All Pensions articles – Page 109
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ArticleHalf of lower earners saving adequately for retirement
Half of UK employees on lower incomes are saving enough for retirement compared to 34% in 2012, according to research by Scottish Widows.Its annual Workplace pensions report, which surveyed 5,200 employees, found that those earning between £10,000 and £30,000 a year are now saving adequately for retirement since the introduction ...
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Article6% plan to take entire pension pot as cash
Just 6% of respondents are planning to take their entire pension pot as a cash lump sum at retirement once the new pension reforms come into force next year, according to research by Fidelity Worldwide Investment.Its Class of 2015 report, which surveyed 500 employees planning to retire between April 2015 ...
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ArticleEmployers expect 40% of employees to buy an annuity
Employers predict that two-in-five (40%) of their employees will buy an annuity at retirement once the government’s pension reforms giving more flexibility at retirement come into effect next April, according to research by Towers Watson.Its research, which surveyed 92 UK employers, found that a third (33%) of respondents thought that ...
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ArticleAuto-enrolment has positive impact on benefits packages
Just over two-thirds (67%) of advisers say pensions auto-enrolment has prompted employers to think about their wider benefits offering to employees, according to research by insurer Ellipse.Its survey of 120 financial advisers also found that 66% agree that, in the long term, auto-enrolment will lead to more interst in employee ...
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ArticleWillis Ireland acquires pension businesses from IFG Group
Willis Ireland, part of Willis Group Holdings, is to acquire the Irish pension and financial advisory arm of IFG Group.The acquisition will enable Willis Ireland to develop its existing pensions business, as well as its financial and wealth planning services.Willis is set to acquire pension business IFG Pensco, financial advisory ...
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ArticlePhoenix Group agrees DB pension longevity swap
Phoenix Group has entered into a longevity swap for its defined benefit pension scheme.The longevity swap of the PGL Pension Scheme, which covers 12,000 members and has a liability of around £900 million, is aimed at hedging against the risk of rising costs as a result of the current pensioners ...
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Article
Ladbrokes to close DB pension scheme
Ladbrokes has begun a consultation to close its defined benefit (DB) pension scheme to future accrual.Its final salary scheme closed to new members in 2007.The betting organisation is anticipating contributions of £9.2 million this year to help reduce its deficit.The cost of running the scheme stands at £62,500 a month.In ...
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ArticleLehman Brothers staff to receive £184m pension settlement
Nearly 2,500 Lehman Brother employees will receive their defined benefit pensions in full after these were safeguarded following the settlement of a six-year investigation and legal proceedings.Five organisations in the collapsed bank will now have to pay £184 million to cover staff pension benefits as a result of action taken ...
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Video
How to keep auto-enrolment compliant
brightcove.createExperiences();This 7-minute video tutorial above covers:Why is auto-enrolment compliance an issue for employers?What are the key areas that employers can fall foul of compliance?How can they mitigate the changes of breaching auto-enrolment compliance?Who is ultimately responsible for meeting auto-enrolment compliance obligations?What ...
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Article23% have not considered ongoing auto-enrolment duties
Nearly a quarter (23%) of respondents have not yet thought about how they will deal with ongoing pensions auto-enrolment responsibilities once they have reached their staging date, according to research by Creative Auto Enrolment.Its research, which surveyed 505 medium-sized organisations, which will stage between April 2014 and April 2015, also ...
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ArticleMore than 4m now auto-enrolled into workplace pension
More than four million employees have now been auto-enrolled into a workplace pension, according to research by The Pensions Regulator (TPR).Its monthly declaration of compliance report found that more than 21,000 employers have now completed their declaration of compliance, informing TPR how they have met their duties.Charles Counsell (pictured), executive ...
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ArticleDens sees 50% pension take up before auto-enrolment
EXCLUSIVE: Action against homelessness charity Dens has seen 50% of staff take up its pension scheme after it complied with auto-enrolment more than three years early.The charity’s auto-enrolment staging date is 1 January 2017, but it launched a master trust, provided by Now: Pensions, in October 2013.This is the first ...
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Article67% of SMEs unaware of auto-enrolment staging date
Two-thirds (67%) of respondents have no idea when their auto-enrolment staging date is, according to research by accountancy firm HW Fisher and Company.Its research, which surveyed 750 small and medium-sized enterprises (SMEs), found that nearly a third (32%) of respondents felt they do not know enough about auto-enrolment to be ...
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ArticleGovernment publishes draft Taxation of Pensions Bill
The government has published its draft Taxation of Pensions Bill, which provides further details around how people can access defined contribution (DC) pension savings flexibly from April 2015.Its Pension flexibility: (draft) taxation of pensions bill, formally introduces:The concept of ‘flexi-access drawdown’ (FAD). There will be no restrictions on how money ...
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ArticleBAE Systems redesigns pension website
BAE Systems has relaunched its pension website after redesigning it to improve the information available for employees.The organisation’s pension scheme members regularly use the online portal, which receives more than 5,000 visitors each month.However, its pensions helpline still received a large number of calls because employees could not find the ...
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ArticleDennis Publishing raises pensions take up to 94%
EXCLUSIVE: Dennis Publishing has increased its pensions take up to 94% following auto-enrolment.The magazine publisher, which owns a range of car, technology and lifestyle titles, had 265 (67%) employees in its group personal pension (GPP) plan prior to its auto-enrolment staging date.It had postponed compliance by three months, from January ...
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Article72% not prepared for pension reforms
Just under three-quarters (72%) of respondents say they are not fully prepared to deal with the consequences of the pension reforms announced in the March 2014 Budget, according to research by Aon Hewitt.Its research, which questioned more than 300 pension professionals, found that one in five (20%) respondents would need ...
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Article66% of trustees to change DC pension default strategy
Two-thirds (66%) of trustee respondents are looking to change their pension scheme’s default strategy within the next 18 months as a result of the Budget changes to at-retirement options, according to research by asset management firm SEI.Its Defined contribution pensions survey, which surveyed trustees and employers about their current approach ...
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OpinionRicky D’Ash: The long road to pensions wind-up
Often there are deficits to make good, as well as the various fees to maintain the scheme from actuaries, consultants, trustees and pension lawyers. It is no wonder that employers want to remove these liabilities from their books as quickly as possible.I am currently involved in the wind-up of three ...
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ArticleBT Group pension guarantee upheld
The Court of Appeal has upheld a 2010 High Court judgement that the government would fund BT Group’s defined benefit pension obligations for all 313,000 members, regardless of whether an employee joined the organisation pre or post-privatisation.In 2010, the High Court ruled that the government would take responsibility for the ...