News – Page 68
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ArticleEmployee engagement in pensions requires less fund choice
Employees who work for employers that offer a limited choice of investment options for their workplace pension scheme are likely to be more engaged in retirement planning than staff who are offered a vast choice. Speaking at the National Association of Pension Funds annual conference 2014 in Liverpool on 16 ...
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ArticleNails Inc brands auto-enrolment ‘simple’
Preparing for, and implementing, auto-enrolment is ‘simple’ and ‘easy’, according to Purdey Wildey, financial controller for beauty organisation, Nails Inc.As one of three panellists speaking on a session entitled ‘Automatic enrolment at the sharp end’ at the National Association of Pension Funds annual conference in Liverpool on 16 October, she ...
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ArticleAlternative asset classes are future for pensions investment, says Sir Bob Geldof
Pension funds must invest in alternative asset classes that help to redistribute global wealth as well as offer pension scheme members a strong return on investment, according to Sir Bob Geldof.As part of his speech, ‘Make a difference’, which he delivered at the National Association of Pension Funds’ Annual Conference ...
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ArticleMembers to be able to take multiple tax-free lump sums from pensions
Pension scheme members are to be given greater flexibility over how they take tax-free lump sums from their pension pots.From April 2015, members over the age of 55 will be able to withdraw a series of lump sums, dipping into their pension pot whenever they wish. A quarter of each ...
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ArticleLufthansa pilots strike over retirement benefits
Lufthansa employees are striking for 48 hours in a dispute over retirement benefits.Lufthansa, which is in the midst of a cost-cutting plan and trying to set up new low-cost units to battle competition, has proposed increasing the retirement age for pilots from 55 to 60 under the terms of its ...
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ArticleLV= achieves 95% pensions take up post auto-enrolment
LV= has achieved 95% take up of its pension schemes post auto-enrolment.Speaking in a session titled How pension reform will change workplace pension schemes at Employee Benefits Live 2014, Jamie Barnes, head of sales, retirement solutions at LV=, explained that employers have a key role to play in helping staff ...
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70% plan to spend pension pot on holidays and travel
Employees aged 55 to 64 plan to spend a larger amount of their retirement income in the immediate years after they retire, according to research by Investec Wealth and Investment.Its research, which surveyed 985 people aged 55 to 64, found that 70% of respondents plan to spend their retirement funds ...
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ArticleBoodles increases staff pension contributions
EXCLUSIVE: Boodles has seen almost a quarter (22%) of its pension scheme members increase their contributions following the launch of a workplace savings platform.The platform, provided by Hargreaves Lansdown, offers staff access to a group self-invested pension plan (Sipp), a cash individual savings account (Isa), a stocks and shares Isa ...
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Article45% of men and 49% of women had no pension savings in 2010-12
Some 45% of men and 49% of women below retirement age in Great Britain did not have any private pension savings in the period between 2010 and 2012, according to research by the Office for National Statistics (ONS).Its Characteristics of people and households without a private pension report also found ...
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ArticleMonarch Airlines plans to cut pay and pension benefits
Monarch Airlines has begun talks with trade unions and The Pensions Regulator (TPR) about cutting employees’ pay, benefits and defined benefit (DB) pension payouts.Its 3,300 employees are being asked to take pay cuts and productivity improvements of between 25% and 35%, on top of 900 job losses.The airline’s DB scheme, ...
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ArticleStandard Life to close DB pension scheme to future accrual
Standard Life is to close its defined benefit (DB) pension scheme to future accrual and enhance the terms of its defined contribution scheme (DC) for staff from April 2016.Around 55% of Standard Life’s employees belong to its DB scheme which has been closed to new members since 2004. From April ...
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ArticleNest pension restrictions to be lifted in 2017
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 removal of the restrictions on bulk transfers will be lifted from 1 April 2017.The government ...
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ArticleEpwin Group saves £213,000 with workplace savings platform
EXCLUSIVE: Epwin Group has saved more than £213,000 a year in fees and national insurance contributions (NICs) following the launch of its workplace savings platform.The platform, provided by Hargreaves Lansdown, includes access to a self-invested personal pension (Sipp), independent savings account and investment account.Since the building products provider launched the ...
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Article49% of Britons claim not to have a pension
Nearly half (49%) of respondents say they do not have any kind of pension, according to research by the Chartered Institute of Payroll Professionals (CIPP).Its Saving for retirement research, which surveyed 2,000 people, found that only 32% of respondents have a pension scheme offered via their employer, while 8% of ...
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Last chance to share your views on the new pension reforms
Tell us in the Employee Benefits/Close Brothers Pensions research 2014, which is designed to help you benchmark your organisation’s response to and progress with the incoming pensions reforms.This is your chance to have your say and gain an insight into how your approach compares with that of your market peers ...
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ArticleHelp us find out how employers are reacting to incoming pension reforms
What do you think of the government’s pension reforms? How is your organisation preparing to adapt your strategy for when the reforms come into effect next year? Tell us in the Employee Benefits/Close Brothers Pensions research 2014, which is designed to help you benchmark your organisation’s response to and progress ...
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ArticleEmployers expect 40% of employees to buy an annuity
Employers predict that two-in-five (40%) of their employees will buy an annuity at retirement once the government’s pension reforms giving more flexibility at retirement come into effect next April, according to research by Towers Watson.Its research, which surveyed 92 UK employers, found that a third (33%) of respondents thought that ...
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ArticleHalf of lower earners saving adequately for retirement
Half of UK employees on lower incomes are saving enough for retirement compared to 34% in 2012, according to research by Scottish Widows.Its annual Workplace pensions report, which surveyed 5,200 employees, found that those earning between £10,000 and £30,000 a year are now saving adequately for retirement since the introduction ...
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Article6% plan to take entire pension pot as cash
Just 6% of respondents are planning to take their entire pension pot as a cash lump sum at retirement once the new pension reforms come into force next year, according to research by Fidelity Worldwide Investment.Its Class of 2015 report, which surveyed 500 employees planning to retire between April 2015 ...
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ArticleAuto-enrolment has positive impact on benefits packages
Just over two-thirds (67%) of advisers say pensions auto-enrolment has prompted employers to think about their wider benefits offering to employees, according to research by insurer Ellipse.Its survey of 120 financial advisers also found that 66% agree that, in the long term, auto-enrolment will lead to more interst in employee ...