News – Page 86
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Article
More than £35bn paid into FTSE 350 pensions
FTSE 350 organisations have paid more than £35 billion into their pension schemes over the last three years with little effect on overall deficits, according to research by pension consultancy Barnett Waddingham.The research, which highlights the impact defined benefit (DB) pension schemes are having on FTSE 350 organisations, found that ...
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Article
Lifting Nest restrictions should create a level playing field
The pensions industry, including Nest, has widely supported the move. Logan Anderson, head of customer relations at The Pensions Trust, said: “The removal of Nest’s restrictions is a good thing, because these act as a barrier to encourage greater savings among employers and their employees. [Prior to lifting the restrictions] ...
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ArticleAuto-enrolment opt-out rates as expected
David Tildesley, director of client partnerships at Capita Employee Benefits, said: “When the project first started for auto-enrolment, all sorts of financial modelling assumptions were made by employers. They started off with assumptions of opt-outs of around 50% of the workforce, but I don’t think any of them ended up ...
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Article57% pass on responsibility for default funds
Over half of respondents (57%) hand over responsibility for their default fund to their pension provider or financial adviser, according to the Employee Benefits/Capita Pensions Research 2013.The survey, conducted among 370 HR and benefits managers, found that 29% rely on their adviser and 28% put their trust in their pensions ...
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Article36% of employers use provider's default fund
More than a third of respondents (36%) use the default investment option offered by their pension provider, according to Employee Benefits/Capita Pensions Research 2013.The survey, conducted among 370 HR and benefits managers, found that 31% entrust the selection of investment funds in their default offering to their adviser, while 27% ...
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Article84% of DC pensions have a default option
The vast majority (84%) of respondents with a defined contribution (DC) pension scheme offer their workforce a default investment option, according to Employee Benefits/Capita Pensions Research 2013.The research, conducted among 370 HR and benefits managers, found that just 16% of respondents that offer a DC plan do not.A default investment ...
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Article47% of employers review default fund annually
Just over half (47%) of respondents review the investment strategies and aims of their default investment fund at least annually, according to Employee Benefits/Capita Pensions research 2013. (This does not include respondents that do not review their own strategies, or those that do not know).The survey, conducted among 370 HR ...
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ArticleGroup personal pensions most popular among employers
Almost half of the respondents (48%) to the Employee Benefits/Capita Pensions Research 2013 still offer a group personal pension (GPP) as their primary pension plan.This is in line with Employee Benefits’ 2011 pensions research, in which 54% of respondents said a GPP was their primary plan choice. Similarly, GPPs were ...
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Article
Auto-enrolled employers likely to contribute less
The research, conducted among 370 HR and benefits managers, found 21% of those that have auto-enrolled staff are paying in a 1% pension contribution, but only 7% of those still to auto-enrol pay in at this low level.In turn, 23% of those still to auto-enrol pay in a 5% employer ...
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Employee Benefits/Capita Pensions Research 2013
Read digital version of Employee Benefits/Capita Pensions Research 2013.It reveals:scheme type - the schemes proving most popular with employers and contribution rates being adopted for auto-enrolment;communication - how employers are communicating their pension schemes and why;default investments - employers’ default options and employee take-up;auto-enrolment - top tips from employers that ...
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Article
Supreme Court overturns Nortel and Lehman pension ruling
Administrators for Nortel Networks and Lehman Brothers have won a case in the Supreme Court, after it ruled that The Pensions Regulator’s (TPR) does not have priority rights to the assets of insolvent companies.The Supreme Court overturned the decision of the Court of Appeal and held that financial support directions ...
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Pension engagement linked to communication
The investment employers make in communicating pension schemes to their employees has a direct effect on their attitude towards a pension and contribution levels regardless of their salary, according to research conducted by London School of Economics (LSE) and commissioned by Thomsons Online Benefits.The impact of a total reward approach ...
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Article
Top discussions from the Employee Benefits LinkedIn group
Labels such as ‘generation Y’ are too simplistic to work out how best to communicate, and therefore engage, with people.However, there is growing evidence to suggest the increasing proliferation of smartphones is facilitating how all ages (and generations) communicate.Indeed, I would argue that there is growing expectation from all ‘groups’ ...
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Article
A million UK workers now auto-enrolled
The millionth UK employee has been auto-enrolled into a workplace pension scheme.The landmark figure is included in the monthly auto-enrolment registration report published by The Pensions Regulator.The Travis Perkins Group was among the employers that registered when the one million-employee mark was reached. The builders merchants has automatically enrolled around ...
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Article
Barclays and Benefex partner for auto-enrolment services
Barclays Corporate and Employer Solutions (C&ES) has partnered with Benefex to deliver pensions auto-enrolment services to employers.Barclays C&ES is to use Benefex’s Enroller technology and additional services to support employers through the auto-enrolment process.Enroller is part of the Benefex’s RewardHub portal, which manages all aspects of auto-enrolment, including administration, employee ...
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ISS uses Nest to comply with auto-enrolment
Employment business ISS has launched the National Employment Savings Trust (Nest) to comply with its auto-enrolment duties.From 1 July, all eligible employees had 1% of salary deducted, which ISS matched. In line with auto-enrolment legislation, employees’ pension contributions will rise to 3% of salary by 2017 with ISS adding another ...
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Craig Berry: How do you get staff to understand how much to save for retirement?
But moralising about under-saving by individuals at a time of wage stagnation and with an economic policy agenda dependent on higher consumer spending, is not an effective way to prompt higher pension contributions.It is absolutely right that the pensions system is now based on inertia rather than engagement. Auto-enrolment is ...
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Tim Thomas: How do you get staff to understand how much to save for retirement?
Many employees already have the opportunity to join a workplace pension, but have chosen not to do so, and confidence in pensions still remains far below where it needs to be. Times may be tough, and the decision to maximise take-home income is the right one. The case then needs ...
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TPR publishes code on trust-based DC pensions
The Pensions Regulator (TPR) has published a revised code of practice on trust-based defined contribution (DC) pension schemes.The code, which sets out practical guidance to help trustees meet the legislative requirements for running trust-based DC schemes, has been laid before Parliament and the Northern Ireland Assembly.It is expected to come ...
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ArticleGovernment needs holistic view of retirement
There is no over-arching programme or single accountability for encouraging people to save for retirement, according to a report by the National Audit Office (NAO).Its Government interventions to support future retirement income report highlights the significant consequences for the taxpayer as people live longer, spend longer in retirement, and have ...