All Pensions articles – Page 101
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ArticleAuto-enrolment contribution rate rises to coincide with tax year
Autumn Statement 2015: Chancellor George Osborne (pictured) has announced that the next two phases of minimum pension contribution rate increases under auto-enrolment will be pushed back to coincide with the tax year.The minimum contribution rate for employers was scheduled to rise to 2% from October 2017 and 3% from October ...
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ArticleThe Pensions Regulator consults on new defined contribution code
The Pensions Regulator (TPR) has published a new draft defined contribution (DC) code of practice for consultation.The new code aims to raise standards of governance and administration in defined contribution (DC) pension schemes.It sets out the standards of conduct and practice the regulator expects trustee boards to meet in complying ...
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ArticleWiggins Teape scheme agrees pension buyout
The Wiggins Teape pension scheme, established for UK employees of paper manufacturers Wiggins Teape and Arjo Wiggins Appleton, has entered into a £400m buyout arrangement.The £400m bulk annuity transaction with Scottish Widows covers around two thirds of the pension scheme’s liabilities for the 4,000 members of the defined benefit (DB) ...
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Article77% say it is employers’ role to support pension scheme members
Over three-quarters (77%) of respondents believe it is the role of employers to communicate with, educate and support staff who are members of their pension scheme, according to research by Aon shows.Its DC survey 2015, which is based on 330 responses from pension scheme managers, trustees and sponsors, found that ...
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Supplier article
Pensions auto-enrolment arrests
Earlier this month we highlighted that the number of enforcement notices and fines for non-compliance with auto-enrolment duties was starting to climb rapidly. That post can be read here.If that were not enough to convince employers of the need to comply with the new pension rules then this story most ...
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Article£80bn was saved into workplace pensions in 2014
More than £80bn was saved into workplace pensions in 2014, up almost £3bn on 2013, according to the Department of Work and Pensions (DWP).Its Automatic enrolment evaluation report 2015 found that private sector workplace pensions accounted for £43bn of this, while the public sector accounted for £37bn.The report also found:In ...
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OpinionLouise's lowdown: Employees' financial concerns move onto the radar
October saw the debut of Workie, the star of the government's campaign to raise awareness of auto-enrolment and increase engagement with workplace pensions. Workie, "a striking physical embodiment of the workplace pension", is appearing on billboards, television screens and, most likely, a Twitter feed near you. Reactions have been mixed, ...
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Case StudiesMartin Currie offers greater savings flexibility with new platform
Offering employees greater flexibility around how they save and broader access to the fund market were the key reasons behind investment management firm Martin Currie’s decision to introduce a workplace savings platform in 2013.Craig Gibson, head of reward, explains: “We offer all our employees membership of our self-invested personal pension ...
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Article60% save for retirement
Just under two-thirds (60%) of respondents are saving for retirement compared to less than half (47%) two years ago, according to research by Blackrock.Its Global investor pulse survey, which is based on a sample size of 4,000 UK respondents, also found that 54% of respondents are positive about their financial ...
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ArticleEXCLUSIVE RESEARCH: 24% offer financial wellbeing support
Despite major reforms to how employees can access pension savings with the introduction of pension flexibilities in April 2015, many respondents are not seeking to address financial wellbeing as part of their overall employee wellbeing strategy.Just 24% of employers offer some, or all, of their employees financial wellbeing support, according ...
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Article17% are unsure about pension freedoms
Around a fifth (17%) of respondents believe that their employees are still confused about the pension freedoms, according to research by Close Brothers Asset Management.The Close Brothers Business Barometer, which surveyed 900 UK employers, also found that 21% believe their staff have a good understanding of the flexibilities and a ...
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OpinionJen Ackerman: Employers need to invest time in pensions auto-re-enrolment
For many large employers their staging date is a distant memory and auto-enrolment has become business as usual. Nevertheless, there is still more to do as the third anniversary marks the first re-enrolment cycle.The good news is employers do not have to repeat everything they did on their staging date. ...
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Case StudiesBoots prepares for pensions auto-re-enrolment
Boots, a member of Walgreens Boots Alliance, is facing its first cyclical re-enrolment in January 2016 and has identified around 2,000 staff that must be assessed and potentially automatically re-enrolled.The Alliance Healthcare and Boots Retirement Savings Plan (AHBRSP), a group personal pension scheme, was established in 2010 with Legal and ...
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ArticleEXCLUSIVE RESEARCH: 18% have clear understanding of pension reforms
EXCLUSIVE RESEARCH: Employees have mixed levels of understanding about the pension reforms, according to the Employee Benefits/Close Brothers Pensions research 2015. The reforms, which came into force in April 2015, give pension scheme members over the age of 55 greater freedom in how they can access their pension savings. Further ...
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Article53% view flexible working as key part of wellbeing
Just over half (53%) of respondents view flexible working as a key part of their overall employee wellbeing strategy, according to research by Aon.Its 2015 employee benefits and trends survey, which is based on responses from 294 reward, compensation, pensions and benefits representatives, also found that 38% of respondents do ...
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ArticleCommunication remains key in the changing pensions landscape
Almost a third (30%) of respondents to the Employee Benefits/Close Brothers Pensions research 2015 say the most frequent concern that staff have around retirement is a lack of knowledge about how much they need to contribute into their pensions in order to achieve their retirement goals.If an employee reaches their ...
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Supplier article
A funny old year
The past 12 months have been turbulent – just take a look at this chart of the FTSE 100 over the last year. There have been some points which I’m sure would have caused your clients some concern, and possibly even had them looking for an alternative investment with reduced ...
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ArticleEXCLUSIVE: 68% offer group personal pension plans
EXCLUSIVE RESEARCH: Group personal pension (GPP) plans remain the most popular primary workplace scheme, according to the Employee Benefits/Close Brothers Pensions research 2015.The research, which surveyed a total of 259 respondents in September 2015, found that while 68% of repondents offer this type of scheme as their organisation’s primary workplace ...
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Supplier article
Unlike credit card deals, a master trust is for life
The People’s Pension has announced that they will be introducing a £500 setup fee later this month for all new schemes. This move suggests that big master trusts have been subsidising the setup costs for employers out of reserves, a method which is unsustainable in the long term.We are still ...
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ArticleSame-sex spouse loses equal pension bid
The Court of Appeal has upheld a ruling against a retired employee in his bid to see his civil partner, now husband, receive the same pension pay-out in the event of his death as a spouse of the opposite sex.In the case of Walker vs Innospec and others, in which ...