All Pensions articles – Page 103
-
ArticlePension Wise website goes live
The online version of the government-backed guidance guarantee service, Pension Wise, has gone live.The Treasury-designed website, pensionwise.gov.uk, showcases six steps users should take in deciding how to use the new pension flexibilities, as well as get the best possible outcome in retirement from their pension pot.The six steps are:Checking the ...
-
ArticleDWP publishes pot follows members update
The Department for Work and Pensions (DWP) has published more details on its plans to introduce automatic transfers of small pots when pension scheme members move jobs.Its Automatic transfers: A framework for consolidating pension savings report includes how the government will role out the programme and which schemes are in ...
-
Video
Relaxing retirement rules: Five decisions for employers and trustees
brightcove.createExperiences();This six minute video tutorial above covers:Is lack of knowledge about the new pensions flexibilities an issue?What decisions do employees need to make?Is there an impact on people’s benefits structure?Will the pensions reforms increase administration?Will the Budget changes affect default investment ...
-
ArticleTwo-thirds of DB members will not transfer to DC pension
A third of defined benefit (DB) pension scheme members have yet to rule out transferring to a defined contribution (DC) arrangement when the new pension reforms come into effect from April, according to research by Hargreaves Lansdown.Its survey of 1,037 employees also found that 7.8% of respondents expressed a firm ...
-
ArticleJohn Lewis reviews DB and DC pension schemes
The John Lewis Partnership plans to halve the accrual rate for its final salary pension scheme and extend the defined contribution (DC) section of its hybrid scheme. The retail organisation, which employs 86,000 people across the John Lewis and Waitrose brands, will make the amendments effective from April 2015 for ...
-
ArticleNAPF and PMI close merger discussions
The National Association of Pension Funds (NAPF) and The Pensions Management Institute (PMI) have announced that they will no longer pursue the opportunity to merge the two organisations. Ongoing discussions about the possibility of a merger were first announced in October last year.The combined organisation would have been aimed at ...
-
ArticleGovernment lays out final regulations on charges cap
Draft regulations to cap defined contribution (DC) pension scheme charges at 0.75% have been put before Parliament alongside additional governance requirements.In April, scheme charges will be capped at 0.75% unless employees have specifically chosen a more expensive option.According to figures from the Department for Work and Pensions (DWP), the cap ...
-
Article51% approaching retirement would consider working longer
Just over half (51%) of rspondents due to retire this year would consider working beyond the state pension age, according to research from Prudential.The current state pension age is set at 65 for men born before 6 December 1953 or between 60 and 65 for women born after 5 April ...
-
Article68% of over-50s would retrain to work longer in retirement
More than two-thirds (68%) of over-50s would consider retraining to work longer in retirement, according to research by MetLife. Its research, which surveyed more than 2,500 employees, found that financial pressures and a lack of sufficient retirement savings are the drivers behind employees working longer.Just over half (55%) of respondents ...
-
ArticleTwo-thirds of over-40s yet to discuss pension reforms
Almost two-thirds of people aged between 40 and 70 years have yet to speak to someone about the incoming pension reforms, according to research by retirement provider Partnership.Its survey of more than 1,600 people aged between 40 and 70 found that nearly a third (31%) of respondents have spoken about ...
-
Article169 employers fined for auto-enrolment non compliance
The total number of employers fined for failing to comply with their workplace pensions duties reached 169 by the end of 2014, according to figures from The Pensions Regulator (TPR).However, this figure represents a small number compared to the tens of thousands of businesses which have now complied with their ...
-
ArticleFCA to introduce protection for DC pension members
The Financial Conduct Authority (FCA) is to introduce additional protection to defined contribution (DC) pension scheme members ahead of April’s incoming reforms that will give members more flexibility around how to take their pension pot. Under the new rules, which are aimed at protecting members who are keen to cash ...
-
ArticleJust 12% comply with default retirement age laws
Just 12% of employers believe their organisation has fully has fully complied with legislation abolishing the default retirement age (DRA), since it came into effect in 2011, according to research by Jelf Employee Benefits.Its study of 248 employers also found that 34% of respondents felt they need to improve all ...
-
AnalysisWhat does pension default fund jargon really mean?
If you read nothing else, read this…Terminology relating to pensions default investment can be complex and not always simple to understand.Key terms include lifestyling, tactical asset allocation, white labelling and decumulation phase.Understanding industry jargon can help benefits managers to explain key concepts to their workforce.Lifestyling This is an investment ...
-
Article76% of employers notice pensions auto-enrolment admin burden
More than three-quarters (76%) of staged employers are now noticing an administrative burden caused by the impact of pensions auto-enrolment, according to research by Close Brothers Asset Management. Its latest Business barometer survey, which surveyed more than 400 UK employers, found that this is an increase of 7% since September ...
-
ArticleTennants Consolidated reviews pensions administration
Tennants Consolidated has reviewed its pensions administration to boost the value of services for its members of its defined benefit (DB) and defined contribution (DC) pension schemes. The chemicals distribution and wholesale organisation’s pension schemes has more than 1,200 members and approximately £130 million of assets.The Tennants Pension Trustees wanted ...
-
ArticleFTSE 100 DB pension deficit declines
The total deficit in FTSE 100 pension scheme has declined by £14 billion to £66 billion in the last year, while liabilities have increased by £44 billion to £591 billion, according to research by JLT Employee Benefits (JLT).The research also found that the number of FTSE 100 organisations that incur ...
-
AnalysisWill the market be ready for the 2015 pension reforms?
If you read nothing else, read this…Pension providers are mulling the creation of new products to help staff access their pension savings.Eligible employees might have to wait up to two weeks to access their pension savings from April 2015.Employers, trustees and providers are now waiting for the reforms to receive ...
-
ArticleEmployers yet to consider State pensions change impact
More than half (57%) of employers with defined benefit (DB) pensions have yet to consider, or determine how to address, the increase in payroll costs resulting from changes in the way State benefits integrate with DB pension plans, according to research by Mercer.This compares with 70% of respondents with defined ...
-
Article
Tesco closes DB pension and introduces new flex package
Tesco has confirmed plans to close its defined benefit (DB) pension scheme and to introduce a flexible benefits package for store workers to help the employer reduce annual costs of up to £250 million.The supermarket announced in a trading statement to the London Stock Exchange yesterday that it is going ...