News – Page 76
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DC pension savings to become more flexible
In the Budget 2014, Chancellor George Osborne (pictured) announced greater flexibility in the way employees retiring with defined contribution (DC) pensions can take their savings.In the future, DC members will be able to take their pension wealth as a lump sum, drawdown, or an annuity.A range of changes came in ...
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DOD’s blog: What the Budget means for workplace pensions
Wednesday’s Budget is a game changer for workplace pensions, and one that I broadly welcome.The details and ramifications of these changes to the way savers can withdraw wealth from defined contribution (DC) pension plans will play themselves out over the coming months and years.But the new rules – some of ...
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Government to guarantee free financial guidance for DC pension members
The governmentis to guarantee free face-to-face advice for all employees that retire in defined contribution (DC) pension schemes from April 2015.Chancellor George Osborne announced in the 2014 Budget that everyone who retires in a DC pension will be offered free, impartial, face-to-face advice on their choices at the point of ...
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Discover why employers must support staff financial wellness at Employee Benefits Connect
Employers must offer the tools to help employees navigate their own financial wellness.Katie Nedl, global head of benefits at BlackRock, will speak at a session titled Understanding the effect of global financial benefits on work engagement at Employee Benefits Connect in New York on March 25, 2014.She said: “In a ...
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Browne Jacobson launches financial education sessions
EXCLUSIVE: Browne Jacobson is rolling out financial education sessions for its employees.The sessions are targeted at three groups of staff: those who are over 50 and planning to retire, those between the ages of 30 and 40, and those between the ages of 20 and 30 who are just starting ...
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DOD’s blog: Does your CSR strategy take into account staff needs?
A couple of weeks ago I went to a talk at the business forum Initiatives of Change UK on Business in the new world economy.While I found some of the ideas discussed pretty ‘out there’, there was was plenty to challenge the audience to think differently unless we want businesses ...
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Annuities market is not working
The annuities market is not working, according to a review by the Financial Conduct Authority (FCA).Its Thematic review of annuities, which is part of the first stage of the FCA’s review into retirement products, gathered information from 25 organisations representing 98% of the annuities market.The review found that, for a ...
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23% of 2014 retirees not ready to stop working
Almost a quarter (23%) of respondents who plan to retire this year said they do not feel ready to stop working completely, according to research by Prudential.Its Class of 2014 research, which surveyed 7,821 non-retired UK adults over the age of 45, found that more than half (54%) of respondents ...
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Ian Wright: How will the changing state pension age affect employers?
Our employees are fortunate enough to be relatively high earners and most take part in the organisation’s pension scheme. This means that, as they approach their 60s, most should have personal savings, investments and assets, and should have built up a fairly substantial pension fund rather than be reliant on ...
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Simon Nash: How will the changing state pension age affect employers' pension strategies?
On 11 December 2013, the Office for National Statistics released an update to its projected mortality figures, predicting that girls born in 2013 would live to, on average, 94 years of age, with boys still living slightly shorter average lives.What is more, these statistics reveal that more than one-third of ...
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Michelle Cracknell: How will the changing state pension age affect employers' pension strategies?
With all of us living longer, the state pension is no longer affordable on its current terms. For those of us in the industry, the rise in the state pension age was confirmation of the inevitable, but was it expected by the public?The Pensions Advisory Service takes more than 80,000 ...
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David Fairs: How will the changing state pension age affect employers' pension strategies?
Saving longer and retiring later should make for higher pensions. But employees who want to retire earlier than state pension age, or indeed need to retire earlier because they are in a physically demanding job, will face some difficult choices. With the average pension pot of £30,000 currently providing an ...
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Employee Benefits Awards entry deadline extended to 17 January
We will not accept entries past this date, so make sure you don’t miss out.See all the information you need to enter, along with the category details and entry forms.There are no fewer than 22 categories to enter, so there is sure to be one to recognise your hard work.Workplace ...
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Reed Smith staff move to online savings platform
EXCLUSIVE: Law firm Reed Smith has seen 89% of employees register to manage their savings and benefits online since it launched an integrated workplace savings and flexible benefits platform.It introduced its platform, Path, in May 2013 because benefits take-up rates were low and the benefits were spread across different providers ...
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Trident Reach offers financial wellbeing kiosk
Charity Trident Reach has launched a touch-screen kiosk to help employees access financial and wellbeing benefits.The kiosks provide staff with access to a range of products and services, such as healthcare policies and discounts from health insurer and employee benefits provider BHSF, as well as existing savings accounts with Citysave ...
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Employee Benefits Awards 2014 closing to entries
If you have not entered already, this is your last chance to do so - make sure you don’t miss out.See all the information you need to enter, along with the category details and entry forms.There are more than 20 categories to enter, so there is sure to be one ...
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Employee Benefits Awards applaud financial education
This award will recognise an employer that has taken a proactive approach to its workforce’s financial needs.The winning organisation may have: brought in financial advisers for one-to-one meetings; run financial seminars or workshops; installed financial modelling programmes on the intranet or internet; provided pre-retirement education; offered staff time off work ...
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Aspire to Retire launches pre-retirement portal
Aspire to Retire has launched an online retirement portal, iAspire, to provide information and tools for pension scheme members.The portal is designed for employees to begin planning for retirement up to five years before their intended retirement date.It aims to educate pension scheme members and engage employees earlier to help ...
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IBM launches online pension reports
EXCLUSIVE: IBM has launched an online version of its pensions reports for employees.Between 2 October and 2 November 2013, the new reports received 650% more views than all the views for the previous 12 months.More than half (15,900) of the technology organisation’s 26,000 pension members now access the information electronically.The ...
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A third of 30-somethings not saving for retirement
Almost a third (31%) of respondents in their 30s are not saving anything at all for retirement, according to research by Friends Life.Its GenXpectations research, which surveyed 2,000 individuals, found that more than half (51%) of respondents over the age of 40 said they wish they had saved more for ...