News – Page 55
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ArticleScottish Power introduces retirement savings portal
Scottish Power has introduced an online portal to help its employees meet their retirement saving goals.The portal, provided by Hymans Robertson, enables the 2,500 members of Scottish Power's defined contribution (DC) pension scheme to set a retirement income target and helps them to make informed decisions to meet that target.Around ...
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ArticleWinners of the Corporate Adviser Awards 2016 announced
Employee Benefits’ sister publication, Corporate Adviser, announced the winners of its annual awards last night (11 February) at the Lancaster London, hosted by comedian Danny Wallace (pictured).Aon was named firm of the year at the ceremony, as well as being awarded for Best use of technology by a corporate adviser.The ...
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ArticleUS court proceeds with FedEx pension case
In January 2016, a US District Court Judge allowed a pension benefits claim brought by the same-sex widow of a FedEx employee to proceed while dismissing two other claims by the plaintiff.In the case of Stacey Schuett v. FedEx Corporation et. al., the plaintiff, Stacey Schuett, was in a relationship ...
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ArticleCompliance news at a glance: January 2016
High Court rules peripatetic staff are eligible for auto-enrolmentThe High Court has ruled that peripatetic workers are eligible to be auto-enrolled into a workplace pension scheme, after Fleet Maritime Services (FMSB) challenged the Pension Regulator’s (TPR) approach and guidance on peripatetic workers. bit.ly/1OTzx1tUS court rules on back-pay case for unpaid ...
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Article39% say financial struggles affect their performance at work
More than a third (39%) of respondents say their financial struggles prevent them from performing at their best at work, according to research by Willis Towers Watson.Its 2015 global benefits attitudes study, which surveyed 29,629 employees in 19 countries, including 1,895 in the UK, also found that almost three-quarters (71%) ...
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Article31% say reduction in tax relief causes higher earners to leave workplace pension schemes
Around a third (31%) of employer respondents say the reduction in pensions tax relief and complexities of the workplace pensions regime have caused employees on higher incomes to leave their pension schemes, according to research by the Association of Consulting Actuaries (ACA).The research, which surveyed 477 employers responsible for more ...
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Article63% actively considering how to access pension savings through the freedoms
Almost two-thirds (63%) of respondents are actively considering how to access their defined contribution (DC) pension savings through the flexibilities that came into effect in April 2015, according to research by the Pensions and Lifetime Savings Association (PLSA).Its Pension freedoms: no more normal report, is based on a survey of ...
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ArticleGovernment consults on simplifying auto-enrolment process
The government has launched a consultation to gain views on its proposals to simplify the administration process of auto-enrolment.The draft regulations aim to reduce the burden on employers and ensure that those who benefit most from saving into a pension will continue to be auto-enrolled without unintended consequences for individual ...
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ArticleGovernment to enforce pension member-borne commission ban from April
The government is to place a regulatory duty on pension service providers to prohibit member-borne commission charges for workplace pension schemes from April 2016.In October 2015, the Department for Work and Pensions (DWP) launched a consultation into the most effective means of regulation to prevent members of pension schemes that ...
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ArticleOmbudsman upholds pensions tax duty-of-care complaint against police
The Pensions Ombudsman has upheld a police officer's complaint that his employer had a duty of care to inform him of the tax implications of re-employment on his retirement benefits.Mr Cherry was employed as a police officer with the Police and Crime Commissioner of South Wales from February 1982, and ...
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ArticleGovernment confirms cap on early exit pension charges
The government has confirmed a cap on excessive exit charges for those accessing their pension pot early.On 19 January, chancellor George Osborne outlined a proposal to place a duty on the Financial Conduct Authority (FCA) to cap excessive early exit penalties.The FCA will be responsible for setting the level of ...
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Article30% are in favour of changing pensions tax relief
Less than a third (30%) of employer respondents are in favour of changing the tax relief available on pensions, according to research by Hargreaves Lansdown.Its survey of 345 employers also found that around half (53%) of those that support change favour a flat rate of tax relief, with 41% wanting ...
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Article23% pay a 5% contribution into employees' pensions
Around a quarter (23%) of respondents are paying a 5% contribution into their employees' pensions, according to research by Aegon.Its survey of 508 employers also found that 92% of respondents make a 2% contribution, ahead of this becoming the required minimum employer contribution rate under auto-enrolment from 2018.The research also ...
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ArticleHigh Court rules peripatetic staff are eligible for auto-enrolment
The High Court has ruled that peripatetic workers are eligible to be auto-enrolled into a workplace pension scheme.A judicial review sought by Fleet Maritime Services (FMSB) challenged the Pension Regulator’s (TPR) approach and guidance on peripatetic workers who travel from place to place, working in different locations. The organisation employs ...
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ArticleFTSE 350 defined benefit pension asset values fall by £6bn
The defined benefit (DB) pension asset values of FTSE 350 organisations fell by £6bn between 30 November 2015 and 31 December 2015 from £646bn to £640bn, according to a study from Mercer.Its Pensions risk survey also found that liability values in the FTSE 350 were £704bn in December 2015 compared ...
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ArticleJudge rules on motions in FedEx same-sex spouse pension case
A US District Court Judge has allowed a pension benefits claim brought by the same-sex widow of a FedEx employee to proceed while dismissing two other claims by the plaintiff.The plaintiff, Stacey Schuett, was in a committed relationship with Lesly Taboada-Hall for 27 years. They married in a civil ceremony ...
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ArticleAlcatel-Lucent agrees £300 million pension buy-in
Global telecommunications equipment organisation Alcatel-Lucent has agreed a £300 million pensioner liabilities buy-in with Aviva for its UK defined benefit (DB) pension scheme.The transaction is part of the organisation’s long-term de-risking objective. Alcatel-Lucent’s pension scheme has liabilities of around £1 billion.The organisation's pension trustees were advised by Aon Hewitt, which ...
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6: Tax and legislation: How will the Autumn Statement affect workplace benefits?
Chancellor George Osborne delivered the 2015 Autumn Statement and Spending Review on 25 November, which included announcements that will impact the future of employee benefits.PensionsThe next two phases of minimum pension contribution rate increases under auto-enrolment are to be pushed back to coincide with the tax year. The minimum contribution ...
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ArticleLivingbridge to acquire Broadstone
Private equity firm Livingbridge is to acquire Broadstone Corporate Benefits and Broadstone Risk and Healthcare Ltd from Oakley Capital.Broadstone provides pensions, employee benefits, actuarial and investment services advice to small and medium sized employers, pension scheme trustees and individual pension scheme members.Livingbridge aims to help Broadstone increase in scale and ...
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ArticleTop 10 most read stories this week
The top 10 most read stories on www.employeebenefits.co.uk from 10-17 December 2015 What is driving employers’ flexible benefits strategies?EDF Energy consults on opening defined benefit pension scheme to new membersCouncil employees receive two-year pay rise offerGovernment confirms secondary annuity market will not extend to workplace pensionsCapita to acquire Work Group’s ...