes to lifetime and annual allowance limits
Just 3% of employer respondents are helping their employees to understand the changes to lifetime and annual allowance limits that come into effect in April 2016, according to research by Close Brothers Asset Management.The Close Brothers business barometer, which surveyed 917 employers, also found that 14% of respondents offer retirement ...
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Article69% make employer pension contributions of 6% or less
More than two-thirds (69%) of respondents offer a contribution of 6% or less of earnings to their employees' pension savings, according to research by Punter Southall Aspire.Its survey of 106 employers also found that 81% of respondents contribute less than 10% of earnings to their employees' retirement savings.The research also ...