News – Page 64
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ArticleNAPF and PMI close merger discussions
The National Association of Pension Funds (NAPF) and The Pensions Management Institute (PMI) have announced that they will no longer pursue the opportunity to merge the two organisations. Ongoing discussions about the possibility of a merger were first announced in October last year.The combined organisation would have been aimed at ...
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Article169 employers fined for auto-enrolment non compliance
The total number of employers fined for failing to comply with their workplace pensions duties reached 169 by the end of 2014, according to figures from The Pensions Regulator (TPR).However, this figure represents a small number compared to the tens of thousands of businesses which have now complied with their ...
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ArticleFCA to introduce protection for DC pension members
The Financial Conduct Authority (FCA) is to introduce additional protection to defined contribution (DC) pension scheme members ahead of April’s incoming reforms that will give members more flexibility around how to take their pension pot. Under the new rules, which are aimed at protecting members who are keen to cash ...
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ArticleJust 12% comply with default retirement age laws
Just 12% of employers believe their organisation has fully has fully complied with legislation abolishing the default retirement age (DRA), since it came into effect in 2011, according to research by Jelf Employee Benefits.Its study of 248 employers also found that 34% of respondents felt they need to improve all ...
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Article76% of employers notice pensions auto-enrolment admin burden
More than three-quarters (76%) of staged employers are now noticing an administrative burden caused by the impact of pensions auto-enrolment, according to research by Close Brothers Asset Management. Its latest Business barometer survey, which surveyed more than 400 UK employers, found that this is an increase of 7% since September ...
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ArticleTennants Consolidated reviews pensions administration
Tennants Consolidated has reviewed its pensions administration to boost the value of services for its members of its defined benefit (DB) and defined contribution (DC) pension schemes. The chemicals distribution and wholesale organisation’s pension schemes has more than 1,200 members and approximately £130 million of assets.The Tennants Pension Trustees wanted ...
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ArticleFTSE 100 DB pension deficit declines
The total deficit in FTSE 100 pension scheme has declined by £14 billion to £66 billion in the last year, while liabilities have increased by £44 billion to £591 billion, according to research by JLT Employee Benefits (JLT).The research also found that the number of FTSE 100 organisations that incur ...
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ArticleEmployers yet to consider State pensions change impact
More than half (57%) of employers with defined benefit (DB) pensions have yet to consider, or determine how to address, the increase in payroll costs resulting from changes in the way State benefits integrate with DB pension plans, according to research by Mercer.This compares with 70% of respondents with defined ...
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Tesco closes DB pension and introduces new flex package
Tesco has confirmed plans to close its defined benefit (DB) pension scheme and to introduce a flexible benefits package for store workers to help the employer reduce annual costs of up to £250 million.The supermarket announced in a trading statement to the London Stock Exchange yesterday that it is going ...
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ArticlePension reforms increase retirement engagement
The new pension flexibilities, which are due to come into effect in April, are resulting in more people becoming switched on to retirement planning, according to research by the National Employment Savings Trust (Nest).Its Nest insight 2015 report, which surveyed a representative sample of 2,000 workers, found that approximately a ...
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ArticleCitizens Advice names guidance delivery sites
The Citizens Advice Bureau has named its first 44 sites that will deliver face-to-face sessions as part of the government’s guidance guarantee, Pension Wise. People will be able to book guidance appointments at any Citizen Advice office but will have to travel to a designated delivery centre for the session ...
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ArticleUK retirement savings hit by economic downturn
More than two fifths (41%) of UK employee respondents stopped or reduced their retirement savings during the economic downturn, according to research by HSBC.The bank’s survey of more than 16,000 people globally found that despite signs of recovery, retirement saving has been, and continues to be, significantly impacted by the ...
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ArticlePension freedoms popular with DC savers
The new pension freedoms are popular with employees who have a defined contribution (DC) pension, according to a report published by the Pensions Policy Institute (PPI).Its Supporting DC members with defaults and choices up to, into, and through retirement: qualitative research with those approaching retirement report revealed that two-thirds (66%) ...
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ArticleNearly half of over-50s want to keep working post 65
Almost half of employees (48%) over the age of 50 want to keep working between the age of 65 and 70, according to new research from the Department for Work and Pensions (DWP).The independent YouGov study, which surveyed more than 2,000 retired and non-retired people aged over 50, also revealed ...
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70% want to use pension pot as retirement income
The majority of employees approaching retirement want to use their pension pots to deliver a secure guaranteed income, according to research by the International Longevity Centre.Its Making the system fit for purpose report, which surveyed 5,000 people aged 55 to 70, found that 70% of respondents with a defined contribution ...
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ArticleManchester Airports prepares for pension flexibilities
Manchester Airports Group has updated its defined contribution (DC) pensions administration to address the ongoing freedom and choice pension reforms. The organisation will now offer member administration and member technology services to engage employees with the new pension changes, which come into force in April 2015.The programme will also include ...
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ArticlePensions minister sets out pot follows member change
Pensions minister Steve Webb has confirmed changes to the government’s plans for automatic transfer reforms for its pot follows member project, which will see it initially rolled out on an opt-in basis.This is a short-term rethink of the government’s original long-term plan that relevant pension pots will be automatically transferred ...
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ArticleEmployers yet to take action on pension reforms
Nearly three-quarters (70%) of employer respondents have yet to take ation around the pension reforms that come into force from April 2015, according to research by Jelf Employee Benefits.Its research, which surveyed 250 employers, also found that only 7% of respondents have both reviewed their offering and sent employee communications ...
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ArticleEmployers offer flexible working to support ageing workforce
Over a quarter of employers (27%) have introduced flexible-working initiatives to meet the needs of their ageing workforce, according to research by Group Risk Development (Grid).The group risk employer research study, which surveyed 500 UK businesses and 1,000 employees, also found that 19% of employers are modifying roles and 16% ...
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ArticleLess than half of employers provide at-retirement support
Less than half (45%) of respondents provide staff with support at retirement, according to research by Close Brothers Asset Management.Its study of 218 UK employers also found that the most popular way of supporting employees at retirement is through workplace seminars (26%), while 23% of respondents provide access to information ...