News – Page 71
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ArticleOnly 15% prepared for auto-enrolment
Only 15% of respondents that have to comply with auto-enrolment legislation in the next 12 months felt they are sufficiently qualified to manage their responsibilities, according to research by Creative Auto Enrolment.Its research, which surveyed 505 business decision makers in organisations with between 50 and 250 employees, found that 40% ...
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ArticleAuto-enrolment is good value for older workers
The vast majority (95%) of older workers are likely to receive good value on their pension contributions if they stay in a workplace pension scheme after being auto-enrolled, according to a report by the Pensions Policy Institute (PPI).The benefits of automatic-enrolment and workplace pensions for older workers, which was funded ...
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ArticleGovernment consults on changes from abolition of DB contracting out
The government has launched a consultation on proposed changes resulting from the abolition of defined benefit contracting-out of the additional state pension for people in workplace pension schemes.The government confirmed the change in the 2013 Budget.Defined benefit contracting-out will end when the current two-tiered system of basis and additional state ...
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ArticleCourt rules Honda staff entitled to higher pension benefits
Honda’s UK manufacturing employees could be entitled to a higher scale of pension benefits, after the Court of Appeal upheld a High Court decision.The organisation faces additional pension liabilities of between £47 million and £70 million following the decision, which ruled that an agreed lower benefit structure for Honda UK’s ...
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ArticleSome occupations saving into pensions for the first time
Thousands of UK employees in jobs where it is not traditional to save into a pension scheme, including sales assistants, technicians and dinner ladies, are building up retirement savings for the first time, according to research by the Office for National Statistics (ONS).Its latest Annual survey of hours and earnings ...
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Article60% incurred no extra costs from RTI
Almost two-thirds (60%) of respondents have not incurred any additional costs as a result of complying with the real-time information (RTI) programme, according to research by the Chartered Institute of Payroll Professionals (CIPP).The CIPP Payslip statistics comparison report found that 33% of respondents had incurred additional costs, while 7% did ...
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ArticleAuto-enrolment has minor impact on flexible benefits plans
However, 17% did revise their communications around flexible benefits to take auto-enrolment into account.About one-tenth of respondents did have to make adjustments to either their processes (14%) and/or their design (9%).But no respondents removed, or even considered removing, their flexible benefits plan because of auto-enrolment.Read more of the Employee Benefits/Towers ...
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Article53% say government's pension reforms are 'spot on'
More than half (53%) of respondents said the pension reforms introduced in the Budget 2014 are ‘spot on’ and ’a great shake up of our current provision’, according to research by Standard Life.Its research, which surveyed 50 of Britain’s largest employers, found that more than a third (35%) thought the ...
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Article£23,000 gap in retirement expectations between genders
Women expect half the annual income of men in retirement, anticipating they will receive £24,000 a year compared to men’s £47,000, according to research by Aegon.The Aegon UK Readiness report surveyed 4,000 UK employees to assess their behaviour, awareness and finances to determine their readiness score, which provides a mark ...
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ArticleNails Inc sees 1% auto-enrolment opt out
EXCLUSIVE: Nails Inc has seen 1% of its auto-enrolled employees opt out of its new group personal pension (GPP) plan since its staging date in January 2014.The nail bar chain has 60 outlets across the UK and employs around 370 employees, 160 of whom are eligible for auto-enrolment.The GPP, which ...
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ArticleMartindale Pharma ups pensions engagement
EB Summit 2014: Martindale Pharma increased employee pension contributions by 60% after switching providers for its group personal pension (GPP) scheme and holding a series of pension presentations for its 400 employees.The number of members actively making fund choices also increased from just two employees to 73% of members, while ...
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ArticleMills and Reeve shortlisted for default funds
Mills and Reeve and Telent are among the employers that have been shortlisted for the award ‘Best DC pensions default investments’ at the Employee Benefits Awards 2014.This award recognises employers that have made a concerted effort to offer an effective default investment strategy for their defined contribution (DC) pension scheme ...
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Article35% near retirement not aware of Budget changes
More than a third (35%) of respondents approaching retirement are either unaware or unsure about the pension reforms announced in the 2014 Budget, according to research by MetLife UK.Its research, which surveyed 568 adults aged 55 and above with defined contribution pension savings, found that 27% of respondents had not ...
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Article71% rely on employer’s pension plan for retirement
Nearly three-quarters (71%) of respondents rely on their employer’s pension plan as their primary way to save for retirement, according to research by Towers Watson.Its Global benefits attitudes survey, which questioned 2,030 UK employees, found that more than half (53%) of respondents admitted they need to save much more for ...
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ArticlePolycom moves to pensions salary sacrifice
EXCLUSIVE: Polycom is aiming to save more than £50,000 by adding a salary sacrifice arrangement to its new group personal pension (GPP) plan.The technology organisation auto-enrolled its 250 UK employees into the new pension on 1 May, after postponing from 1 February.It intends to use the savings to fund the ...
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Article28% do not know the size of their pension pot
More than a quarter (28%) of respondents saving into a workplace defined contribution (DC) pension scheme have no idea how much is in their pension pot, according to research by Capita Employee Benefits.Its research, which will be published in full later in May, found that a quarter (25%) of respondents ...
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ArticleJames Walker streamlines pensions for auto-enrolment
EXCLUSIVE: James Walker Group has streamlined its four defined contribution (DC) stakeholder pension schemes into one group personal pension (GPP) plan to comply with auto-enrolment.The manufacturing organisation, which has 11 subsidiaries and employs more than 2,000 employees, 900 of whom are based in the UK, has a range of staging ...
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ArticleMaster trust assurance framework published
The Pensions Regulator (TPR) and the Institute of Chartered Accountants in England and Wales (ICAEW) have published a voluntary assurance framework for master trusts.The framework, which was developed following a consultation in 2013, aims to demonstrate to employers that their pension schemes are managed to high standards.ICAEW has also published ...
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Article28% more likely to save following Budget pension reforms
More than a quarter (28%) of UK workers said they are more likely to start saving or save more into a pension scheme following the reforms announced in the Budget 2014, according to research by the National Association of Pension Funds (NAPF).Its Spring workplace pensions survey 2014, which questioned 1,009 ...
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ArticleNigel Bolton: How will the auto-enrolment 'capacity crunch' affect medium to large employers?
During its first 14 months, auto-enrolment saw more than 3,000 of the UK’s largest employers reach their staging date.However, in the first six months of 2014, nearly 30,000 employers will reach their staging date, which has led to concerns about a ‘capacity crunch’.Research conducted by financial research organisation Defaqto on ...