News – Page 6
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ArticleSmart Pension acquires Evolve Pensions
Workplace pension provider Smart Pension has acquired workplace pension services Evolve Pensions, owner of master trust the Crystal Trust.The aim of the acquisition is to improve experience and provide efficiencies for the Crystal Trust’s employers and members, enabled by cloud-based global technology platform Keystone, which was developed by Smart Pension’s ...
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Article20% of DC pensions see rises in opting out or reducing contributions
A fifth (20%) of defined contribution (DC) pension schemes continue to report increases in members opting out or reducing contributions, according to research by Aon.Its DC today survey, which is based around a regular pulse survey designed to track how DC schemes and their members are reacting to the current ...
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ArticleGovernment announces DC pension scheme reforms
Nine of the UK’s largest defined contribution (DC) pension providers have come to an agreement with the government to improve pension schemes.Under the Mansion House Reforms, announced by Chancellor of the Exchequer Jeremy Hunt, the providers have committed to allocating 5% of assets in their default funds to unlisted equities ...
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Article19% of staff feel completely or somewhat prepared for retirement
Just under one in five (19%) of employees aged between 32 and 40 feel completely or somewhat prepared in terms of how they will fund their retirement, according to new research.Pension provider Aviva worked with UK economics consultancy WPI Economics on its new report Planning for retirement in the 2050s. ...
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ArticleGovernment extends pensions dashboard connection deadline
The UK government has issued an update on its planned pensions dashboards programme, stating that it needs additional delivery time and its connection deadline will be 31 October 2026.It stated that this is in recognition of the fact that the requirement to connect to the digital architecture should remain mandatory ...
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ArticleNatwest Group completes acquisition of Cushon
Credit: William Barton / Shutterstock.comBanking organisation Natwest Group has completed its acquisition of a majority shareholding in workplace savings and pensions fintech Cushon.The group agreed to acquire 85% of Cushon for £144 million back in February, with 15% retained by management. It was approved by the Financial Conduct Authority (FCA) ...
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ArticleStella McCartney and Herbert Smith Freehills shortlisted for Best pensions strategy
Fashion brand Stella McCartney and law firm Herbert Smith Freehills are among those employers on the shortlist for Best pensions strategy at the Employee Benefits Awards 2023.This award was created to recognise businesses that have developed a pensions strategy which best meets the needs of employees, whether that includes reviewing ...
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ArticleThomas Cook completes £900 million pension buy-in
Travel business Thomas Cook has completed a £900 million bulk purchase annuity buy-in transaction for its UK pension scheme.Aviva insured the defined benefit (DB) pension liabilities for more than 12,500 scheme members following the liquidation of the business in 2019. There were 12,693 members in total, consisting of 8,421 deferred ...
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ArticleThe top 10 most-read articles between 28 April - 4 May 2023
The top 10 most-read articles on www.employeebenefits.co.uk between 28 April and 4 May 2023 were: Ovo Energy launches flexible bank holidaysGlaxoSmithKline plant employees strike after rejecting 6% pay dealCo-op introduces enhanced flexible compassionate leaveNHS Staff Council agrees to 5% pay increase for health workers in EnglandCadent accredited as menopause-friendly employerEXCLUSIVE: ...
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ArticleQuarter of large employers have seen increase in pension scheme opt-outs
A quarter (26%) of large employers have seen an increase in the number of pension scheme opt-outs among employees in the face of the cost-of-living crisis, according to research by Cushon.The research, conducted among more than 2,000 UK organisations employing 500-plus employees, found that pension scheme opt-outs were one of ...
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ArticleCoastline Housing receives living pension accreditation
Cornish charitable housing association Coastline Housing has received living pension accreditation from the Living Wage Foundation.Launched last month, the living pension is a voluntary savings target for employers who want to help workers build up a pension that will provide enough income for everyday needs in retirement. The target is ...
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ArticleThe Pensions Regulator authorises UK's first CDC pension scheme
The Pensions Regulator (TPR) has assessed and authorised the UK's first collective defined contribution (CDC) pension scheme.The Royal Mail Collective Pension Plan (RMCPP) was the first to be added to the newly published list of authorised CDC pensions on TPR's website.The regulator authorised the scheme in order to continue with ...
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ArticleThe Oak Trust loses age discrimination and unfair dismissal case
A school manager at The Oak Trust in Oldham, Lancashire, who lost her job days before she was eligible for her pension, has won an age discrimination and unfair dismissal case.Suzanne Millar started working as a school business manager at Fir Bank Primary School, which is owned by the trust, ...
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ArticleDeutsche Bank completes £400 million bulk purchase annuity buy-in
Banking group Deutsche Bank has completed a £400 million bulk purchase annuity buy-in transaction for its UK pension scheme.Aviva insured the defined benefit (DB) pension liabilities for nearly 1,300 scheme members, removing the investment and longevity risk. As a result of the deal, they will experience no change in the ...
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ArticleBuyer's guide to group personal pension schemes
What is a group personal pension (GPP)?A group personal pension is a defined contribution (DC) arrangement whereby an employer agrees to make monthly contributions into a scheme, but the contract is between the employer and the pension provider.The pension freedoms that were announced in the 2014 Budget, and came into ...
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ArticlePhoenix Group and Herbert Smith Freehills become living pension employers
Insurers Phoenix Group and Aviva, and law firm Herbert Smith Freehills are among those that have signed up to become living pension employers, a scheme launched today (21 March) by the Living Wage Foundation.The Good Things Foundation, Wealthify and Citizens UK also signed up, making up the first six employers ...
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ArticleSpring Budget 2023: Tax-free pensions allowance up by 50%
Spring Budget 2023: In his Budget address to the House of Commons today (15 March 2023), Chancellor of the Exchequer Jeremy Hunt addressed the issue of unpredictable pension tax charges causing employees to leave work, particularly within the NHS.The government has therefore increased the pensions annual tax free allowance by ...
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ArticleDWP confirms pension dashboard delivery will be delayed
The Department for Work and Pensions (DWP) has issued a ministerial statement confirming that the Pensions Dashboards Programme (PDP) will not be able to meet the delivery deadlines originally set out in its legislation.The DWP said that it will work together with the PDP to establish and legislate a revised ...
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ArticleNatWest acquires majority shareholding in savings fintech Cushon
Credit: William Barton / Shutterstock.comBanking organisation NatWest Group has acquired 85% shareholding in workplace savings and pensions fintech Cushon, with the remaining 15% retained by Cushon management.NatWest made the move in order to offer commercial customers and their employees a suite of financial wellbeing products. It follows similar acquisitions by ...
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Article20% of DC pension members opting out or reducing savings
One in five defined contribution (DC) pension schemes reported an increase in requests to reduce or opt out of pension savings over the past three months, according to research by Aon.The data came from the professional services firm’s first edition of DC Today, a pulse survey tracking UK DC schemes, ...