All Pensions articles – Page 102
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ArticleWork and Pensions Committee recommends single pensions regulator
A single pensions regulator and an independent commission will need to be set up to help protect pension savers when the new pension flexibilities come into effect from April 2015, according to a report by the Work and Pensions Committee.Its Progress with automatic-enrolment and pension reforms report highlighted that an ...
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ArticleSteve Webb urges employers to consider pension freedom choices
Employers and their staff should avoid rushing to make decisions around the new pensions freedoms coming into force on 6 April, and consider the date as the start of a journey rather than a deadline, according to Steve Webb, minister for pensions, speaking at Employee Benefits Connect 2015. “The chances ...
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ArticlePension Schemes Bill receives Royal Assent
The Pension Schemes Bill that enables the introduction of the government’s pension reforms has received Royal Assent.It is the final piece of legislation bringing into force the upcoming pension flexibilities on 6 April 2015.Together with the Taxation of Pensions Act, which became law in December 2014, it introduces a number ...
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ArticleAon partners with Blackrock to launch new DC pension
EXCLUSIVE: Aon Employee Benefits has partnered with Blackrock to launch a new defined contribution (DC) pensions scheme, which will be officially launched at Employee Benefits Connect today (4 March).The product, Bigblue Touch, combines Aon’s Bigblue technology with Blackrock’s investment and administration services.It aims to give scheme members access to financial ...
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ArticleFCA acts to support choice in retirement
The Financial Conduct Authority (FCA) is to introduce remedies designed to support choice in the retirement market in light of the forthcoming pension reforms.Its final Retirement income market study proposes five remedies for employees with defined contribution (DC) pension pots to help make competition work for those looking at drawdown ...
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Article51% not confident Pension Wise will deliver support
More than half (51%) of employer respondents are not confident that the government’s guidance guarantee Pension Wise service will provide their employees with adequate support around decisions at retirement, according to research by Hymans Robertson.The pensions and risk consultancy’s research, which questioned 100 HR directors in organisations with more than ...
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ArticleStaff contribute average of 5% to pensions
The average employee monthly contribution to a workplace defined contribution (DC)pension scheme in the UK is 5% of their monthly salary, according to research by The Chartered Institute of Personnel and Development (CIPD).Its Employee attitudes to pay and pensions report, which surveyed 2,255 working adults, also found that 43% of ...
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ArticleJust 15% have a clear retirement plan in place
Just 15% of reposondents hoping to retire in the next 12 months have put together a retirement plan, according to research by Fidelity Worldwide Investment.Its Class of 2015 report, which surveyed 500 employees planning to retire between April 2015 and March 2016, found that only 15% of respondents have done ...
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ArticleHigh Court rules on Merchant Navy Pension Fund deficit regime
Employers Stena Line, P&O Ferries and Sealion Shipping will see a reduced burden on plugging the Merchant Navy Ratings Pension Fund’s (MNRPF) £300 million deficit following a High Court ruling.The organisations, along with 40 others, have contributed towards the deficit since 2001 under its old funding regime.The decision, handed down ...
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ArticleBalfour Beatty delays £85m pension payment
Balfour Beatty has agreed new terms with the trustees of its defined benefit (DB) pension scheme over an £85 million deficit payment that was due next year.The UK infrastructure group will now make the payment over the next eight years, starting with a £4 million cash payment in 2016.This will ...
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ArticleIBM staff can claim damages against DB closure
Members of IBM’s UK defined benefit (DB) pension scheme will be able to claim damages against it over the closure of the schemes, the High Court has ruled.The technology organisation is seeking to appeal the latest decision in the case of IBM vs Dagleish, which it “respectfully” disagreed with, according ...
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Article
Auto-enrolment continues to be a burden
The business barometer survey published by Close Brothers Asset Management in January, for example, found that more than three-quarters (76%) of employer respondents now notice the administrative burden created by auto-enrolment, a 7% increase since September 2014.In addition, figures published by The Pensions Regulator (TPR), also in January, highlighted that ...
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Article
Pension legislation announcements in February
Draft regulations to cap defined-contribution (DC) pension scheme charges at 0.75% were put before Parliament in February, alongside additional governance requirements.From April, scheme charges will be capped at 0.75% unless employees have specifically chosen a more expensive option.In its response to a consultation on the introduction of a 0.75% cap ...
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ArticleTPR publishes DB to DC transfer guidance
The Pensions Regulator (TPR) has published guidance on what it expects from defined benefit (DB) pension scheme trustees when a member requests a transfer to defined contribution (DC) schemes. Its guidance aims to ensure trustees have appropriate processes in place to manage transfer requests and to prompt trustees to consider ...
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ArticleEmployers spend less on benefits
The number of employers spending over 20% of employees’ salary costs on workplace benefits has dropped from a third in 2014 to a quarter this year, according to a study from Towers Watson.Just over a quarter (29%) of employers spend 11-15% on benefits, according to the study.The annual Benefits HealthCheck ...
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ArticleScottish Power agrees £2 billion DB pension longevity swap
Scottish Power has entered into a longevity swap for its defined benefit pension scheme.The longevity swap transaction covers almost £2 billion of pension liabilities and removes longevity risk from half of the scheme liabilities. It transfers the risk of almost 9,000 scheme members living longer than expected to three reinsurers.The ...
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AnalysisHow much should employers segment workplace savings benefits for staff?
If you read nothing else, read this…Workplace savings can be segmented according to employees’ age, job function, gender, demographic and salary.New technology can be used to engage younger generations.Employers must ensure messages about workplace savings are relevant and communicated through appropriate channels. It is not uncommon for employers to have ...
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ArticleMorrisons consults on closure of DB pension schemes
Morrisons is to consult with staff on the closure of its defined benefit (DB) pension schemes.The retailer’s proposed changes would mean that members of its career average revalued earnings (Care) schemes would stop building up benefits through that scheme. Benefits already accrued by staff will remain in the scheme until ...
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ArticleMost talked-about news on the website in March 2015
The total number of employers fined for failing to comply with their workplace pensions duties totalled 169 by the end of 2014, according to figures from The Pensions Regulator (TPR).“The message from The Pensions Regulator is loud and clear. Not complying is not an option. The crackdown is crucial to ...
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ArticleBT to pay £1.5bn to cut DB pension deficit
BT is to pay £1.5 billion into its defined benefit (DB) pension scheme by April to tackle its £7 billion deficit.The telecommunications firm will also increase the contribution rate for future benefits of active members from 13.5% to 16% from 1 April 2015 through to June 2017.The figures were announced ...