News – Page 91
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Awareness of pension tax efficiency is on the rise
More people are aware of the tax efficiencies around pensions than a year ago, according to research by Standard Life.Its research, which surveyed more than 2,000 UK adults, found that more than a third (39%) respondents are aware that the government will automatically add £1 for every £4 they invest ...
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Retail group records £31m DB pension net gain
Home Retail Group’s defined benefit (DB) pension scheme has recorded a net exceptional gain of £31.3 million since it was closed to future accrual from 31 January 2013.This includes a non-cash curtailment gain of £37.4 million, arising from the one-off reduction in the scheme’s liabilities because members ware no longer ...
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Increased workload top auto-enrolment concern
Two-thirds of respondents are concerned that pensions auto-enrolment will increase workloads for their HR and payroll departments, according to research by recruitment firm Hays.The research surveyed more than 400 employers which attended a series of seminars held by Hays in partnership with Barclays Corporate and Employer Solutions, and the National ...
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ABF and Finmeccanica shortlisted for DC investment strategy
Associated British Foods and Finmeccanica UK are among the employers shortlisted for the ‘Best defined contribution (DC) pension default investments’ at the Employee Benefits Awards 2013.For this category, the judges looked at a variety of factors, including: What types of investment make up the DC scheme’s default investment option? Is ...
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8% opt out for auto-enrolment at Dairy Crest
EXCLUSIVE: Dairy Crest has seen 8% of employees who were auto-enrolled in April opt out of its pension scheme.Around 60% (2,589) of employees have been auto-enrolled into a new compliant section of the stakeholder scheme, while 208 have opted out.Simon Cumpsty, head of employee relations and reward at Dairy Crest, ...
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FTSE 100 prepared to pay 10% in DC pension contributions
FTSE 100 employers with defined contribution (DC) pension schemes are prepared to pay an average of 10% of salary into employees’ pensions, according to consultancy Towers Watson.Its annual FTSE 100 Defined contribution pension scheme survey, which questioned 90 of the FTSE 100 employers, found that, where employers provide the same ...
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Regulator publishes three-year strategic pensions approach
The Pensions Regulator (TPR) has set out its strategic approach to regulating defined benefit (DB) and defined contribution (DC) pension schemes, and maximising employer compliance with auto-enrolment duties in its latest corporate plan.The strategic themes in the Corporate plan 2013 – 2016 include:Reducing risks to DB pension scheme members.Improving outcomes ...
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European pension funds shift out of equities
European pension funds have continued to cut equity allocations, according to research by Mercer.Its European asset allocation survey, which looked at more than 1,200 European pension funds with combined assets of more than €750 billion, found that plans in the UK shifted out of equities over the last 12 months, ...
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Legal & General to launch trustee-style governance for contract-based pensions
Legal and General is to extend its independent trustee-style governance approach to contract-based workplace pensions for employers.The new governance structure, Independent Governance Oversight, is designed to work both with pension schemes’ own governance committees, and to take sole responsibility where no other governance exists.Independent Governance Oversight will mirror the governance ...
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Marine Systems appoints DB pensions adviser
Global Marine Systems has appointed Aon Hewitt to provide investment consulting services for its defined benefit (DB) pension scheme.The installer of sea cables for the telecommunications industry’s pension scheme has 450 members and assets of £90 million.Roy Webber, chairman of Global Marine Systems Trustees, said: “Our scheme was in need ...
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Ban on consultancy charges for auto-enrolment
The government has banned consultancy charges for auto-enrolment pension schemes.The move aims to protect employees from high and inappropriate pension charges.It follows a six-month-long review of consultancy charges conducted by the government, which concluded that existing measures to prevent advisers deducting high charges from members’ pension pots are inadequate.The review ...
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Scottish Life to change underlying investment of matrix fund
Scottish Life is to change the underlying investment held within its Global Blend Core Plus Pension Fund. The matrix fund, a group of externally managed equity funds categorised by sector and by risk relative to a benchmark, will see its underlying investment switched to the Rathbone Global Alpha Fund from ...
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Peverel Group promotes total reward
EXCLUSIVE: Peverel Group has launched a series of roadshows and workshops to promote its total reward platform, its flexible benefits scheme and new group personal pension (GPP) plan as it prepares for auto-enrolment.The property management group opened its flexible benefits enrolment window in March 2013, and employees’ benefit choices took ...
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Zurich launches auto-enrolment default fund
Zurich’s corporate savings business has launched an auto-enrolment default investment fund in partnership with asset management organisation Schroders.The Zurich Dynamic Lifestyle Portfolio will be available to new and existing members of Zurich’s workplace pension schemes.The fund consists of three underlying funds. Schroders will manage the mixed investments and the defined ...
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McDonald’s sees low pension opt-outs
EXCLUSIVE: McDonald’s Restaurants has seen 2.4% of its hourly-paid employees and 2.7% of its salaried employees that were auto-enrolled on 1 January 2013 opt out of pensions.The fast food retailer has 37,000 UK employees who work directly for the organisation (rather than its franchises). Of this group, 35,000 are hourly-paid ...
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Pension schemes not meeting principles of DC governance
More than three-quarters (76%) of pension schemes surveyed are aware of The Pensions Regulator’s Six principles of good workplace DC, according to research by The Pensions Regulator (TPR).Its Occupational pension scheme governance 2013 research, which surveyed 454 trust-based defined benefit (DB), defined contribution (DC) and hybrid pension schemes, aimed to ...
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ArticleHow technology is used to deliver benefits
One-third (34%) of respondents do not use technology to deliver benefits, according to exclusive research by Employee Benefits.The Benefits Research 2013, which surveyed 561 HR and benefits professionals, found that where respondents do use technology for this purpose, 32% deliver benefits via an HR system, 32% use a voluntary benefits ...
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Kodak pension plan acquires imaging business
Eastman Kodak Company has concluded a settlement agreement with its UK Kodak Pension Plan (KPP).Under the agreement, which will be filed with the US Bankruptcy Court, the company’s personalised imaging and document imaging businesses will be spun off under new ownership to KPP for a cash and non-cash consideration of ...
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Daily Mail plans for pensions auto-enrolment
The Daily Mail and General Trust (DMGT) will use provider Staffcare’s middleware product to manage its auto-enrolment duties.DMGT, which employs 11,500 employees globally and owns publications such as The Daily Mail, The Metro and The Mail on Sunday, has multiple staging dates, the first of which is 1 August 2013. ...
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Employers use technology platforms to engage staff with benefits
In April, KFC launched an online total reward platform, which includes total reward statements and online shopping discounts for all its 10,000 staff, as well as a flexible benefits scheme for its 1,000 salaried employees.It previously used a paper-based system, but was keen to offer a single platform to bring ...