News – Page 69
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ArticleWillis Ireland acquires pension businesses from IFG Group
Willis Ireland, part of Willis Group Holdings, is to acquire the Irish pension and financial advisory arm of IFG Group.The acquisition will enable Willis Ireland to develop its existing pensions business, as well as its financial and wealth planning services.Willis is set to acquire pension business IFG Pensco, financial advisory ...
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ArticlePhoenix Group agrees DB pension longevity swap
Phoenix Group has entered into a longevity swap for its defined benefit pension scheme.The longevity swap of the PGL Pension Scheme, which covers 12,000 members and has a liability of around £900 million, is aimed at hedging against the risk of rising costs as a result of the current pensioners ...
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Ladbrokes to close DB pension scheme
Ladbrokes has begun a consultation to close its defined benefit (DB) pension scheme to future accrual.Its final salary scheme closed to new members in 2007.The betting organisation is anticipating contributions of £9.2 million this year to help reduce its deficit.The cost of running the scheme stands at £62,500 a month.In ...
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ArticleLehman Brothers staff to receive £184m pension settlement
Nearly 2,500 Lehman Brother employees will receive their defined benefit pensions in full after these were safeguarded following the settlement of a six-year investigation and legal proceedings.Five organisations in the collapsed bank will now have to pay £184 million to cover staff pension benefits as a result of action taken ...
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Article23% have not considered ongoing auto-enrolment duties
Nearly a quarter (23%) of respondents have not yet thought about how they will deal with ongoing pensions auto-enrolment responsibilities once they have reached their staging date, according to research by Creative Auto Enrolment.Its research, which surveyed 505 medium-sized organisations, which will stage between April 2014 and April 2015, also ...
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ArticleMore than 4m now auto-enrolled into workplace pension
More than four million employees have now been auto-enrolled into a workplace pension, according to research by The Pensions Regulator (TPR).Its monthly declaration of compliance report found that more than 21,000 employers have now completed their declaration of compliance, informing TPR how they have met their duties.Charles Counsell (pictured), executive ...
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ArticleDens sees 50% pension take up before auto-enrolment
EXCLUSIVE: Action against homelessness charity Dens has seen 50% of staff take up its pension scheme after it complied with auto-enrolment more than three years early.The charity’s auto-enrolment staging date is 1 January 2017, but it launched a master trust, provided by Now: Pensions, in October 2013.This is the first ...
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Article67% of SMEs unaware of auto-enrolment staging date
Two-thirds (67%) of respondents have no idea when their auto-enrolment staging date is, according to research by accountancy firm HW Fisher and Company.Its research, which surveyed 750 small and medium-sized enterprises (SMEs), found that nearly a third (32%) of respondents felt they do not know enough about auto-enrolment to be ...
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Article72% not prepared for pension reforms
Just under three-quarters (72%) of respondents say they are not fully prepared to deal with the consequences of the pension reforms announced in the March 2014 Budget, according to research by Aon Hewitt.Its research, which questioned more than 300 pension professionals, found that one in five (20%) respondents would need ...
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Article66% of trustees to change DC pension default strategy
Two-thirds (66%) of trustee respondents are looking to change their pension scheme’s default strategy within the next 18 months as a result of the Budget changes to at-retirement options, according to research by asset management firm SEI.Its Defined contribution pensions survey, which surveyed trustees and employers about their current approach ...
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ArticleBAE Systems redesigns pension website
BAE Systems has relaunched its pension website after redesigning it to improve the information available for employees.The organisation’s pension scheme members regularly use the online portal, which receives more than 5,000 visitors each month.However, its pensions helpline still received a large number of calls because employees could not find the ...
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ArticleDennis Publishing raises pensions take up to 94%
EXCLUSIVE: Dennis Publishing has increased its pensions take up to 94% following auto-enrolment.The magazine publisher, which owns a range of car, technology and lifestyle titles, had 265 (67%) employees in its group personal pension (GPP) plan prior to its auto-enrolment staging date.It had postponed compliance by three months, from January ...
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ArticleGovernment publishes draft Taxation of Pensions Bill
The government has published its draft Taxation of Pensions Bill, which provides further details around how people can access defined contribution (DC) pension savings flexibly from April 2015.Its Pension flexibility: (draft) taxation of pensions bill, formally introduces:The concept of ‘flexi-access drawdown’ (FAD). There will be no restrictions on how money ...
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ArticleBT Group pension guarantee upheld
The Court of Appeal has upheld a 2010 High Court judgement that the government would fund BT Group’s defined benefit pension obligations for all 313,000 members, regardless of whether an employee joined the organisation pre or post-privatisation.In 2010, the High Court ruled that the government would take responsibility for the ...
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Article99% of largest employers have met legal duties around auto-enrolment
Nearly all (99%) of the UK’s largest employers have met their legal duties around auto-enrolment without the need for The Pensions Regulator (TPR) to use its statutory powers to force them to do so, according to a report by TPR.Its Commentary and analysis report 2013/14 found that 10,817 employers completed ...
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Pentland Brands and McDonald's awarded for best auto-enrolment strategy
McDonald’s Restaurants and Pentlands Brands won the awards for Best pensions auto-enrolment strategy at the Employee Benefits Awards 2014.Read why McDonald’s Restaurants (pictured right) won the award for best large employer and why Pentland Brands (pictured far right) was judged to be the best small employer in this category.The Employee ...
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Article20% of employers intend to make changes to pensions
A fifth (20%) of employer respondents intend to make changes to their workplace pension scheme as a result of the recent Budget and Department for Work and Pensions’ reforms, according to research by Hargreaves Lansdown.The HL June employer survey, which questioned more than 300 employers, found that 60% of respondents ...
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Article53% think higher contributions under auto-enrolment will aid recruitment
More than half (53%) of respondents that intend to contribute more than the minimum pension contributions for auto-enrolment think it will help to recruit and retain staff, according to research by Now: Pensions.Its research, which surveyed 450 small and medium-sized enterprises (SMEs), found that 40% believe that by contributing more ...
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Article59% used benefits platform to manage pensions auto-enrolment
Nearly two-thirds (59%) of respondents used a benefits platform to manage auto-enrolment, according to research by JLT Employee Benefits.Its latest JLT 250 Club survey found that 67% of respondents said their view of how benefits platforms can be used had changed following auto-enrolment.More than half (51%) of respondents currently provide ...
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ArticleTelegraph Media Group engages pension members
Nearly two-thirds (60%) of Telegraph Media Group’s pension members said they would not have contributed additional voluntary contributions (AVCs) to their pension if it had not been for personalised communications about the option.In February 2014, the newspaper group sent out a personalised newsletter to the 1,000 members of its trust-based ...