News – Page 62
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ArticleMoog Controls boosts pensions engagement
Moog Controls has boosted pensions engagement by more than 150% through its bespoke financial education workshops.The manufacturer of precision motion controls organisation, which helped design the Wimbledon electric roof, focused its education on helping employees make more informed investment decisions.It ran four interactive pilot workshops, provided by Jelf Employee Benefits, ...
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ArticleEmployees keen to cash in or drawdown pension pots
Savers looking to access their pension pots following the introduction of the new pension freedoms on 6 April are more likely to take savings as cash or go into drawdown, according to early analysis by several pension providers.Fidelity Retirement Services found that, from around 200 calls, a quarter of people ...
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ArticleHalf of savers miss tell-tale signs of pension scams
More than half of pension scheme savers aged over 50 are missing tell-tale signs of potential scams and risky investments, according to research by Zurich.Its survey of 1,011 people in defined contribution (DC) pension schemes found that 38% of respondents would not be suspicious of an unsolicited letter, while 22% ...
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ArticleRoffey Park informs staff about pension freedoms
EXCLUSIVE: Roffey Park Institute has informed all 80 employees about the pension changes that came into effect on 6 April.The leadership institute educated staff about the pension freedoms via a verbal summary given by line managers and an internal email.The email, which was sent to staff on 2 April, offered ...
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Article82% of savers positive about pension reforms but worry about risks
More than four-fifths (82%) of employees are positive about the imminent pension reforms which come into effect on 6 April, but many remain worried about the risks attached, according to research by the National Association of Pension Funds (NAPF).Its Understanding retirement research, which surveyed 850 savers aged 55-70, found that ...
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ArticlePeople in the South West spend most time in retirement
People in the South West of England are likely to spend the most amount of time in retirement (18.7 years), compared to counterparts in other areas of the UK, according to research by Club Vita, part of Hymans Robertson.The study, which surveyed 1,526 UK adults who have not retired, also ...
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ArticleAuto enrolment opt-out rates remain low among new recruits
Auto-enrolment opt-out rates have remained low among employees recruited after large employers began complying with the legislation, according to research by consultancy Towers Watson.Its FTSE 350 defined contribution pension survey, which analyses the changes and trends in pension provision among the 350 largest UK-listed organisations, found that the average opt-out ...
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ArticleBuyer's guide to contract-based defined contribution pension schemes
What is a contract-based defined contribution (DC) pension scheme?A contract-based DC scheme is based on contributions from both employers and staff. It can be a group personal pension (GPP), a stakeholder scheme or a group self-invested personal pension (Sipp).What are the origins of contract-based DC pension schemes?Most new DC schemes ...
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ArticleITV's defined benefit pension deficit decreases
ITV’s total defined benefit (DB) pension scheme deficit decreased by nearly £100 million in 2014. The media organisation’s scheme had an aggregate IAS 19 deficit of £346 million to the year ending 31 December 2014, compared to £445 million in 2013.The fall in its deficit reflected pension funding contributions in ...
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ArticleScan Coin UK launches life assurance and auto-enrolment pension
Scan Coin UK has introduced a new group life assurance scheme and workplace pension scheme to comply with auto-enrolment for its 50 UK staff.The supplier of cash handling and money processing equipment organisation will offer a scheme, provided by Portus Consulting, that manages its workplace pension auto-enrolment programme, as well ...
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ArticleClare Bettelley: Pensions re-enrolment is a great time to re-engage staff
Organisations should consider, for example, whether they have appointed the right provider with which to auto-enrol. Has the provider offered the employer the necessary or expected level of support for both the organisation and its employees?Has the provider’s technology coped with employee volumes and opt-out requests? If not, how can ...
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ArticleTrinity Mirror Group to pay £36m to plug pension deficit
Trinity Mirror Group is to pay £36.2 million over the next three years to help plug its defined benefit (DB) pension scheme deficit.The publishing organisation announced the funding arrangements in its Preliminary results report after the scheme’s deficit increased by £49 million last year to £301.2 million.This reflected the impact ...
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ArticleFCA acts to support choice in retirement
The Financial Conduct Authority (FCA) is to introduce remedies designed to support choice in the retirement market in light of the forthcoming pension reforms.Its final Retirement income market study proposes five remedies for employees with defined contribution (DC) pension pots to help make competition work for those looking at drawdown ...
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ArticleJust 15% have a clear retirement plan in place
Just 15% of reposondents hoping to retire in the next 12 months have put together a retirement plan, according to research by Fidelity Worldwide Investment.Its Class of 2015 report, which surveyed 500 employees planning to retire between April 2015 and March 2016, found that only 15% of respondents have done ...
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Financial disengagement could limit success of pension reforms
Financial disengagement among people approaching retirement could threaten the success of the government’s pension reforms, according to research by the Strategic Society Centre.Its Defined capability: pensions, financial capability and decision-making among retirees research found that among respondents aged 55 to 64, only one in three with defined contribution (DC) pension ...
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ArticleWork and Pensions Committee recommends single pensions regulator
A single pensions regulator and an independent commission will need to be set up to help protect pension savers when the new pension flexibilities come into effect from April 2015, according to a report by the Work and Pensions Committee.Its Progress with automatic-enrolment and pension reforms report highlighted that an ...
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Article51% not confident Pension Wise will deliver support
More than half (51%) of employer respondents are not confident that the government’s guidance guarantee Pension Wise service will provide their employees with adequate support around decisions at retirement, according to research by Hymans Robertson.The pensions and risk consultancy’s research, which questioned 100 HR directors in organisations with more than ...
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ArticleSteve Webb urges employers to consider pension freedom choices
Employers and their staff should avoid rushing to make decisions around the new pensions freedoms coming into force on 6 April, and consider the date as the start of a journey rather than a deadline, according to Steve Webb, minister for pensions, speaking at Employee Benefits Connect 2015. “The chances ...
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ArticleAon partners with Blackrock to launch new DC pension
EXCLUSIVE: Aon Employee Benefits has partnered with Blackrock to launch a new defined contribution (DC) pensions scheme, which will be officially launched at Employee Benefits Connect today (4 March).The product, Bigblue Touch, combines Aon’s Bigblue technology with Blackrock’s investment and administration services.It aims to give scheme members access to financial ...
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ArticleStaff contribute average of 5% to pensions
The average employee monthly contribution to a workplace defined contribution (DC)pension scheme in the UK is 5% of their monthly salary, according to research by The Chartered Institute of Personnel and Development (CIPD).Its Employee attitudes to pay and pensions report, which surveyed 2,255 working adults, also found that 43% of ...