All Pensions articles – Page 101
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ArticleLehman Brothers agrees £675 million pension buy-in
Financial services firm Lehman Brothers has agreed a £675 million buy-in transaction for its pension scheme with insurance firm Rothesay Life, following its application for bankruptcy in 2008.The buy-in has also secured full employee benefits for all members as a result of the settlement between the pension scheme trustees and ...
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ArticleOlympic Airlines insolvency affects pension benefits
The Supreme Court has ruled that Olympic Airlines is unable to enter the Pension Protection Fund (PPF) because it did not have an establishment in the UK during its insolvency proceedings.The case, Trustees of the Olympic Airlines SA Pension and Life Assurance Scheme (Appellants) v Olympic Airlines, relates to the ...
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ArticleTPR issues first escalated auto-enrolment fines
The Pensions Regulator (TPR) has issued its first four escalated auto-enrolment penalties, which range from £50 to £10,000 a day depending on the severity of the breach.The organisations received fixed penalty notices for failure to comply with a statutory notice or specific employer duties.The quarterly bulletin from TPR also found:198 ...
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ArticleEIOPA launches pension stress tests
The European Insurance and Occupational Pensions Authority (EIOPA) has launched a pensions stress test and quantitative assessment on solvency for Institutions for Occupational Retirement Provision (IORPs). The stress tests, which EIOPA started preparing in 2014, will cover both defined benefit (DB) and defined contribution (DC) pension schemes.The first of these ...
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ArticlePension freedoms prompt review of scheme design
Pension schemes have begun to evolve in terms of the member support they provide and and their at-retirement investment design, according to research by The Defined Contribution Investment Forum (DCIF).Its At-retirement solutions for the new pensions era report, based on in-depth interviews with providers behind nine large defined contribution (DC) ...
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ArticleCompliance top issue driving DC pensions
More than half (56%) of respondents say compliance with legislation is their top issue driving their defined contribution (DC) pensions provision, according to research by Towers Watson.Its Fit for retirement report, which surveyed 101 organisations, also found that more than a third (38%) of employers cite their employees’ ability to ...
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ArticleJust 7% are financially prepared for retirement
Less than one in 10 (7%) UK adults are financially on track for their retirement, according to research from Aegon.Its third UK readiness report, which surveyed 4,000 UK adults, also found that nearly two-thirds (62%) of respondents do not feel confident about being able to retire when they want to.The ...
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Case StudiesTelent engages staff with pensions via default investment strategy
Since it was introduced in April 2013, its contract-based defined contribution (DC) scheme has achieved 95% take-up. Telent closed its defined benefit (DB) pension to new members in 2007 and to future accrual in 2012.Telent closed its defined benefit (DB) pension to new members in 2007 and to future accrual ...
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AnalysisWhat to consider when setting up a default investment strategy
If you read nothing else, read this…A default investment strategy should be created to help employees who do not want to make active choices about their pension investment.A strategy should take into account an organisation’s demographics, such as age, likely retirement age and contribution levels.The pension freedoms, which came into ...
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OpinionFreedom and choice: finding the right voice
Key pointsEmployers retain a bond of trust with employees: staff will go to their employer for advice.Anticipate their needs to create a strategy to offer valuable support at a critical time, especially defined contribution (DC) scheme members approaching retirement.The pension revolution has only just begun. The after-annuities era will continue ...
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ArticleHayman Group improves DB pensions administration
Hayman Group has improved its defined benefit pension (DB) scheme administration to help the firm adapt to funding changes. The distiller’s Hayman Limited Retirement Benefits Scheme will implement new technology, provided by pensions actuarial firm Spence and Partners, to use live administration data to calculate actuarial results to help develop ...
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ArticleTata Steel staff to be balloted on pensions strike action
Employees at Tata Steel are to be balloted on industrial action over the steel-making firm’s proposed closure of its defined benefit pension scheme.Trades unins Unite, Community, GMB and the Union of Construction, Allied Traders and Technicians (UCATT) intend to open the ballot for member of the British Steel Pension Scheme ...
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ArticleNew exemptions introduced for auto-enrolment
Employers will no longer have to automatically enrol employees in certain situations due to changes under government draft legislation.Exceptions will be introduced so employers are not required to auto-enrol individuals who are leaving employment, staff who cancel membership of a pension scheme before automatic-enrolment and those with tax-protected status for ...
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ArticlePeople in the South West spend most time in retirement
People in the South West of England are likely to spend the most amount of time in retirement (18.7 years), compared to counterparts in other areas of the UK, according to research by Club Vita, part of Hymans Robertson.The study, which surveyed 1,526 UK adults who have not retired, also ...
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ArticleHalf of savers miss tell-tale signs of pension scams
More than half of pension scheme savers aged over 50 are missing tell-tale signs of potential scams and risky investments, according to research by Zurich.Its survey of 1,011 people in defined contribution (DC) pension schemes found that 38% of respondents would not be suspicious of an unsolicited letter, while 22% ...
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ArticleEmployees keen to cash in or drawdown pension pots
Savers looking to access their pension pots following the introduction of the new pension freedoms on 6 April are more likely to take savings as cash or go into drawdown, according to early analysis by several pension providers.Fidelity Retirement Services found that, from around 200 calls, a quarter of people ...
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ArticleMoog Controls boosts pensions engagement
Moog Controls has boosted pensions engagement by more than 150% through its bespoke financial education workshops.The manufacturer of precision motion controls organisation, which helped design the Wimbledon electric roof, focused its education on helping employees make more informed investment decisions.It ran four interactive pilot workshops, provided by Jelf Employee Benefits, ...
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ArticleNews UK and Sony awarded for pensions quality
Jobs and Business Glasgow, News UK and Sony UK are among the organisations that have been awarded the Pension Quality Mark (PQM) in recognition of the quality of their defined contribution (DC) pension schemes. Sony UK has achieved the PQM Plus award for its scheme’s contribution rates, good governance and ...
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ArticleJohn Lewis appoints DC pension provider
The John Lewis Partnership has appointed Legal and General as bundled administration provider to the defined contribution (DC) section of its pension scheme.The appointment is part of the retailer’s implementation of its new hybrid pension arrangement, comprising both DC and defined benefit (DB) sections.In February, John Lewis announced plans to ...
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ArticleRoffey Park informs staff about pension freedoms
EXCLUSIVE: Roffey Park Institute has informed all 80 employees about the pension changes that came into effect on 6 April.The leadership institute educated staff about the pension freedoms via a verbal summary given by line managers and an internal email.The email, which was sent to staff on 2 April, offered ...