News – Page 82
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95% not confident about reaching retirement goals
The majority (95%) of young and middle-aged adults do not feel confident they are on track to reach their retirement goals and are looking to their employers for help, according to research by State Street Global Advisors (SSGA).Its UK Defined contribution research, which surveyed more than 1,000 respondents who participate ...
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PTL launches DC governance products
Pitmans Trustees Limited (PTL) has launched a suite of products to help employers establish a governance framework for their defined contribution (DC) pension schemes.The products, called ‘Lifetime: DC governance focused on members’, is a package of tools developed specifically for DC pensions, including trusteeship, group personal pension (GPP) governance and ...
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JP Morgan launches DC business
JP Morgan Asset Management has launched a dedicated defined contribution (DC) pension business for the UK market.UK SmartRetirement offers a range of target date funds, which take into consideration member behaviour analysis and long-term market assumptions, to create default investment funds that comprise different investment types.Simon Chinnery (pictured), head of ...
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Employers want eligibility criteria altered for auto-enrolment
Half (50%) of respondents who have passed their auto-enrolment staging date said the number one change they would like to see to the legislation is the removal of the age and earnings eligibility criteria so that all UK workers would have to be auto-enrolled, according to research by law firm ...
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Communications needed around pension contributions
This article has been supplied by Scottish WidowsThe 2013 Scottish Widows Workplace pensions report found that low levels of staff understanding around pension contributions, both in terms of their own and their employer’s contributions, has led to a fall in the amount UK workers are prepared to save into their ...
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TI Group completes pension buy-in
TI Group has completed an insurance buy-in for its defined benefit pension scheme.The transaction, with provider Pension Insurance Corporation, covers around £170 million of liabilities, taking the total liabilities insured by the scheme to more than £800 million.Smiths Group, a global technology organisation, is the parent company and sponsoring employer ...
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32% do not plan to comply with auto-enrolment
EXCLUSIVE: Almost a third (32%) of respondents have no intention of complying with auto-enrolment legislation, according to research by pensions consultancy Secondsight.The Secondsight Auto-enrolment survey report, which was conducted by its parent company Foster Denovo, questioned 327 respondents which are predominantly small and medium-sized employers (SMEs).The research also found:66% of ...
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Royal Mail amends DB pension proposals
Royal Mail Group has amended the proposed reforms to its defined benefit (DB) pension scheme.The changes were announced to staff on 6 September, following a consultation with members of the Royal Mail Pension Plan, which began on 21 June and concluded on 25 August 2013.Under the amendments, promotional increases to ...
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Article
Pension charges cap will lead to transparency
A report from the Office of Fair Trading (OFT) on its investigation into defined contribution (DC) pension schemes, which is also expected to include a recommendation for a cap on charges, was due to be published soon after Employee Benefits went to press. (The report was subsequently published on 19 ...
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Confessions of a benefits manager: Seeking pensions answers
Well, that’s no big deal because we have Smarmy Consulting for that sort of thing. Except Big Bad Boss doesn’t want me to ask them. Erm, why not? As our pension-gurus-in-residence, they are the only ones likely to give me that kind of information for free.Big Bad Boss avoids the ...
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Buyer's guide to group personal pensions 2013
The factsWhat is a group personal pension (GPP)?It is a contract-based pension scheme that is arranged by an employer, but each member holds a personal contract directly with the provider.What are the origins of GPPs?GPPs are 25 years old this year, having been introduced on the back of individual personal ...
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Gain free tax and legal advice at Employee Benefits Live
Human resources, benefits and reward professionals will be able to gain free tax and legal advice on key benefits issues during several drop-in sessions at this year’s Employee Benefits Live.In the Auto-enrolment Drop-In clinics, delegates can seek advice and support from legal experts. These include David Farmer, partner at DLA ...
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LV= revamps auto-enrolment pension communications
LV= has revamped its pension communications as part of its compliance with auto-enrolment.The insurance organisation has launched an online hub called Pensions Village to engage employees with its trust-based defined contribution (DC) pension scheme.It auto-enrolled 600 employees into the scheme, which already had 4.700 active members, on 1 May.LV= worked ...
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Auto-enrolment could cost employers £15.4bn
UK organisations are facing £15.4 billion in set-up costs to meet the requirements of auto-enrolment legislation, according to research by independent economic consultancy Centre for Economic Business Research (CEBR) and commissioned by Creative Auto Enrolment.The Finding your way out of the auto-enrolment maze report found that small employers, with between ...
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Pets at Home launches master trust for auto-enrolment
Pets at Home has launched a master trust to comply with auto-enrolment.The pet care retailer, which has 6,000 employees across more than 350 UK stores, began to plan for the legislation in 2011.It invited a number of providers to tender for the scheme, from which it appointed Legal and General.Ryan ...
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Jelf Employee Benefits launches auto-enrolment guide for SMEs
Jelf Employee Benefits has launched a free downloadable guide to provide information to small and medium-sized employers (SMEs) on auto-enrolment.The online guide is based on the consultancy’s hands-on experience dealing with large organisations and auto-enrolment.It is divided into nine sections with three headline messages for SMEs:Sort out your data: Auto-enrolment ...
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John Lewis pension deficit rises
John Lewis Partnership has seen its defined benefit (DB) pension scheme deficit rise by £86.5 million over the period between 26 January and 27 July 2013.In its Interim financial statements for the half year ended 27 July 2013, the retailer reported that the total accounting pension deficit at that date ...
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Intermediaries prepared to help with pensions auto-enrolment
The vast majority (96%) of payroll administrators and 95% of accountants surveyed anticipate helping employers with their auto-enrolment duties, according to research by The Pensions Regulator (TPR).Its research, Intermediaries’ awareness, understanding and activity relating to workplace pension reforms, which surveyed 580 intermediaries, found that 62% of accountants and 38% of ...
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PWC raises partner pay and lowers DB deficit
PricewaterhouseCoopers (PWC) increased its profit for partners from £679,000 in 2012 to £705,000 for the year ended 30 June 2013.The PwC UK Annual report 2013, which was published on 9 September, also disclosed that staff bonuses increased by 4% to £87 million.It also reported that the professional services firm’s defined ...
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Article22% of employers to continue running DB pension
More than one-fifth (22%) of respondents that offer a defined benefit [DB] pension plan will continue to offer it as a fully-functional scheme in the next two years, according to Employee Benefits/Capita Pensions Research 2013.But 15% of respondents with a DB scheme plan to review their plan’s future and 8% ...