News – Page 67
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Buyer's guide to group personal pensions
Under a group personal pension (GPP), an employer agrees to make monthly contributions into the scheme, but the contract is between the employee and the pension provider. Currently, a GPP ends when the member retires and buys an annuity with the proceeds, so there is no obligation on the employer ...
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ArticlePension scheme membership lowest among 16 to 21 year olds
Employee membership of a workplace pension is at its lowest at the beginning of an employees’ working life, according to research by the Office for National Statistics.Its Pension scheme membership report found that among employees aged 16 to 21, around 10% of both men and women belonged to their employer’s ...
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ArticleThe Pensions Regulator issues first auto-enrolment fines
The Pensions Regulator (TPR) has issued its first fines to employers for failing to meet auto-enrolment duties.It has issued three fixed penalty notices were issued, each levying fines of £400 on employers, according to the TPR’s latest automatic-enrolment Compliance and enforcement bulletin.TPR has not revealed details of the nature of ...
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ArticleMG Rover Group reaches £8m pension settlement
MG Rover Group has reached an £8 million pension settlement with The Pensions Regulator (TPR) following an investigation into its senior pension scheme.More than 100 former employees, who were members of the scheme, will now receive a cash bonus almost ten years after the car manufacturer collapsed in April 2005.In ...
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ArticleNine out of 10 small employers want auto-enrolment delay
Nine out of 10 small employers that have not reached their pensions auto-enrolment staging date yet want the process to be delayed until the new raft of pension reforms are complete, according to research by the Association of Consulting Actuaries (ACA).The ACA 2014 Smaller firms’ pension survey, which surveyed 414 ...
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Article47% of auto-enrolment probes result in breaches
The number of investigations into auto-enrolment compliance by The Pensions Regulator (TPR) that result in potential and actual breaches has more than doubled this year, according to a Freedom of Information request by Creative Auto Enrolment.The request by the auto-enrolment services organisation found that investigations resulting in potential or actual ...
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Article62% of staged employers positive about pensions auto-enrolment
Nearly two-thirds (62%) of staged employers feel positive about auto enrolment, and the impact it will have on their business, according to research by Close Brothers Asset Management.Its Business barometer survey, which surveyed more than 900 UK employers, also found that the majority of employers which have staged for auto-enrolment ...
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ArticleWarburtons increases staff pension contributions
Warburtons has seen more than 376 pension scheme members of staff increase contributions in the last year following the introduction of its three-year engagement plan.The family-owned baking organisation also reduced its auto-enrolment opt-out rates to 1%, down from 2.6% in October 2013.Speaking at the annual National Association of Pension Funds ...
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ArticleOfcom enters into fifth pension buy-in
Ofcom has continued to manage its defined benefit (DB) pension scheme deficit with a buy-in contract to help de-risk its scheme liabilities.The buy-in arrangement with Legal and General, which is the fifth contract between the insurer and the communications regulator, covers a further £50 million of Ofcom’s (Former ITC) staff ...
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ArticleNAPF and PMI to discuss merger
The National Association of Pension Funds (NAPF) and The Pensions Management Institute (PMI) have announced their formal intention to discuss the possibility of merging the two organisations.The possibility of a merger will be discussed over the next six to nine months, after which both organisations will update their members and ...
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Article23% saving the most they can afford for retirement
Less than a quarter (23%) of respondents are saving the most they can afford into a pension, according to research by Friends Life. Its UK Retirement savings map, which surveyed 18,000 UK adults, benchmarked how active respondents are in saving into a pension. The North East, Scotland and the North ...
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ArticleMost talked-about news in September
The government has confirmed its intention to remove the annual contribution limit and transfer restrictions on the National Employment Savings Trust (Nest). The restrictions on annual contributions, which currently stand at a maximum of £4,600, and bulk transfers will be lifted on 1 April 2017.?We fully welcome proposals to remove ...
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ArticleMK Dons launches master trust for auto-enrolment
InterMK Group has auto-enrolled all of its 320 employees into a defined contribution master trust. The group, which includes the football club MK Dons, InterMK, HotelMK, StadiumMK and MK Dons Sports and Education Trust, auto-enrolled staff into the master trust, provided by Carey Pensions. The provider will also offer administration ...
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ArticleCreating sustainable EU pension system a key priority
Creating a sustainable and adequate pension system across the European Union (EU) is a key priority, according to Gabriel Bernardino (pictured), chairman of the European Insurance and Occupational Pensions Authority (EIOPA).Speaking at the National Association of Pension Funds (NAPF) annual conference on 17 October, Bernardino also challenged pension scheme providers ...
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ArticleGuidance guarantee to be delivered under single brand
The government’s guidance guarantee will be delivered under a single brand rather than under the Pension Advisory Service (TPAS) or Money Advice Service (MAS) brands, confirmed the Financial Conduct Authority (FCA) at the National Association of Pension Funds (NAPF) annual conference.The government announced in July that its guaranteed guidance on ...
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ArticleDefault investment strategies must have flexibility to deal with uncertainty
Default investment strategies must be robust enough to be able to deal with uncertainty and the evolution of pensions, according to Tim Banks, managing director of sales and client relations at AllianceBernstein.Speaking in a session on ‘Defined contribution (DC) investment – do we need to think again?’ at the National ...
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ArticleScottish Power, BNY Mellon and IHG awarded for pensions quality
Intercontinental Hotels Group (IHG), BNY Mellon and Scottish Power have been awarded the Pensions Quality Mark (PQM) for their defined contribution (DC) pension schemes, while Lloyd’s Register has been awarded the PQM Plus.The organisations were all presented with their awards by pensions minister Steve Webb at the National Association of ...
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ArticleOne in 10 would transfer out of DB to DC pension
Nearly one in 10 employees approaching retirement with defined benefit (DB) pensions would be interested in transferring out of final salary pensions, according to research by Towers Watson.Its Attitudes to retirement in a post-Budget world research, which surveyed more than 2,000 employees aged between 54 and 64, found that respondents ...
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Article200,000 staff plan to cash in retirement savings
More than 200,000 employees plan to cash in all their retirement savings next year when new pension reforms giving greater flexibilities come into effect, according to research by Hargreaves Lansdown.The research, which surveyed more than 1,247 people, found that more than one in 10 (12%) respondents with a defined contribution ...
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ArticleGovernment confirms action to cap pension charges at 0.75%
The government has confirmed it will continue to press ahead with action to cap pension scheme charges at 0.75% from April 2015.Its draft regulation paper Better workplace pensions putting savers’ interests first has confirmed charges to invest and manage the default funds of all qualifying schemes will be capped at ...