News – Page 75
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Article
Government confirms delay to pension charges cap
Pensions minister Steve Webb has confirmed that the introduction of a pensions charge cap will be delayed by a year until April 2015.The charges cap was due to be introduced in April 2014. A ban on active member discounts and defined contribution reforms on governance and transparency will also be ...
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Article
Martindale Pharma boosts pension take up
EXCLUSIVE: Martindale Pharma has increased take-up of its pension scheme by 10% after reviewing and revamping its pension and benefits package.The pharmaceutical organisation began its review in April 2012 for all 350 of its employees. In doing so it aimed to: create a more competitive package; obtain a return on ...
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Government to delay pension charges cap
The government’s proposed 0.75% cap on pension charges could be delayed for a year until April 2015.The introduction of a cap was originally intended for April 2014, which aimed to protect millions of employees from high fees, after being auto-enrolled into their organisation’s pension scheme.A Department for Work and Pensions ...
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BBC's DB pension deficit rises to £2bn
The BBC’s defined benefit (DB) pension deficit has risen, from £1.1 billion in 2010 to £2 billion at its 2013 triennial valuation.To fund the deficit, the trustees have asked the BBC to increase the additional contributions it makes to the scheme.Over the next four years, the BBC’s deficit contributions will ...
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Friends Life updates auto-enrolment product
Friends Life has updated its pensions auto-enrolment product to meet the needs of organisations that are staging in 2014.The updated product aims to offer employers greater flexibility, choice and service options. Depending on their needs, employers will now be able to select from auto-enrolment services ranging from a basic qualifying ...
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Article
Gain recognition for pension auto-enrolment strategies
Pensions auto-enrolment has also been a huge area of focus for many employers over the past year and this looks set to continue into 2014.To reward and recognise all the hard work employers have invested in this, we have introduced the category ’Best pensions auto-enrolment strategy’.Employers are encouraged to enter ...
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Article
Now: Pensions partners Staffcare for auto-enrolment
EXCLUSIVE: Now: Pensions has partnered Staffcare for auto-enrolment administration and the distribution of member communications for participating employers.From January 2014, employers will be able to access a Now: Pensions portal, which will be hosted by Staffcare.The portal will:Handle and distribute communications to employees for each category of worker.Manage and record ...
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Article
Reeves & Co to streamline pensions for auto-enrolment
Reeves and Co is to streamline its defined contribution (DC) pensions schemes to comply with pensions auto-enrolment.The accountancy firm will replace its two existing DC pensions with a group personal pension (GPP) following a consultation with a group of staff representatives.Following its auto-enrolment staging date on 1 February, eligible employees ...
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Article
Hozelock appoints Aon Hewitt to DB pension
Hozelock has appointed Aon Hewitt to provide actuarial, investment and pensions management service to its defined benefit pension scheme.The organisation, which manufactures a range of gardening products, has a pension scheme with assets of around £50 million and around 750 members.Trevor Austin, chairman of the trustees of the Hozelock scheme, ...
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Article
FTSE 350 pension deficit increased in 2013
The accounting deficit of defined benefit (DB) pension schemes for the UK largest 350 companies increased in 2013, according to research by Mercer.Its Pensions risk survey found that the FTSE 350 companies’ deficit stood at £97 billion at 31 December, compared to £72 billion at 31 December 2012.There was an ...
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Article
Finmeccanica has low pensions opt-out post auto-enrolment
Finmeccanica Group has achieved 99.3% pension take up after auto-enrollling employees at its two main UK operations into its trust-based defined contribution (DC) pension scheme.The aerospace and defence manufacturer first automatically-enrolled staff at AgustaWestland, followed by employees at Selex ES.Finmeccanica introduced a bespoke website to guide employees through their auto-enrolment ...
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BA switches DC pension investments
British Airways (BA) has switched the investment options available through its trust-based defined contribution (DC) pension scheme in order to lower pension scheme charges.Under its new arrangement, provided by BlackRock, the annual management charge (AMC) will reduce from 0.23% to 0.15%.Since its auto-enrolment staging date in January 2013, 13,500 of ...
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ArticleWorkplace pensions will not meet retirement needs
More than three-quarters (76%) of respondents expect their workplace pension scheme to be their main source of retirement income, but 88% do not believe it will meet their needs, according to research by Barclays Corporate and Employer Solutions (C&ES).Its research, which surveyed 360 UK employees enrolled in a workplace defined ...
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Article
The Pensions Regulator publishes DC code
The code, which came into effect on 21 November 2013, sets out how pension trustees can meet the requirements of pensions legislation.It had been the subject of a consultation earlier in 2013.The guidance provides information, education and assistance on good-practice standards of governance and behaviours that relate to delivering good ...
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Article5% DC pension contribution most common for HR professionals
The Employee Benefits Salary survey 2014 , which questioned 361 people who are responsible for managing benefits and reward in UK organisations, found that 9% pay in 10% or more of salary. Under auto-enrolment legislation, current minimum contribution levels are set at 1% for employees and 1% for employers. But ...
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Article91% of HR professionals are pension scheme members
The Employee Benefits Salary survey 2014 , which questioned 361 people with responsibility for managing benefits and reward in UK organisations, found that three-quarters (75%) of respondents are active members of a defined contribution (DC) scheme , while just over a quarter (27%) are active members of a defined ...
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Article
John Lewis plans to cut final salary pension scheme
The John Lewis Partnership has proposed to cut its final salary pension scheme and restructure its pension arrangements in a bid to reduce costs.In March 2013, its defined benefit (DB) pension scheme recorded a pension deficit of £840 million. At the same time, John Lewis Partnership announced it would be ...
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Ikea and Lufthansa awarded Pension Quality Mark
Ikea and Lufthansa have been awarded the Pension Quality Mark (PQM) for their defined contribution (DC) pension schemes.The PQM, which was launched in 2009 by the National Association of Pension Funds, is awarded to schemes that:Have total contributions of at least 10%, with a minimum employer contribution of 6%.Have governance ...
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76% of women fear they will not save enough for retirement
More than three-quarters (76%) of women do not believe they will have enough money to be financially comfortable in retirement, according to research by The Pensions Advisory Service (TPAS).Its third annual TPAS Women and pensions research, which surveyed 1,000 women, also found 71% of respondents do not feel confident about ...
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DC pensions members may not be getting best value
The value of the defined contribution (DC) pensions market is expected to grow to £1.7 trillion by 2030 from £276 billion assets under management pre-auto-enrolment in 2012, according to a report by the Pensions Institute.But its Assessing value for money in defined contribution default funds report found that members of ...