News – Page 9
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66% of workers unaware of total pension savings
Two-thirds of workers do not know how much money they have saved towards retirement, research has revealed.Of 500 people surveyed by online pension provider PensionBee, 66% said they were unaware of the total value of their pension pots.The research found that PensionBee’s working customers over the age of 40 have ...
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Higher pay rises could lead to £142k gender pensions gap
Higher pay rises for men than women could result in a gender pensions gap of £142,603, according to new findings.Research commissioned by investment solutions firm Fidelity International revealed that men typically receive £733 more than women when their salary is increased.Fidelity's modelling showed that a 25-year-old man on an average ...
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DWP publishes pensions dashboards consultation
The government has published a key document in the creation of a single portal for people to manage their retirement income.The Department for Work and Pensions (DWP) launched a consultation titled Pensions dashboards: consultation on the draft pensions dashboards regulations 2022.According to the DWP, this represents a “significant” step towards ...
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University staff plan strikes over pensions and pay
More than 50,000 university employees are to take part in further strike action over pensions, pay and working conditions next month, according to a trade union.The University and College Union (UCU) said that unless an agreement could be reached in forthcoming talks, staff at 44 further education institutions would take ...
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UK DC pension schemes down 40% in a decade
The UK’s occupational defined contribution (DC) pension market has consolidated by nearly 40% in a decade, data has shown.The Pensions Regulator’s (TPR) 12th annual DC trust report revealed that there were 27,700 DC schemes in December 2021 down from 45,150 in 2011.It also showed a 2% drop in the number ...
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Pension advisers want dashboard roll out prioritised
Addressing climate change and rolling out the pensions dashboard are the biggest priorities for workplace pension scheme advisers this year, research has revealed.The Society of Pension Professionals (SPP) asked its members where they wanted the government and regulators to focus attention over both the next 12 months and the next ...
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Cushon acquires Creative’s workplace pension scheme
Workplace savings fintech firm Cushon has acquired financial services business Creative’s workplace pension scheme.This is Cushon's third workplace pension acquisition in two years, in line with regulatory goals to drive further consolidation in the market. With the addition of the 14,500 additional employers under Creative’s pension trust, this makes Cushon ...
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Action urged to rebalance pension wealth
Shareholder returns that feed into UK workers’ pensions “disproportionately benefit a wealthy minority”, according to a report put together by the TUC, think tank Common Wealth and the High Pay Centre.The study found that almost one in three UK shares was held by a UK pension fund in 1990 yet ...
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Making more staff eligible for auto-enrolment will help levelling up
More people should be automatically enrolled in workplace pensions, scrapping the age and earnings thresholds that have existed since auto-enrolment began to be phased in a decade ago.That’s according to Richard Holden MP who is today tabling a private members’ bill to increase pension participation among lower paid, younger and ...
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25% of staff plan early retirement at age of 60
A quarter of people planning to retire early have a target to leave work on their 60th birthday, research has revealed.The survey of 2,000 people by insurance provider Aviva also found that 17% of those who had already chosen to exit the workforce ahead of receiving their state pension had ...
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Aston Martin staff threaten to strike in pensions row
Workers employed by Aston Martin have threatened the car manufacturer with strike action over changes to their company pension scheme.Trade union Unite said an initial ballot over potential industrial action had been held in response to proposals to switch staff currently on the business’ defined benefit scheme to a defined ...
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44% of staff expect to work past state pension age
Two in five (44%) UK workers now predict they will work beyond their state pension age, according to fresh data.Financial services business Canada Life’s research, which was carried out by Opinium with 2,000 UK adults, revealed that 44% expect to keep earning past the date they could claim their retirement ...
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Pandemic forces 300,000 women out of workplace pensions
Some 300,000 women were unable to make any savings towards a workplace pension in the last year due to the impact of lockdowns, home schooling and increased domestic responsibilities during the pandemic, research has revealed.Workplace pension provider Now: Pensions’ new report Pandemics and pension inequality, created in collaboration with the ...
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51% of employees want greener pensions
Half of employees (51%) want to know that their pension scheme is invested in environmentally and socially sustainable organisations, a new study has found.The research from Cushon showed that, broken down by generation, 60% of millenials are keen to have greener pension investments.Almost half (48%) of savers mistakenly believe that ...
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63% say financial knowledge is excellent or above average
Six out of 10 workers (63%) think their financial knowledge is either excellent or above average, according to a new survey.The research of 1,015 UK working adults in employment was carried out by Vital Research for Wealth at Work, and aimed to find out how employees are saving for their ...
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54% of employees' retirement plans hit by Covid
New data has revealed that more than half (54%) of UK working adults said that the impact of the Covid-19 (Coronavirus) pandemic has affected their plans to retire.According to research carried out by insurance provider Aviva, nearly one in five (18%) respondents feel less secure about their financial future, peaking ...
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Reuters agrees to £310 million pension buy-in
Reuters, an international news organisation owned by Thomson Reuters, has announced that it has agreed to a £310 million full-scheme buy-in transaction for its supplementary pension scheme.The transaction was the agency’s first with financial services company Legal and General Assurance Society, otherwise known as Legal and General, and involved the ...
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University staff to strike in pensions and pay dispute
Lecturers at as many as 58 UK universities will take part in strike action on 1-3 December in a row over pensions, pay and working conditions.According to the University and College Union (UCU), some staff are striking because of the Universities Superannuation Scheme pension fund, which was put into place ...
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37% of female staff do not have workplace pension
New data has revealed that 37% of female employees do not have a workplace pension, compared to 32% of men.Pensions consultancy Barnett Waddingham’s research was compiled based on responses from 2,002 UK working adults, of which 1,022 were women. It found that females are lagging behind men on workplace pensions, ...
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Confessions of a benefits manager: Candid attends a trustee meeting
If there is one thing guaranteed to put me on a downer, it is going to the quarterly trustee meeting. I was flattered when Big Bad Boss first sent me in his place. The consultants we use for our defined benefit (DB) plan hold the trustee meetings at the Shard, ...