News – Page 57
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ArticleGovernment to maintain pension triple lock
Autumn Statement 2015: Chancellor George Osborne has confirmed that the government will keep the triple lock, with the basic state pension rising to £119.30 a week from April 2016.The single-tier pension rate has been set at £155.65 a week. This will be available to those reaching pensionable age from April ...
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ArticleGovernment to remove barriers to secondary annuities market
Autumn Statement 2015: The government has confirmed that it is to remove the barriers to creating a secondary annuities market to enable individuals to sell on their existing annuity income stream.Further details on the move, which was announced in the Autumn Statement 2015, will be set out in the government’s ...
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ArticleAuto-enrolment contribution rate rises to coincide with tax year
Autumn Statement 2015: Chancellor George Osborne (pictured) has 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 minimum contribution rate for employers was scheduled to rise to 2% from October 2017 and 3% from October ...
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ArticleThe Pensions Regulator consults on new defined contribution code
The Pensions Regulator (TPR) has published a new draft defined contribution (DC) code of practice for consultation.The new code aims to raise standards of governance and administration in defined contribution (DC) pension schemes.It sets out the standards of conduct and practice the regulator expects trustee boards to meet in complying ...
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ArticleWiggins Teape scheme agrees pension buyout
The Wiggins Teape pension scheme, established for UK employees of paper manufacturers Wiggins Teape and Arjo Wiggins Appleton, has entered into a £400m buyout arrangement.The £400m bulk annuity transaction with Scottish Widows covers around two thirds of the pension scheme’s liabilities for the 4,000 members of the defined benefit (DB) ...
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Article77% say it is employers’ role to support pension scheme members
Over three-quarters (77%) of respondents believe it is the role of employers to communicate with, educate and support staff who are members of their pension scheme, according to research by Aon shows.Its DC survey 2015, which is based on 330 responses from pension scheme managers, trustees and sponsors, found that ...
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Article£80bn was saved into workplace pensions in 2014
More than £80bn was saved into workplace pensions in 2014, up almost £3bn on 2013, according to the Department of Work and Pensions (DWP).Its Automatic enrolment evaluation report 2015 found that private sector workplace pensions accounted for £43bn of this, while the public sector accounted for £37bn.The report also found:In ...
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Article60% save for retirement
Just under two-thirds (60%) of respondents are saving for retirement compared to less than half (47%) two years ago, according to research by Blackrock.Its Global investor pulse survey, which is based on a sample size of 4,000 UK respondents, also found that 54% of respondents are positive about their financial ...
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ArticleEXCLUSIVE RESEARCH: 24% offer financial wellbeing support
Despite major reforms to how employees can access pension savings with the introduction of pension flexibilities in April 2015, many respondents are not seeking to address financial wellbeing as part of their overall employee wellbeing strategy.Just 24% of employers offer some, or all, of their employees financial wellbeing support, according ...
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Article17% are unsure about pension freedoms
Around a fifth (17%) of respondents believe that their employees are still confused about the pension freedoms, according to research by Close Brothers Asset Management.The Close Brothers Business Barometer, which surveyed 900 UK employers, also found that 21% believe their staff have a good understanding of the flexibilities and a ...
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ArticleEXCLUSIVE RESEARCH: 18% have clear understanding of pension reforms
EXCLUSIVE RESEARCH: Employees have mixed levels of understanding about the pension reforms, according to the Employee Benefits/Close Brothers Pensions research 2015. The reforms, which came into force in April 2015, give pension scheme members over the age of 55 greater freedom in how they can access their pension savings. Further ...
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Article53% view flexible working as key part of wellbeing
Just over half (53%) of respondents view flexible working as a key part of their overall employee wellbeing strategy, according to research by Aon.Its 2015 employee benefits and trends survey, which is based on responses from 294 reward, compensation, pensions and benefits representatives, also found that 38% of respondents do ...
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ArticleCommunication remains key in the changing pensions landscape
Almost a third (30%) of respondents to the Employee Benefits/Close Brothers Pensions research 2015 say the most frequent concern that staff have around retirement is a lack of knowledge about how much they need to contribute into their pensions in order to achieve their retirement goals.If an employee reaches their ...
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ArticleEXCLUSIVE: 68% offer group personal pension plans
EXCLUSIVE RESEARCH: Group personal pension (GPP) plans remain the most popular primary workplace scheme, according to the Employee Benefits/Close Brothers Pensions research 2015.The research, which surveyed a total of 259 respondents in September 2015, found that while 68% of repondents offer this type of scheme as their organisation’s primary workplace ...
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ArticleSame-sex spouse loses equal pension bid
The Court of Appeal has upheld a ruling against a retired employee in his bid to see his civil partner, now husband, receive the same pension pay-out in the event of his death as a spouse of the opposite sex.In the case of Walker vs Innospec and others, in which ...
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Article21% plan to release pension cash while still in work
Almost a quarter (21%) of respondents plan to release cash from their pension funds over and above their tax-free lump sum while they are still working, according to research by Portus Consulting.Its survey of 1,080 UK employees also found that 24% of over-55s plan to take cash out of their ...
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ArticleLufthansa staff strike over pensions
Employees of German airline Lufthansa are striking today (9 November) in a dispute over changes to pay and pension provision.The Executive Boards of the Lufthansa Group and Lufthansa German Airlines will also decide today on the ramifications of the present strike action by cabin crew staff that are members of ...
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ArticleAuto-enrolment increases pensions duty of care for 68%
More than two thirds (68%) of respondents feel a greater duty of care to support employees with their workplace pension following the introduction of auto-enrolment, according to research by Aegon UK.Its survey of 508 UK employers also found that 95% of respondents encounter difficulties that prevent them from delivering ...
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£4.7bn is withdrawn under pension freedoms
Approximately £4.7 billion has been withdrawn under the pension freedoms since they were introduced in April 2015, according to research by the Association of British Insurers (ABI).The data indicates that £2.85 billion was invested in income drawdown products during the period, with an average fund of almost £65,000.The figures also ...
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Pensions
The latest analysis, news, case studies and opinion in relation to pensions, with a focus on defined contribution pension schemes; pensions education, compliance with legislation such as the 2015 pension freedoms; auto re-enrolment; pension scheme governance; member engagement; and investment strategy.