All Pensions articles – Page 105
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ArticleGovernment votes in favour of firefighter pension changes
The government has voted in favour of changes to firefighters’ pensions, which will see them have to work until age 60 and receive increased pension contributions after the government voted in favour of the changes.The measure, which has led to a series of strikes by union members, was passed by ...
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ArticleAviva and Friends Life finalise merger
Insurance organisations Aviva and Friends Life have finalised the terms of a £5.6 billion merger.The merger will create the UK’s largest insurance and savings business with more than 16 million customers.Aviva first announced the firms were in talks in November 2014.It is expected the merger will generate £225 million of ...
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ArticleAgeing workers and economy threaten pensions
Pension schemes are facing a number of challenges due to the combined threats of the economy, the ageing population and a lack of confidence in private pensions, according to the Organisation for Economic Co-operation and Development (OECD).Its Pensions outlook report 2014, which summarises the challenges that policymakers face around pension ...
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Case StudiesHeineken's default funds will need to change after Budget reforms
Neil Parfrey, head of pensions , says the scheme’s governance committee is currently re-examining its default funds after Chancellor George Osborne’s Budget changes liberalising how members can take their pension pots.“If some of our members are trying to target cash at retirement, then the investment strategy required will be different ...
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ArticleActive membership of DC schemes outstrips DB for first time
Active membership of defined contribution (DC) pension schemes outnumbers that of defined benefit (DB) schemes for the first time, according to research by the National Association of Pensions Funds (NAPF).The trade body’s 40th Annual survey, which questioned 250 NAPF fund members, representing 840 pension schemes throughout the UK, found that ...
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Article45% able to provide pension flexibility
Less than half (45%) of respondents believe that they have the resources and systems in place to provide pensions flexibility once changes announced in this year’s Budget come into force, according to research by Wealth at Work.Its report, Do your employees need to rethink retirement? which surveyed 105 HR, reward ...
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Article53% of over 40s unsure of guidance guarantee eligibility
More than half (53%) of respondents over the age of 40 do not know if they are eligible for the guidance guarantee, according to research by retirement provider Partnership. Its research, which surveyed more than 2,000 people aged over 40, also found that 18% of respondents said they were not ...
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Article40% undecided on retirement strategies post April 2015
More than 40% of respondents do not yet know what retirement options they will offer to pension scheme members when new flexibilities around retirement income come into effect from April 2015, according to research by JLT Employee Benefits.Its 250 Club survey, which questioned 250 organisations, also found that 65% of ...
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ArticleTRW completes £2.5bn DB pensions buyout
TRW Automotive has completed a £2.5 billion buyout of part of its defined benefit (DB) pension scheme. The buyout, for which consultancy Mercer was a lead adviser, changed the scheme from a £3.5 billion plan to a £1 billion plan over the course of a year.The transaction, which covers 22,000 ...
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Article31% have not heard of pension charge cap
Nearly a third (31%) of respondents have not heard of the pensions charge cap that will come into force in April 2015 or have not been informed of this by their provider or adviser, according to research by Close Brothers Asset Management.Its Business barometer survey, which questioned more than 900 ...
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Article66% say costs rose post auto-enrolment
Two-thirds of respondents (66%) that have measured the impact of auto-enrolment within their organisation say compliance has increased their costs, according to the Employee Benefits/Close Brothers Pensions research 2014, which surveyed 216 respondents in September 2014.Overall, 60% of respondents have measured the impact of auto-enrolment on their organisation. A further ...
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Article74% of small employers want support with pension issues
Almost three-quarters (74%) of small and mirco employers with pension issues want support from intermediaries.According to the research from Nest, the government-backed auto-enrolment pension scheme for UK employers, employers also expect support from the outset, with many expecting help as soon as they begin preparations.Many also require ongoing support, with ...
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AnalysisPensions salary sacrifice: what employers need to know
If you read nothing else, read this…Pensions salary sacrifice involves employees sacrificing a proportion of their salary to contribute into their pension scheme.Salary sacrifice can reduce income tax and national insurance contributions for both employers and employees.The term ’salary sacrifice’ is increasingly being replaced with ’salary exchange’. What is pensions ...
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ArticleCTL Engineering completes DB pension buyout
CTL Engineering has completed an insurance buyout of its defined benefit (DB) pension scheme.The consulting engineering, testing, inspection and analytical services organisation’s scheme has 115 members and assets of £12 million. Aviva was appointed to wind up the scheme within three months of transacting.Aon Hewitt advised on the buyout and ...
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Analysis
Pensions default investments in numbers
66% - of trustee respondents are looking to change their pension scheme’s default strategy within the next 18 months. Source: SEI’s Defined contribution pensions survey, published in August.15% - of UK respondents said they would take ‘somewhat high-risk’ or ‘high-risk’ investments in order to receive better returns. Source: State Street ...
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OpinionGeorge Bull: Scrapping of 55% tax rate on pensions goes further than expected
Before this announcement, members of defined contribution (DC) pension plans faced a difficult choice. If they opted for an annuity but died early, then the annuity provider would profit, but if they did not take one and instead left their funds in the pension pot, then the taxman would take ...
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ArticleEmployee Benefits digital magazine – November 2014
Employers are looking at how enhanced benefits can help them attract and retain the best employees. Read how on page 18Samsung’s focus on innovation runs right through the organisation, and has been key to the evolution of its employee benefits strategy. Read how in on page 58Rewarding employees who are ...
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ArticleEmployee Benefits digital magazine – November 2014
Employers are looking at how enhanced benefits can help them attract and retain the best employees. Read how in Seducing the talent (page 18)Samsung’s focus on innovation runs right through the organisation, and has been key to the evolution of its employee benefits strategy. Read how in Inspiring change (page ...
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ArticleGPPs remain employers' most popular pension scheme
Group personal pension (GPPs) plans remain the most commonly offered type of scheme by employers.More than three-quarters (78%) of respondents now offer a GPP as their primary pension scheme, according to the Employee Benefits/Close Brothers Pensions research 2014, which surveyed 216 respondents in September 2014.Although the numbers have fluctuated over ...
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ArticlePension reforms drive staff need for guidance
More employees will want and need guidance around their pension decisions both at retirement and throughout their career as a result of the government’s pension reforms.Just under half (48%) of respondents felt that this would be the case at retirement, while 43% said staff would require guidance throughout their career, ...