News – Page 56
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ArticleGovernment to maintain auto-enrolment earnings trigger for pensions
The government is to maintain the current auto-enrolment earnings trigger for workplace pensions into 2016-2017.The trigger, which determines which employees are eligible to be automatically enrolled into a workplace pension, will remain at £10,000.The Department for Work and Pensions’ (DWP) Review of the earnings trigger and qualifying earnings band for ...
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ArticleGovernment confirms secondary annuity market will not extend to workplace pensions
The government has confirmed that the secondary annuity market will not extend to defined benefit (DB) workplace pension schemes.From 6 April 2017, the government will remove tax restrictions for individuals looking to sell their annuity. This will enable those with an existing annuity, as well as anyone who purchases an ...
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Article20% save more into pension as a result of pension freedoms
A fifth (20%) of respondents are saving more into their pension as a direct result of the pension freedoms, according to research by Aegon.Its fourth annual UK readiness report, which surveyed 3985 adults, also found that just 8% of respondents are currently on track for the retirement income they aspire ...
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ArticleEDF Energy consults on opening defined benefit pension scheme to new members
New employees at EDF Energy would be given access to its defined benefit (DB) pension scheme through a proposed deal negotiated with trade unions.The deal has received the backing of EDF Energy staff that are members of trade union Unison; 79% of members balloted voted on the pension proposal and ...
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Article42% believe pensions will become a less important part of benefits
Some 42% of respondents believe that pensions will form a less significant part of benefits in the future, according to research by Aon Hewitt.Its Pensions administration survey 2015, which is based on 243 responses from pension professionals, also found that just over half (53%) of respondents view their defined benefit ...
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Article10.2m were active members of a workplace pension scheme in 2014
There were 10.2 million active members in workplace pension schemes in the UK in 2014, according to research by the Office for National Statistics (ONS).Its statistical bulletin Active members of occupational pensions, 2014, also found that the number of active members in workplace pension schemes in the private sector increased ...
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ArticleJust 24% are happy with their benefits package
Less than a quarter (24%) of respondents are happy with their workplace benefits package, according to research by health and wellbeing provider Benenden.Its survey of 2,000 employees also found that 28% of respondents believe a good benefits offering increases their loyalty to their employer.The survey also found:23% of respondents say ...
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ArticleWatch Employee Benefits Wired: the changing pensions landscape on demand
Employee Benefits Wired: the changing pensions landscape, is now available to watch on demand.The 30-minute panel discussion can be viewed online at anytime via EB TV on employeebenefits.co.uk.The webinar took place on 1 December in association with Close Brothers Asset Management.The panel included Debbie Lovewell-Tuck, editor of Employee Benefits, Natasha ...
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ArticleEXCLUSIVE: Withers goes green with benefits portal
EXCLUSIVE: Withers has enhanced its benefits portal to communicate annual salary increases and bonus payment updates to its UK employees, moving away from paper communications in line with its commitment to conducting business in a sustainable manner.The portal, provided by Staffcare, offers bespoke employee views that show compensation, including individual ...
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ArticleInstitute of Chartered Accountants agrees £30 million pension buy-in
The Institute of Chartered Accountants has agreed a medically underwritten buy-in transaction for its £200 million pension scheme.The £30 million transaction with Partnership was completed in November. The organisation's Staff Pensions Fund is one of the few UK pension schemes to have completed two medically underwritten buy-ins, after completing a ...
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Article60% of active scheme members are in defined contribution schemes
Almost two-thirds (60%) of respondents' active pension scheme members are in a defined contribution (DC) scheme, compared to 32% in 2011, according to research by the Pensions and Lifetime Savings Association (PLSA).Five year trend data from the PLSA's annual survey, based on responses from 63 private sector employers, also found ...
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Article13% look to employer for retirement planning support
More than one in ten (13%) employee respondents look to their employer for support with retirement planning, according to research by Baring Asset Management.Its survey of 1,548 employees also found that 14% think it is an employer's responsibility to help them understand the asset allocation of their pension fund.The survey ...
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ArticleFairline Boats fails to pay pension contributions
Luxury boat-building organisation, Fairline Boats, has failed to pay employees' pension contributions for three months.Its 468 members of staff have not received pension contributions from the organisation since the beginning of October 2015, although the money has been deducted from workers' pay packets.Mick Orpin, regional officer at Unite the Union, ...
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Article11% believe staff save enough for retirement
Just over one in 10 (11%) respondents believe their employees are saving enough for retirement, according to research by Wealth at Work.Its study, which surveyed 94 employers, also found that 40% of respondents do not offer their workforce financial education around the options available to them under the pension freedoms, ...
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Article66% expect to work past 65
Two-thirds (66%) of employees expect to have to work over the age of 65, according to a study by Portus Consulting.Its research, which is based on 1,080 responses from employees and 43 from recruitment consultants, also found that just over one in ten (11%) of employee respondents anticipate they will ...
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ArticleEXCLUSIVE RESEARCH: 26% do not provide any pensions support to staff
Just over a quarter (26%) of respondents do not provide employees with any information, advice or guidance about pensions, according to research by The National Skills Academy for Financial Services (NSAFS) in partnership with Axa Investment Managers (Axa IM).However, the survey of 100 employers also found that 73% of respondents ...
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ArticleEXCLUSIVE RESEARCH: 56% use tools and modellers for financial education
Employee Benefits is hosting a live webinar, Employee Benefits Wired: the changing pensions landscape, at 1pm tomorrow (Tuesday 1 December). Tune in to EB TV to watch the 30-minute panel discussion live. Send your questions to the expert panel by tweeting #EBWired.EXCLUSIVE RESEARCH: Tools and modellers (56%), along with face-to-face ...
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ArticleDo not miss Employee Benefits Wired: the changing pensions landscape
Employee Benefits Wired: the changing pensions landscape, presented in association with Close Brothers Asset Management, will be broadcast live at 1pm on Tuesday 1 December. The debate can be viewed for free on EB TV.The live panel discussion will provide insight on the key factors impacting workplace pensions, from pensions ...
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ArticleThe Autumn Statement’s impact on employee benefits
On 25 November, chancellor George Osborne delivered the 2015 Autumn Statement and Spending Review. Below is a summary of all the key announcements impacting employee benefits:Osborne announced that the next two phases of minimum pension contribution rate increases under auto-enrolment will be pushed back to coincide with the tax year.The ...
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Article60% of housing associations offer defined contribution pensions
Almost two-thirds (60%) of housing association respondents offer staff a defined contribution (DC) pension scheme, according to research by EMA Business and Management Consultancy.Its 2015 Total rewards survey, which is based on responses from 94 UK housing associations, found that the average contribution rates for DC schemes was 7% for ...