News – Page 87
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OFT publishes progress update on DC pensions market
The Office of Fair Trading (OFT) has published a progress update on its study into the defined contribution (DC) pensions market.It has collected and reviewed evidence on the sector, and will next explore certain issues that have arisen during the evidence review so far.On the basis of the work it ...
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UK Coal transfers DB pension to the PPF
UK Coal’s defined benefit (DB) pension scheme has been transferred to the Pension Protection Fund (PPF) as the mining firm enters administration.Working closely with the PPF, UK Coal has developed a plan that will provide protection on accrued benefits for employees in the scheme. Members of the industry-wide Mineworkers’ Pension ...
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Coke sees 12% auto-enrolment opt-out
EXCLUSIVE: Coca-Cola Enterprises has seen 12% of its eligible workforce who were auto-enrolled into its group personal pension (GPP) plan in April 2013 opt out.134 of the 1,151 employees who were auto-enrolled (around 25% of the organisation’s workforce) have opted out.Rashree Chhatrisha, senior benefits analyst at Coca-Cola Enterprises, said: “The ...
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Nest restrictions to be lifted in 2017
The government has announced that the restrictions on the National Employment Savings Trust (Nest) will be lifted in April 2017.The restrictions include a cap on annual contributions, as well as a ban on transfers in and out of the scheme.The announcement follows a government call for evidence on the restrictions. ...
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EMI Group completes DB pension buyout
EMI Group has completed a £1.5 billion pension insurance buyout for its defined benefit (DB) pension scheme.The buyout, which was completed by Pension Insurance Corporation (PIC), covers 20,000 members.Citigroup has been the sponsoring employer of the EMI Group Pension Fund since 2012. It was advised by consultancy Mercer on structuring ...
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Value of executive pension provision rises to £242,000
The average value of a FTSE 100 executive’s pension provision has risen to £242,000 over the past two years, according to research by consultancy Lane Clark and Peacock (LCP).The 2013 LCP FTSE 100 Executive pensions survey, which questioned 340 executive employees in FTSE 100 organisations, showed a 7.5% rise in ...
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Co-operative society sees 8% pension opt-out
EXCLUSIVE: The Heart of England Co-operative Society has seen opt-out rates of 8% since launching a new master trust pension scheme to comply with auto-enrolment, although it is still two months away from its staging date on 1 September 2013.The society, which operates supermarkets, department stores, funeral homes and travel ...
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Kenwood enters DB pensions buy-in
Kenwood Pension Scheme has entered into a buy-in agreement for its UK defined benefit (DB) pension scheme.The agreement, with Legal and General, enables the trustees of the pension scheme to insure its remaining liabilities, which mainly cover members yet to retire.The transaction incorporates a deferred premium facility, which means that ...
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PWC launches DB pensions risk analytics product
PricewaterhouseCoopers (PWC) has launched a pensions risk analytics product that allows employers and trustees to manage, monitor and take decisions about their defined benefit (DB) pension issues.Its Skyval product models pension scheme assets and liabilities accurately and in real time.It has been developed in conjunction with financial technology organisation PensionsFirst ...
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SMEs are not prepared for auto-enrolment
Nearly two-thirds (60%) of small and medium-sized enterprises (SMEs) surveyed have not budgeted for the additional costs that can be incurred as a result of pensions auto-enrolment, according to research by law firm Irwin Mitchell.Its research, which questioned 257 SMEs, found that nearly 40% of respondents said their payroll system ...
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L’Oreal to postpone auto-enrolment
EXCLUSIVE: L’Oreal is to postpone auto-enrolment by three months to manage its 2,500-strong beauty adviser population, who have unpredictable spikes in their earnings.This particular group of employees receive added commissions around a new product launch and over the Christmas period, but during the majority of the year would not qualify ...
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Current pension system not fit for purpose
Only a fifth (21%) of respondents believe the UK’s current pension system is fit for purpose, and are satisfied with existing defined contribution (DC) and defined benefit (DB) schemes, according to research by Aon Hewitt.Its research, which polled more than 750 employers, looked at the potential impact of the government’s ...
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Church of England to investigate pension fund
The Church of England is to launch an investigation into its own pension fund after the Financial Times uncovered that it had ties to payday lender Wonga.According to the church, the total amount of exposure to Wonga is £75,000 and the investment in the fund came about through commitments made ...
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BMW consults on DB pension closure
BMW Group has launched a consultation into closing its final salary pension scheme to new entrants following several months of negotiations.The group has clarified that the statutory consultation period, which began on 23 July, does not close the door on future discussions.BMW Group employs around 5,000 workers across four UK ...
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Wilkinson to close final salary pension
Wilkinson is to close its final salary pension scheme to future accrual as part of its plans to comply with the government’s auto-enrolment legislation.The scheme, which has approximately 1,300 active members, will be closed from 31 July. A further 400 retired Wilkinson employees will not be affected.The discount retail chain ...
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L&G master trust awarded PQM Ready
Legal and General (L&G) has received the Pension Quality Mark (PQM) Ready accreditation for its master trust pension scheme.PQM Ready was set up by the Pension Quality Mark, the independent standard that recognises good-quality defined contribution (DC) pensions.To receive PQM Ready accreditation, multi-employer pensions and master trusts need to show, ...
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Retirement planning still an issue among staff
Nearly a quarter (23%) of respondents have not thought about how they will survive financially when they retire, according to research by Capita Employee Benefits. Its 2013 Spring Capita Employee Benefits survey, which was conducted by Research Now and questioned more than 3,000 employees, found that this response was highest ...
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NAPF appoints chairs of DC and DB Councils
The National Association of Pension Funds (NAPF) has appointed the chairs of its two new policy-making councils.Lesley Williams (pictured), group pensions director at Whitbread, has been elected chair of the Defined Contribution (DC) Council and Robert Brown, senior investment consultant at Towers Watson, has been elected chair of the Defined ...
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Servier Laboratories appoints Aon Hewitt
Servier Laboratories has appointed Aon Hewitt to provide advisory services for its hybrid pension scheme. The pharmaceutical business has 1,000 employees in its £60-million hybrid scheme, which has legacy defined benefit (DB) arrangements and ongoing defined contribution (DC) benefits.Aon Hewitt will provide actuarial, administration, investment, secretarial and DC advice and ...
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ArticlePension saving plummets to record low
The proportion of UK employees who are active members of a workplace pension scheme has plummeted to a record low of 46%.This is the lowest level since records began in 1997, according to research by the Office for National Statistics (ONS).The ONS’s Annual survey of hours and earnings research also ...