News – Page 65
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ArticleCity Link staff face non-payment of December pension
City Link will not be able to provide employees with their December pension payments after going into administration on 25 December.The courier’s workforce received defined contribution (DC) pension payments of £1,041 per calendar month, but will not receive the December bill due this month.A spokesman from City Link said: “City ...
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ArticleFinancial Education report 2015
View all stories from the report below:Jonathan Watts-Lay: Three steps to freedomNew flexibilities in pension access increases the need for workplace financial education.Financial education in numbersA round-up of the latest facts and figures about financial education.Andrea Finney: Helping to ease the burdenThere are a number of steps employers can take ...
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Article?MacDermid Canning completes DB pension buyout
MacDermid Canning has completed an insurance buyout of its defined benefit (DB) pension scheme.The bulk annuity for the global speciality chemicals organisation’s scheme, which has 670 members, amounts to £50 million.Aon Hewitt and Eversheds were appointed to advise on the deal and the Pension Insurance Corporation was appointed to secure ...
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ArticleIkea to pay €200m performance bonus into pensions
Ikea Group has handed its employees a share of a €200 million (£156.94 million) bonus in to their pension schemes after hitting pre-agreed global sales targets.The €200 million bonus will paid via its loyalty programme, Tack!, which launched in December 2013 to reward employees who have worked with the home ...
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ArticleChancellor confirms plans to scrap pensions death tax
Autumn Statement 2014: From April 2015, beneficiaries of individuals who die before the age of 75 with remaining uncrystallised or drawdown defined contribution pension funds, or who have a joint life or guaranteed-term annuity, will be able to receive any future payments from these policies tax free.These changes, which will ...
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ArticleGovernment to simplify auto-enrolment legislation
The government has launched a consultation outlining its plans to simplify the auto-enrolment process and help reduce burdens on employers.A Department for Work and Pensions (DWP) consultation, Technical changes to automatic-enrolment: consultation on draft regulations, sets out a number of changes to legislation designed to make life easier for all ...
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ArticleGovernment votes in favour of firefighter pension changes
The government has voted in favour of changes to firefighters’ pensions, which will see them have to work until age 60 and receive increased pension contributions after the government voted in favour of the changes.The measure, which has led to a series of strikes by union members, was passed by ...
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ArticleCompetition in retirement market is not working
A failure by many consumers to shop around or switch provider to get the best annuity deal proves that competition in the retirement market is not working as well as it could be, according to research by the Financial Conduct Authority (FCA).The regulator’s Retirement income market study, which examined products ...
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ArticleFirefighters stage further strike over pensions proposals
Firefighters in England are taking further industrial action over pensions today (9 December) following the government’s decision to commence the Parliamentary procedure to implement regulations for a revised pension scheme. The 24-hour walkout began at 9am this morning.After nearly three years of negotiations, firefighters in England are being offered a ...
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ArticleAgeing workers and economy threaten pensions
Pension schemes are facing a number of challenges due to the combined threats of the economy, the ageing population and a lack of confidence in private pensions, according to the Organisation for Economic Co-operation and Development (OECD).Its Pensions outlook report 2014, which summarises the challenges that policymakers face around pension ...
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Article53% of over 40s unsure of guidance guarantee eligibility
More than half (53%) of respondents over the age of 40 do not know if they are eligible for the guidance guarantee, according to research by retirement provider Partnership. Its research, which surveyed more than 2,000 people aged over 40, also found that 18% of respondents said they were not ...
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ArticleActive membership of DC schemes outstrips DB for first time
Active membership of defined contribution (DC) pension schemes outnumbers that of defined benefit (DB) schemes for the first time, according to research by the National Association of Pensions Funds (NAPF).The trade body’s 40th Annual survey, which questioned 250 NAPF fund members, representing 840 pension schemes throughout the UK, found that ...
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Article40% undecided on retirement strategies post April 2015
More than 40% of respondents do not yet know what retirement options they will offer to pension scheme members when new flexibilities around retirement income come into effect from April 2015, according to research by JLT Employee Benefits.Its 250 Club survey, which questioned 250 organisations, also found that 65% of ...
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ArticleAviva and Friends Life finalise merger
Insurance organisations Aviva and Friends Life have finalised the terms of a £5.6 billion merger.The merger will create the UK’s largest insurance and savings business with more than 16 million customers.Aviva first announced the firms were in talks in November 2014.It is expected the merger will generate £225 million of ...
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Article45% able to provide pension flexibility
Less than half (45%) of respondents believe that they have the resources and systems in place to provide pensions flexibility once changes announced in this year’s Budget come into force, according to research by Wealth at Work.Its report, Do your employees need to rethink retirement? which surveyed 105 HR, reward ...
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ArticleTRW completes £2.5bn DB pensions buyout
TRW Automotive has completed a £2.5 billion buyout of part of its defined benefit (DB) pension scheme. The buyout, for which consultancy Mercer was a lead adviser, changed the scheme from a £3.5 billion plan to a £1 billion plan over the course of a year.The transaction, which covers 22,000 ...
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Article31% have not heard of pension charge cap
Nearly a third (31%) of respondents have not heard of the pensions charge cap that will come into force in April 2015 or have not been informed of this by their provider or adviser, according to research by Close Brothers Asset Management.Its Business barometer survey, which questioned more than 900 ...
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Article66% say costs rose post auto-enrolment
Two-thirds of respondents (66%) that have measured the impact of auto-enrolment within their organisation say compliance has increased their costs, according to the Employee Benefits/Close Brothers Pensions research 2014, which surveyed 216 respondents in September 2014.Overall, 60% of respondents have measured the impact of auto-enrolment on their organisation. A further ...
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Article74% of small employers want support with pension issues
Almost three-quarters (74%) of small and mirco employers with pension issues want support from intermediaries.According to the research from Nest, the government-backed auto-enrolment pension scheme for UK employers, employers also expect support from the outset, with many expecting help as soon as they begin preparations.Many also require ongoing support, with ...
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ArticleCTL Engineering completes DB pension buyout
CTL Engineering has completed an insurance buyout of its defined benefit (DB) pension scheme.The consulting engineering, testing, inspection and analytical services organisation’s scheme has 115 members and assets of £12 million. Aviva was appointed to wind up the scheme within three months of transacting.Aon Hewitt advised on the buyout and ...