News – Page 89
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TPR publishes auto-enrolment codes of practice
The Pensions Regulator (TPR) has published guidance and revised codes of practice, which aim to support auto-enrolment by helping to ensure workplace pension scheme members receive the pension contributions they are due.The documents set out:Guidance for employers that have primary responsibility for ensuring the correct level of contribution is paid ...
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Heineken appoints DB pension administrator
Heineken has appointed Capita Employee Benefits to provide pensions administration services to its Scottish and Newcastle Pension Plan, its closed defined benefit (DB) pension scheme in the UK.Capita will also provide the brewer with trustee and scheme accounting, pensioner payroll services and will carry out a data-rectification project.The DB scheme, ...
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S&P 1500 pension plans hit funding highs
The aggregate pension plan deficits of S&P 1500-sponsored employers dropped to $269 billion at the end of May 2013, according to research by Mercer.The consultant’s monthly analysis of the Financial Accounting Standard (FAS) funding positions also revealed that the funded ratio (assets divided by liabilities) increased from 80% to 86% ...
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Employee Benefits Awards 2013: Best DC pension default investments
Winner: Finmeccanica UKScheme: Finmeccanica FuturePlannerEntered by: P-SolveThis award recognises an employer that makes a concerted effort to offer an appropriate, effective default investment strategy for a defined contribution (DC) pension plan.Finmeccanica’s default strategy, which is driven by the organisation’s determination for its DC scheme not to be considered a poor ...
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Employee Benefits Awards 2013: Best pensions change
Winner: FirstGroupScheme: The First UK Bus Pension SchemeThe judges were looking for a successful strategy that resulted in effective pensions provision for employees after a significant pensions change project.Restructuring its pension arrangements led to a £27 million saving for FirstGroup. Staff are now auto-enrolled into a defined contribution (DC) scheme ...
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Employers face cost of ill-health early retirement provision
Just over a third (35%) of respondents closing a defined benefit (DB) pension plan are considering the issue of how to manage ill-health early retirement provision, according to research by trade body Group Risk Development (Grid).The research, which surveyed 500 UK organisations, also found that almost one in five (19%) ...
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ArticleUK employees not saving enough for retirement
The number of employees saving adequately for retirement has hit an all-time low, yet aspirations for pension income have risen, according to research by Scottish Widows.The annual Scottish Widows pensions report, which surveyed 5,200 Britons, revealed that less than half (45%) of those who could and should be preparing financially ...
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NAPF calls for more support for prospective retirees
Prospective employees are not getting enough support with choosing an annuity, according to the National Association of Pension Funds (NAPF).The Supporting savers at retirment report, which looked into employer advice and the brokerage market used by employers in the private sector with staff in defined contribution (DC)pension schemes, highlighted a ...
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PPF compensation cap level to be increased
Pension scheme members whose employers go bust before reaching their scheme’s normal pension age will receive some relief after the pensions minister unveiled new rules on compensation paid by the the Pension Protection Fund (PPF).Steve Webb has announced his intention to increase the compensation cap for longer-serving members by 3% ...
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Lafarge appoints fiduciary manager for DB pension
Lafarge has appointed Towers Watson as fiduciary manager for the investment requirements of its £2.6 billion defined benefit (DB) pension scheme.The appointment follows a formal selection process undertaken by the trustees of the scheme and with advice from KPMG and Sackers.KPMG’s remit was to advise Lafarge on the various approaches ...
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Lack of understanding leads to lack of pensions saving
Half (50%) of respondents believe the main reason people do not save in pension schemes is because they do not know what retirement income their pension will give them, according to research by pensions and benefits consultancy Hymans Robertson.The research, which surveyed 101 UK employers, also found that:90% of respondents ...
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E.On raises pensions take up to 92% after auto-enrolment
EXCLUSIVE: E.On has increased the take up of its group personal pension (GPP) plan to 92% after a year of communicating auto-enrolment.The auto-enrolment process began for the utility business about 18 months ago, when it looked at the options it had around complying with the legislation.The utilities business decided to ...
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Pension members inactive about investment management
One in five (21%) respondents take an active role in managing their pension investments, according to research by Capita Employee Benefits. The research, conducted among 3,000 employees, also found that 27% of respondents have opted for the default funds provided by their employer.The research also found:52% of respondents do not ...
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SAP to outsource benefits system ahead of auto-enrolment
EXCLUSIVE: SAP is to outsource its employee benefits system to enable it to cope with its pensions auto-enrolment duties.The technology organisation, which will reach its staging date in September 2013, made the decison to switch from an in-house benefits system to one provided by Capita Employee Benefits, following its annual ...
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Government to set out plans for collective DC pensions
The government’s report on defined ambition pensions, which is expected this summer, will set out plans to introduce collective defined contribution (DC) pension schemes in the UK.The Department for Work and Pensions (DWP) has confirmed that pensions minister Steve Webb (pictured) has met with large employers that have expressed an ...
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Liability-driven pension investment increases to £446bn
Liability-driven pension investment (LDI) increased by 11% in 2012, according to research by KPMG Investment Advisory.The KPMG 2013 LDI survey, which questioned 30 institutional managers, found that LDI now covers £446 billion of pension liabilities, with 686 UK pension scheme mandates now employing LDI.However, the provision of LDI remains dominated ...
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Buy-out completed on Imperial Home Decor DC pension
Imperial Home Decor has completed an enhanced buy-out of the defined contribution (DC) section of its pension scheme.The scheme has been in wind up since October 2003 when the organisation was declared insolvent.The deal that has been secured will see almost 140 DC members benefit from an enhanced annuity deal ...
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Shepherd Neame to bring forward auto-enrolment staging date
EXCLUSIVE: Shepherd Neame is to bring its staging date forward by three months and amend its trust-based defined contribution (DC) pension scheme to comply with its auto-enrolment duties.The brewer, which is working with BBS Consultants and Actuaries, elected to bring its staging date forward to 1 July from 1 September ...
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Lloyds TSB pension scheme sells securities portfolio
Lloyds TSB’s Group Pension Scheme No.1 has sold its share of a portfolio of re-securitised US residential mortgage-backed securites for £1.16 billion.The defined benefit (DB) pension scheme’s trustees were advised by law firm Sackers in the disposal of the portfolio. Law firm Slaughter and May worked alongside Sackers, advising the ...
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Standard Life and Punter Southall launch auto-enrolment product for SMEs
Standard Life and Punter Southall Defined Contribution Consulting (PSDCC) have teamed up to provide an auto-enrolment product for small and medium-sized enterprises (SMEs).The agreement allows PSDCC to offer SMEs Standard Life’s Group Flexible Retirement plans as an off-the-shelf auto-enrolment product.Employers will receive:Access to Standard Life’s auto-enrolment tools.Access to online resources ...