All Pensions articles – Page 104
-
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 ...
-
ArticlePension reforms increase retirement engagement
The new pension flexibilities, which are due to come into effect in April, are resulting in more people becoming switched on to retirement planning, according to research by the National Employment Savings Trust (Nest).Its Nest insight 2015 report, which surveyed a representative sample of 2,000 workers, found that approximately a ...
-
ArticleUK retirement savings hit by economic downturn
More than two fifths (41%) of UK employee respondents stopped or reduced their retirement savings during the economic downturn, according to research by HSBC.The bank’s survey of more than 16,000 people globally found that despite signs of recovery, retirement saving has been, and continues to be, significantly impacted by the ...
-
ArticlePension freedoms popular with DC savers
The new pension freedoms are popular with employees who have a defined contribution (DC) pension, according to a report published by the Pensions Policy Institute (PPI).Its Supporting DC members with defaults and choices up to, into, and through retirement: qualitative research with those approaching retirement report revealed that two-thirds (66%) ...
-
ArticleCity Link staff face non-payment of December pension
City Link will not be able to provide employees with their December pension payments after going into administration on 25 December.The courier’s workforce received defined contribution (DC) pension payments of £1,041 per calendar month, but will not receive the December bill due this month.A spokesman from City Link said: “City ...