All Pensions articles – Page 108
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Case StudiesBristol Myers Squibb educates staff about pension reforms
It has informed staff about the changes following the closure of its defined benefit (DB) scheme in 2012 and the introduction of a group personal pension plan .The employer has also launched an online retirement planning tool, provided by Aspire to Retire, which is available to employees who are five ...
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ArticleMembers to be able to take multiple tax-free lump sums from pensions
Pension scheme members are to be given greater flexibility over how they take tax-free lump sums from their pension pots.From April 2015, members over the age of 55 will be able to withdraw a series of lump sums, dipping into their pension pot whenever they wish. A quarter of each ...
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ArticleOne in 10 would transfer out of DB to DC pension
Nearly one in 10 employees approaching retirement with defined benefit (DB) pensions would be interested in transferring out of final salary pensions, according to research by Towers Watson.Its Attitudes to retirement in a post-Budget world research, which surveyed more than 2,000 employees aged between 54 and 64, found that respondents ...
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Article200,000 staff plan to cash in retirement savings
More than 200,000 employees plan to cash in all their retirement savings next year when new pension reforms giving greater flexibilities come into effect, according to research by Hargreaves Lansdown.The research, which surveyed more than 1,247 people, found that more than one in 10 (12%) respondents with a defined contribution ...
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ArticleGovernment confirms action to cap pension charges at 0.75%
The government has confirmed it will continue to press ahead with action to cap pension scheme charges at 0.75% from April 2015.Its draft regulation paper Better workplace pensions putting savers’ interests first has confirmed charges to invest and manage the default funds of all qualifying schemes will be capped at ...
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ArticleLV= achieves 95% pensions take up post auto-enrolment
LV= has achieved 95% take up of its pension schemes post auto-enrolment.Speaking in a session titled How pension reform will change workplace pension schemes at Employee Benefits Live 2014, Jamie Barnes, head of sales, retirement solutions at LV=, explained that employers have a key role to play in helping staff ...
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Case StudiesTowry looks to effective providers for benefits
Higginson has learned this the hard way, having endured a bad experience with a pensions provider handling the transition to auto-enrolment.“It told us they had this fantastic new automated computer system, but eventually confessed that somebody at its end would manually type all the data into the system,” he says.“That ...
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70% plan to spend pension pot on holidays and travel
Employees aged 55 to 64 plan to spend a larger amount of their retirement income in the immediate years after they retire, according to research by Investec Wealth and Investment.Its research, which surveyed 985 people aged 55 to 64, found that 70% of respondents plan to spend their retirement funds ...
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ArticleBoodles increases staff pension contributions
EXCLUSIVE: Boodles has seen almost a quarter (22%) of its pension scheme members increase their contributions following the launch of a workplace savings platform.The platform, provided by Hargreaves Lansdown, offers staff access to a group self-invested pension plan (Sipp), a cash individual savings account (Isa), a stocks and shares Isa ...
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Case StudiesScisys Group uses workplace savings platform to boost pensions engagement
Scisys Group has seen 30% of its employees increase their pension contributions since the organisation launched a workplace savings platform in November 2013.The IT services developer, which employs more than 400 people, launched the platform to help boost pensions engagement among staff and to offer them a variety of saving ...
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Article45% of men and 49% of women had no pension savings in 2010-12
Some 45% of men and 49% of women below retirement age in Great Britain did not have any private pension savings in the period between 2010 and 2012, according to research by the Office for National Statistics (ONS).Its Characteristics of people and households without a private pension report also found ...
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ArticleMonarch Airlines plans to cut pay and pension benefits
Monarch Airlines has begun talks with trade unions and The Pensions Regulator (TPR) about cutting employees’ pay, benefits and defined benefit (DB) pension payouts.Its 3,300 employees are being asked to take pay cuts and productivity improvements of between 25% and 35%, on top of 900 job losses.The airline’s DB scheme, ...
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ArticleStandard Life to close DB pension scheme to future accrual
Standard Life is to close its defined benefit (DB) pension scheme to future accrual and enhance the terms of its defined contribution scheme (DC) for staff from April 2016.Around 55% of Standard Life’s employees belong to its DB scheme which has been closed to new members since 2004. From April ...
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ArticleNest pension restrictions to be lifted in 2017
The government has confirmed its intention to remove the annual contribution limit and transfer restrictions on the National Employment Savings Trust (Nest).The restrictions on annual contributions, which currently stand at a maximum of £4,600, and removal of the restrictions on bulk transfers will be lifted from 1 April 2017.The government ...
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ArticleEpwin Group saves £213,000 with workplace savings platform
EXCLUSIVE: Epwin Group has saved more than £213,000 a year in fees and national insurance contributions (NICs) following the launch of its workplace savings platform.The platform, provided by Hargreaves Lansdown, includes access to a self-invested personal pension (Sipp), independent savings account and investment account.Since the building products provider launched the ...
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Article49% of Britons claim not to have a pension
Nearly half (49%) of respondents say they do not have any kind of pension, according to research by the Chartered Institute of Payroll Professionals (CIPP).Its Saving for retirement research, which surveyed 2,000 people, found that only 32% of respondents have a pension scheme offered via their employer, while 8% of ...
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Case StudiesMarks and Spencer goes multi-channel for flex
Marks and Spencer (M&S) knew it was undertaking an ambitious project when it set out to launch a flexible benefits scheme to its entire workforce in 2013.Most of the retailer’s 75,000 UK employees work offline across more than 800 stores, so it had to develop a scheme that was accessible ...
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ArticleHelp us find out how employers are reacting to incoming pension reforms
What do you think of the government’s pension reforms? How is your organisation preparing to adapt your strategy for when the reforms come into effect next year? Tell us in the Employee Benefits/Close Brothers Pensions research 2014, which is designed to help you benchmark your organisation’s response to and progress ...
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Last chance to share your views on the new pension reforms
Tell us in the Employee Benefits/Close Brothers Pensions research 2014, which is designed to help you benchmark your organisation’s response to and progress with the incoming pensions reforms.This is your chance to have your say and gain an insight into how your approach compares with that of your market peers ...
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AnalysisWhat is paid for in contract-based pensions administration?
If you read nothing else, read this…In a contract-based pension scheme, administration will be performed by the plan provider.Pension administration includes collecting and allocating contributions, handling compliance and providing annual statements.Typically, an annual management charge (AMC) covers the costs of administration.The costs relating to pensions administration, and their disclosure, have ...