News – Page 58
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ArticleOundle School completes pension buyout
Oundle School, Northamptonshire, has completed a £5 million bulk purchase annuity transaction with Canada Life and JLT Employee Benefits.The buyout deal, which covers around 150 members of the school’s pension and life assurance plan for non-teaching staff, was secured by JLT Employee Benefits, alongside a trivial commutation exercise.The transaction represents ...
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ArticleHMRC receives reports of 251,000 flexible pension payments
Some 251,000 flexible payments from pensions were made in the six months since the pension freedoms were introduced in April 2015, according to statistics from HM Revenue and Customs (HMRC).Its Flexible payments from pensions: October 2015 statistical bulletin found that 121,000 flexible pension payments were made in the second quarter ...
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ArticleGovernment consults on pension member-borne commission
The government has launched a consultation into the most effective means of regulating to prevent charges being imposed on members of workplace pension schemes used for automatic enrolment to recover the cost of commission paid to an adviser.This consultation follows the government’s announcement in March 2014 that it intended to ...
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Article14 per cent of staff over 55 are targets of pension scams
More than one in ten (14%) respondents aged 55 and over have been targeted by pension fraudsters since the introduction of the pension freedoms in April 2015, according to research by employment benefits consultant Portus Consulting.Its survey of 1,088 workers over the age of 50, including 789 employees over the ...
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ArticleTate and Lyle Sugars boosts pension contributions via salary sacrifice
EXCLUSIVE: Some 90% of Tate and Lyle Sugars’ employees have taken up pensions salary sacrifice since the arrangement was launched in July 2015. Following the introduction of salary sacrifice as part of the employer’s group personal pension (GPP) scheme, Tate and Lyle’s 560 UK employees’ pensions contributions have increased by ...
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Article92% view the introduction of auto-enrolment positively
Almost all (92%) of respondents believe that it was a good idea for the government to introduce auto-enrolment, according to research by Hargreaves Lansdown.Its survey of 635 employees, which marks almost three years since auto-enrolment’s initial implementation in October 2012, also found that just 30% of respondents are aware of ...
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Article
61, 62, Buyer's guide to group personal pensions
What is a group personal pension (GPP)?A GPP is a contract-based pension scheme that is arranged by an employer, but each scheme member holds an individual contract directly with the pension provider.What are the origins of GPPs?GPPs were launched in 1988, after personal pensions replaced retirement annuity contracts.What are the ...
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ArticleHeineken agrees £2.4bn pension longevity swap
Heineken has entered into a longevity transaction for its defined benefit (DB) pension scheme with Friends Life, which is now part of Aviva.The longevity swap transaction covers £2.4 billion of pension liabilities and insures the longevity risk for 19,000 pensioners who are part of the Scottish and Newcastle Pension Plan.The ...
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ArticleNational Grid agrees £13bn defined benefit pension mandate
The board of trustees of the National Grid UK Pension Scheme (NGUKPS) is entering into a long-term agreement with Legal and General Investment Management (LGIM) for the management of £13 billion of the scheme’s assets.LGIM will acquire 100% of the share capital in Aerion Fund Management, which is fully owned ...
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Article66% are saving adequately for retirement
Two-thirds (66%) of respondents employed by large organisations are now saving adequately for retirement, compared to 53% in 2013, according to research by Scottish Widows.Its Workplace pensions report, based on responses from 5,191 UK adults, also found that more than half (54%) of those enrolled in a defined contribution (DC) ...
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Article32% will not review defined contribution pension schemes
Almost a third (32%) of respondents do not plan on reviewing or adjusting existing defined contribution (DC) pension services for employees following the introduction of the pension flexibilities in April, according to research by Close Brothers Asset Management.Its latest Business barometer survey, which questioned 685 employers, also found that 34% ...
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Article44% feel somewhat knowledgeable about retirement savings
Less than half (44%) of respondents consider themselves to be somewhat knowledgeable about retirement savings and financial matters, according to research by State Street Global Advisors.Its 2015 SSGA Global Monitor study, which is based on responses from 3,500 staff in the US, UK, Australia and Ireland, also found that 30% ...
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ArticleTake part in exclusive pensions research
How well do your employees understand the pension reforms? What financial education strategies are you using to support staff?Tell us in the exclusive Employee Benefits/Close Brothers Pensions research 2015, which is designed to help you benchmark your organisation’s pensions strategy.We are particularly interested in finding out how the pension reforms ...
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Article36% of 51-60 year olds have no pension plans
Over a third (36%) of 51-60 year olds have no pension provision, according to research by the Chartered Institute of Payroll Professionals (CIPP).Its survey of 2,010 employees also revealed that around a third (30%) of respondents are not sure if their pension savings are enough to retire on.The study also ...
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Article43% plan to offer pension drawdown option
Less than half (43%) of respondents plan to offer a drawdown option as part of their pension plan, according to research by Towers Watson’s UK DC master trust, LifeSight.Its survey of 100 employers also found that 87% of respondents believe that their employees will want to access some or all ...
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Article96% foresee changes to state pension
Just 4% of financial advisers believe the state pension will continue in its present form over the next 30 years, according to research by pension provider Aegon UK.Its survey of 208 financial advisers found that almost half (49%) of respondents that think there will be changes to the current system ...
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ArticleBovis Homes' DB pension scheme moves to £9.8m surplus
Bovis Homes’ defined benefit (DB) pension scheme has moved from a deficit of £0.7 million to a surplus of £9.8 million, its first half 2015 interim results revealed.The housebuilding organisation’s DB pension scheme assets rose to £111.8 million from £103.4 million in the six months to 30 June 2015.Its scheme ...
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Article40% want pensions to be taxed like Isas
Some 40% of respondents want pensions to be treated in a similar manner to individual savings accounts (Isas) because they would prefer to be taxed while working rather than in retirement, according to research by PricewaterhouseCoopers (PWC).The survey of 1,197 working UK adults, published in August 2015, also reveals that ...
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ArticleJust Retirement and Partnership Assurance to merge
Just Retirement Group and Partnership Assurance Group are to merge to create JRP Group.The boards of the two annuity providers have agreed on the terms of a recommended all-share merger. Just Retirement shareholders would own a 60% stake in JRP Group, with Partnership Assurance owning the remaining 40%.In addition to ...
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ArticleEmployers paid £7bn towards DB pension deficits in 2014
Respondents paid £7 billion towards their defined benefit (DB) pension deficits in 2014, according to research by Barnett Waddingham.The research, which is based on publically disclosed pension accounts from 218 FTSE 350 organisations, also revealed that aggregate pension deficits have reached their highest level in five years, and employee pension ...