News – Page 78
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TPR launches auto-enrolment compliance for recruiters
The Pensions Regulator (TPR) has carried out a series of fact-finding visits to recruitment organisations to ensure they are prepared for auto-enrolment.The visits, which TPR is making to a range of sectors, are to prevent and tackle possible breaches, ensure compliance, learn lessons and share good practice among the industry.The ...
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Buck Consultants and Wragge & Co launch auto-enrolment initiative
Buck Consultants and Wragge and Co have launched a joint initiative to help small and medium-sized enterprises (SMEs) fulfill their auto-enrolment obligations.The initiative includes:A free online questionnaire designed to capture key information.A face-to-face consultation with pensions and legal experts who will review questionnaire responses and guide organisations through a comprehensive ...
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Greenery UK hires DB pension administrator
Food distributor, Greenery UK, has appointed Capita Employee Benefits to provide actuarial and administration services for its defined benefit (DB) pension scheme.The services, which are part of a three-year contract, went live on 1 October.John Priest, trustee of the pension scheme, said: “We saw [Capita] as a trusted partner and ...
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Firefighters strike again over pension proposals
Firefighters across England and Wales are on strike today over the government’s proposed reforms to their pension scheme.It is the fourth strike that members of the Fire Brigades Union (FBU) have staged in recent weeks. Firefighters previously went on strike on 25 September, 1 and 4 November, and suspended planned ...
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FTSE 350 pension deficit increases to £102bn
The estimated aggregate deficit for the defined benefit (DB) pension schemes of FTSE 350 companies stood at £102 billion at 31 October 2013, according to research by Mercer.Its Pensions risk survey found that asset values increased by £13 billion over the month, from £553 billion at 30 September 2013 to ...
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Employers would support group risk auto-enrolment
More than half (52%) of respondents would support an initiative to auto-enrol employees into group risk protection products alongside pensions auto-enrolment, according to research by Group Risk Development (Grid).Its Group risk employer research, which surveyed 500 UK employers, found that 38% would consider implementing these products alongside auto-enrolment.The research also ...
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Lloyds Banking Group consults on DB pension changes
Lloyds Banking Group is consulting with employees in its defined benefit (DB) pension schemes about a proposed cap on pensionable pay.The proposals, which would impact 35,000 DB pension members, would mean that these employees will be paid a pension calculated using their current salary rather than adjusting the pension in ...
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Aon Hewitt launches auto-enrolment product
Aon Hewitt has launched its auto-enrolment product, A to Z.It selected insurer Zurich as the pensions provider for A to Z.The product, which has been developed for organisations that are implementing auto-enrolment in 2014, has a flat annual management charge of 0.5% for all members if they use Zurich’s default ...
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Tate and Lyle enters pensions buy-in
Tate and Lyle Amylum UK Pension Scheme has entered into a pension insurance buy-in.The transaction, which covers £82 million of liabilities and more than 600 members of its defined benefit (DB) pension scheme, was concluded by Pension Insurance Corporation (PIC).The employer and the trustees were advised by KPMG.Steve Amor, head ...
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Schindler Group enters pension insurance buy-in
The Schindler Group (UK) 1988 Pension Scheme has entered into an insurance buy-in.The transaction, which covers all the defined benefit (DB) pension scheme’s liabilities in respect of its current pensioners, was completed by Legal and General’s annuity de-risking business, and advised by JLT Employee Benefits and Pinsent Masons.Ashley Greensmith, chairman ...
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West Cornwall Pasty Company launches master trust
The West Cornwall Pasty Company has launched a master trust to comply with auto-enrolment.The scheme, which was launched on the food retailer’s auto-enrolment staging date of November 2013, will be provided by multi-employer trust provider Now: Pensions.The master trust is available for the organisation’s 400 eligible employees.Lowri Eastgate, head of ...
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Imation UK completes DB pension buyout
Data storage and electronics organisation, Imation UK, has completed an insurance buyout of its defined benefit (DB) pension scheme.The transaction, which covers £21 million of liabilities, was carried out by the Pension Insurance Corporation (PIC). The trustees of the scheme were advised by JLT.John Beckett, regional finance and administration manager ...
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CIPP appoints head of pensions
The Chartered Institute of Payroll Professionals (CIPP) has appointed Andy Agathangelou (pictured) head of pensions.In the new role, he will provide CIPP members with support, solutions and services to help deliver payroll, pensions and reward.Agathangelou has 25 years’ experience in pensions, which includes a role in the launch of the ...
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Canada Life extends terms and conditions on group risk products
Canada Life has extended the terms and conditions on its group risk benefits that are connected to a pension scheme.The extension applies to all employers auto-enrolling employees before 31 December 2014.The provider’s terms and conditions had previously only applied to employers with 250 or more pay-as-you-earn (PAYE) employees.The terms include:No ...
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Challenges around auto-enrolment postponement
The move flagged up some small print in the auto-enrolment legislation, which states employers must offer eligible employees the ability to auto-enrol into a qualifying pension scheme on their official staging date, regardless of whether or not they postpone the auto-enrolment process.The Pensions Regulator (TPR) states in its guidance: “If ...
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Premier Foods closes DB pension
Premier Foods has closed its defined benefit (DB) pension scheme to future accrual.The closure, which was disclosed in the food manufacturer’s Interim management statement for the three months ending 30 September 2013, took place at the end of September to enable to organisation to better control its pension costs.The 3,800 ...
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Firefighters to strike again over pensions
Firefighters across England and Wales are set to strike on 1 and 4 November over the government’s reforms to their pension scheme.The proposed pension changes, which were set out in the Public Service Pensions Bill 2013, include a move to career-average pension schemes, instead of final salary schemes, and a ...
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Eskom Pension Fund appoints DB pension administrator
The Eskom Pension and Provident Fund (EPPF) has appointed international fiduciary and funds services group Maitland to provide investment administration and management.The EPPF is one of the largest defined benefit (DB) pension schemes in South Africa. It manages more than R96 billion (£5.9 billion) on behalf of 88,000 members.A portion ...
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Wolseley UK launches flexible benefits
EXCLUSIVE: Heating and plumbing organisation, Wolseley UK, has launched a flexible benefits scheme for the first time.The scheme, Your Choices, includes dental insurance, a health cash plan, additional life assurance, life assurance for partners and personal accident insurance.It also includes a flex fund for all 6,200 employees, at 1% of ...
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Capita appoints senior investment consultant
Capita Employee Benefits has appointed Sam Roberts (pictured) senior investment consultant.Roberts joins from Lane Clark and Peacock (LCP) where he was a lead consultant with a specific focus on investment.In the new role, Roberts will provide a range of investment advice to both trustee boards and employers, including advice on ...