News – Page 59
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Article59% believe they do not require pensions advice
Over half (59%) of respondents believe they do not require pensions and retirement advice when planning to make a withdrawal from their pension pots, according to research by Money.co.uk.The study, which surveyed 669 over 55-year-olds with a pension, also revealed that just one in five (20%) of respondents that are ...
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ArticleMicrosoft US enhances benefits package
Microsoft US is to enhance its parental, holiday and 401(k) pension benefits.The technology giant, which employs 59,853 staff in the US, is introducing its enhanced benefit offerings with the aim of fostering a supportive workplace culture that embraces diversity and inclusion. An enhanced parental packageFrom November 2015, its US-based staff ...
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ArticleVolkswagen launches pension sessions for staff
EXCLUSIVE: Volkswagen has introduced educational classes about the pension freedoms for its 960 UK staff.The classes were designed following the pension flexibilities, which were first announced in the 2014 Budget. The first session was launched at the end of June 2015, with more seminars planned for September and November.The organisation ...
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Article20% would save more than auto-enrolment default
One-fifth (20%) of respondents would increase the amount they contribute to their pensions beyond the minimum auto-enrolment contribution rate, according to research by Aegon.Its research, which is based on a sample size of 4,000 respondents, found that just 6% consider the 2018 default contribution rate of 5% to be unaffordable.Nearly ...
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Article81% of staff in their 30s contribute to workplace pensions
More than four-fifths (81%) of respondents in their 30s contribute to a workplace pension compared to 72% of those in their 40s, according to research by asset management firm Fidelity Worldwide Investment.Its study, which surveyed 1,000 UK adults aged 30-49 in June 2015, also revealed that a greater number of ...
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ArticleAxa closes £2.8 billion DB pension longevity swap
Axa UK Group Pension Scheme has closed a longevity swap for its defined benefit (DB) pension scheme with Reinsurance Group of America.The longevity swap transaction covers £2.8 billion of pension liabilities and provides long term protection against costs resulting from pensioners living longer than initially expected, hence enhancing security for ...
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ArticleAsda appoints pension scheme actuary
Asda has appointed Aon Hewitt as actuarial adviser to the Trustees of the Asda Group pension scheme.The retailer, which is part of Walmart, has 13,500 members in its defined benefit (DB) pension scheme.Trustees of the scheme have chosen Aon Hewitt to be the actuary of the scheme.
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ArticleNest appoints new chief executive officer
Nest Corporation has appointed Helen Dean chief executive officer.Dean (pictured) is currently executive director, product and marketing at Nest.She will take up her new position this autumn, succeeding existing Nest chief executive, Tim Jones.Otto Thoresen, chair of the National Emp[loyment Savings Trust (Nest), said: “It’s fantastic news that we have ...
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ArticleOne million calls to insurers in month after pension freedoms
An announcement published by the Financial Conduct Authority (FCA) yesterday (1 July), states that over one million calls to insurers were made in the first month of the pension freedoms being in place. This represents an 80% increase year-on-year, and a significant rise in activity since the pension reforms came ...
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Article26% of older workers do not want education on retirement issues
Around a quarter (26%) of respondents between the ages of 56-65 do not want any financial education on retirement and pensions issues, according to research by financial solutions organisation Partnership.The research, which surveyed 2,000 people over the age of 21, also found that 18% of 21-30 year olds did not ...
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ArticlePearson makes £90m pension pledge
Pearson will make a £90 million contribution to its group pension plan following the sale of the Financial Times Group to Asian media organisation Nikkei Inc.Pearson has also committed to funding its group pension plan to self-sufficiency in the near-term.The agreement with Nikkei was announced on 23 July. The assets ...
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Pension freedom charges differ vastly
The difference in charges between the cheapest and most expensive companies offering income drawdown under the pension freedoms could total £3,000 over 10 years, according to research by Which?Its analysis of eight insurance companies and ten investment brokers offering full pension freedom found that an individual with a pension pot ...
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ArticleCarlsberg UK introduces financial education
EXCLUSIVE: Carlsberg UK has introduced a financial education and wellness programme for its 900 employees in an attempt to develop their overall wellbeing.The brewing firm already has an employee wellness programme in place, which includes health checks and assessments and health insurance. It has now added financial education to complete ...
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Article£1.8 billion withdrawn in first two months of pension freedoms
Almost a quarter of a million payments worth £1.8 billion were made to consumers from pension pots in April and May following the introduction of the pension freedoms, according to research from the Association of British Insurers (ABI).The data reveals that £1.3 billion was put in to buying nearly 22,000 ...
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Article61% to work past target retirement age if savings are insufficient
Around two-thirds (61%) of UK employees plan to continue working if they have not saved enough by their target retirement age, according to research from Aegon.The study, which surveyed 4,000 UK adults, also found that 64% of respondents are not confident about retiring at their target age of 63.The research ...
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ArticleOracle revamps financial education programme
EXCLUSIVE: Oracle has revamped its financial education programme for its 5,800 UK employees.The technology firm opted to revamp its financial education programme and introduce pensions advice to counteract the challenges surrounding the ageing workforce.To highlight the importance of the programme, which is provided by Secondsight, Oracle introduced a strategic email ...
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ArticleRetirement income a priority for half of retirees
Almost half (47%) of adults feel that securing a guaranteed retirement income is a priority when covering essential expenses, according to a study from asset management firm Fidelity Worldwide Investment.The study, which surveyed 1,014 UK adults over the age of 55, also found that just 39% plan to purchase an ...
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ArticleGovernment to actively monitor salary sacrifice
Summer Budget 2015: No immediate changes to salary sacrifice schemes were announced by Chancellor George Osborne during his Budget speech yesterday (8 July).However, in the Budget documents it is noted that the government will actively monitor salary sacrifice schemes and their impact on tax receipts.The documents state: ‘Salary sacrifice arrangements ...
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ArticleMore staff are seeking pensions advice from employers
Over a third (37%) of employers believe that the pension freedoms have encouraged them to play a greater role in financially educating their employees.The study from Close Brothers Asset Management, which surveyed 685 employers, also found that 33% of respondents have seen an increase in staff seeking advice on their ...
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Article83% opt to take entire pension pot in cash
Since the introduction of the new pension freedoms in April, 83% of those that have taken up the new options have chosen to take all of their pension savings as cash, according to data from BlackRock’s workplace pensions business. Data based on 1,152 people aged 55 and over who have ...