News – Page 61
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ArticlePremier Foods’ DB pensions deficit falls £400 million
Premier Foods’ defined benefit (DB) pension schemes combined deficit has fallen by almost two-thirds in the 15 months to April 2015.The firm, which owns the Oxo, Mr Kipling and Bisto brands, revealed in its preliminary results that its pension deficit shortfall had dropped from £603.3 million to £211.8 million over ...
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ArticleNational Grid outsources pension fund management
National Grid is to outsource the fund management of its defined benefit (DB) pension scheme’s assets. The organisation, which runs the power network in England and Wales, took the decision to implement a new stratgegy following a review of its investment and governance model.The board of trustees of the National ...
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ArticleEmployers undecided on what to do when contracting out ends
Employers with defined benefit (DB) pension schemes facing a scramble to avoid higher national insurance (NI) bills when contracting out ends in 2016 have yet to decide how they will respond, according to research by Towers Watson.Its Cessation of contracting-out research, which surveyed 154 organisations, found that more than two-thirds ...
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ArticleLufthansa Group pension deficit reaches €10.2bn
The Lufthansa Group’s defined benefit (DB) pension scheme has seen a 41% increase in liabilities since the end of 2014.The deficit of the airline’s scheme reached €10.2 billion (£7.4 billion) at 31 March according to the group’s first quarter earnings report.The organisation has attributed its high pension obligations to falling ...
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ArticleLehman Brothers agrees £675 million pension buy-in
Financial services firm Lehman Brothers has agreed a £675 million buy-in transaction for its pension scheme with insurance firm Rothesay Life, following its application for bankruptcy in 2008.The buy-in has also secured full employee benefits for all members as a result of the settlement between the pension scheme trustees and ...
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ArticleOlympic Airlines insolvency affects pension benefits
The Supreme Court has ruled that Olympic Airlines is unable to enter the Pension Protection Fund (PPF) because it did not have an establishment in the UK during its insolvency proceedings.The case, Trustees of the Olympic Airlines SA Pension and Life Assurance Scheme (Appellants) v Olympic Airlines, relates to the ...
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ArticleTPR issues first escalated auto-enrolment fines
The Pensions Regulator (TPR) has issued its first four escalated auto-enrolment penalties, which range from £50 to £10,000 a day depending on the severity of the breach.The organisations received fixed penalty notices for failure to comply with a statutory notice or specific employer duties.The quarterly bulletin from TPR also found:198 ...
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ArticleEIOPA launches pension stress tests
The European Insurance and Occupational Pensions Authority (EIOPA) has launched a pensions stress test and quantitative assessment on solvency for Institutions for Occupational Retirement Provision (IORPs). The stress tests, which EIOPA started preparing in 2014, will cover both defined benefit (DB) and defined contribution (DC) pension schemes.The first of these ...
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ArticleJust 7% are financially prepared for retirement
Less than one in 10 (7%) UK adults are financially on track for their retirement, according to research from Aegon.Its third UK readiness report, which surveyed 4,000 UK adults, also found that nearly two-thirds (62%) of respondents do not feel confident about being able to retire when they want to.The ...
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ArticleCompliance top issue driving DC pensions
More than half (56%) of respondents say compliance with legislation is their top issue driving their defined contribution (DC) pensions provision, according to research by Towers Watson.Its Fit for retirement report, which surveyed 101 organisations, also found that more than a third (38%) of employers cite their employees’ ability to ...
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ArticlePension freedoms prompt review of scheme design
Pension schemes have begun to evolve in terms of the member support they provide and and their at-retirement investment design, according to research by The Defined Contribution Investment Forum (DCIF).Its At-retirement solutions for the new pensions era report, based on in-depth interviews with providers behind nine large defined contribution (DC) ...
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ArticleHayman Group improves DB pensions administration
Hayman Group has improved its defined benefit pension (DB) scheme administration to help the firm adapt to funding changes. The distiller’s Hayman Limited Retirement Benefits Scheme will implement new technology, provided by pensions actuarial firm Spence and Partners, to use live administration data to calculate actuarial results to help develop ...
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ArticleTata Steel staff to be balloted on pensions strike action
Employees at Tata Steel are to be balloted on industrial action over the steel-making firm’s proposed closure of its defined benefit pension scheme.Trades unins Unite, Community, GMB and the Union of Construction, Allied Traders and Technicians (UCATT) intend to open the ballot for member of the British Steel Pension Scheme ...
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ArticleNew exemptions introduced for auto-enrolment
Employers will no longer have to automatically enrol employees in certain situations due to changes under government draft legislation.Exceptions will be introduced so employers are not required to auto-enrol individuals who are leaving employment, staff who cancel membership of a pension scheme before automatic-enrolment and those with tax-protected status for ...
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Article47% plan to semi-retire
Almost half (47%) of working people plan to semi-retire before finishing their working life completely, according to research by HSBC.Its The future of retirement choices for later life report, which surveyed 16,000 people in 15 countries, also found that 29% of current retirees initially took semi-retirement.The study also found:43% intend ...
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ArticleNews UK and Sony awarded for pensions quality
Jobs and Business Glasgow, News UK and Sony UK are among the organisations that have been awarded the Pension Quality Mark (PQM) in recognition of the quality of their defined contribution (DC) pension schemes. Sony UK has achieved the PQM Plus award for its scheme’s contribution rates, good governance and ...
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Article32% will not have sufficient pension pot by age 65
Almost a third (32%) of respondents believe they will not have a sufficient pension pot to fund their retirement by the age of 65, according to research by Canada Life Group Insurance. Its research, which surveyed more than 850 employees, found that 14% intend to continue working past the traditional ...
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ArticleTesco agrees pension deficit funding of £270 million
Tesco has agreed a pension deficit funding plan with its trustee for its defined benefit scheme, comprising cash contributions of £270 million per year.The supermarket giant is also consulting with employees on plans to close its defined benefit (DB) pension scheme and replace this with a defined contribution (DC) scheme.Tesco ...
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ArticleJohn Lewis appoints DC pension provider
The John Lewis Partnership has appointed Legal and General as bundled administration provider to the defined contribution (DC) section of its pension scheme.The appointment is part of the retailer’s implementation of its new hybrid pension arrangement, comprising both DC and defined benefit (DB) sections.In February, John Lewis announced plans to ...
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Article63% of staff prefer to manage pensions online
Just under two-thirds (63%) of respondents who belong to a workplace pension scheme would prefer to manage their retirement savings online or via an app, according to research by Aegon.Its survey of 2,000 UK adults, including 1,532 pension scheme members, also found that 64% of respondents would use a facility ...