All Pensions articles – Page 109
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Case StudiesPeel Ports Group creates own governance committee
The committee holds quarterly meetings that include input from its pension scheme provider Aegon, as well as its consultancy Aon Hewitt.There are regular items on the agenda that include ensuring the scheme is run effectively, investment management, administration and scheme performance.It measures all elements of good governance against a score ...
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ArticleBuyer's guide to contract-based defined contribution pension schemes
What is a contract-based defined contribution (DC) pension scheme?A contract-based DC scheme is based on contributions from both employers and staff. It can be a group personal pension (GPP), a stakeholder scheme or a group self-invested personal pension (Sipp).What are the origins of contract-based DC pension schemes?Most new DC schemes ...
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OpinionFuat Sami: What abolishing pensions contracting out means for employers
For the best part of 50 years, employees and employers of defined benefit (DB) schemes have been able to contract out of the additional state pension.For employees, this has meant paying a lower rate of national insurance contributions (NICs) and building up less state pension in exchange for an equivalent ...
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ArticleITV's defined benefit pension deficit decreases
ITV’s total defined benefit (DB) pension scheme deficit decreased by nearly £100 million in 2014. The media organisation’s scheme had an aggregate IAS 19 deficit of £346 million to the year ending 31 December 2014, compared to £445 million in 2013.The fall in its deficit reflected pension funding contributions in ...
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ArticleScan Coin UK launches life assurance and auto-enrolment pension
Scan Coin UK has introduced a new group life assurance scheme and workplace pension scheme to comply with auto-enrolment for its 50 UK staff.The supplier of cash handling and money processing equipment organisation will offer a scheme, provided by Portus Consulting, that manages its workplace pension auto-enrolment programme, as well ...
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ArticleClare Bettelley: Pensions re-enrolment is a great time to re-engage staff
Organisations should consider, for example, whether they have appointed the right provider with which to auto-enrol. Has the provider offered the employer the necessary or expected level of support for both the organisation and its employees?Has the provider’s technology coped with employee volumes and opt-out requests? If not, how can ...
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ArticleTrinity Mirror Group to pay £36m to plug pension deficit
Trinity Mirror Group is to pay £36.2 million over the next three years to help plug its defined benefit (DB) pension scheme deficit.The publishing organisation announced the funding arrangements in its Preliminary results report after the scheme’s deficit increased by £49 million last year to £301.2 million.This reflected the impact ...
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Article
Financial disengagement could limit success of pension reforms
Financial disengagement among people approaching retirement could threaten the success of the government’s pension reforms, according to research by the Strategic Society Centre.Its Defined capability: pensions, financial capability and decision-making among retirees research found that among respondents aged 55 to 64, only one in three with defined contribution (DC) pension ...
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ArticleWork and Pensions Committee recommends single pensions regulator
A single pensions regulator and an independent commission will need to be set up to help protect pension savers when the new pension flexibilities come into effect from April 2015, according to a report by the Work and Pensions Committee.Its Progress with automatic-enrolment and pension reforms report highlighted that an ...
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ArticleSteve Webb urges employers to consider pension freedom choices
Employers and their staff should avoid rushing to make decisions around the new pensions freedoms coming into force on 6 April, and consider the date as the start of a journey rather than a deadline, according to Steve Webb, minister for pensions, speaking at Employee Benefits Connect 2015. “The chances ...
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ArticlePension Schemes Bill receives Royal Assent
The Pension Schemes Bill that enables the introduction of the government’s pension reforms has received Royal Assent.It is the final piece of legislation bringing into force the upcoming pension flexibilities on 6 April 2015.Together with the Taxation of Pensions Act, which became law in December 2014, it introduces a number ...
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ArticleAon partners with Blackrock to launch new DC pension
EXCLUSIVE: Aon Employee Benefits has partnered with Blackrock to launch a new defined contribution (DC) pensions scheme, which will be officially launched at Employee Benefits Connect today (4 March).The product, Bigblue Touch, combines Aon’s Bigblue technology with Blackrock’s investment and administration services.It aims to give scheme members access to financial ...
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ArticleFCA acts to support choice in retirement
The Financial Conduct Authority (FCA) is to introduce remedies designed to support choice in the retirement market in light of the forthcoming pension reforms.Its final Retirement income market study proposes five remedies for employees with defined contribution (DC) pension pots to help make competition work for those looking at drawdown ...
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Article51% not confident Pension Wise will deliver support
More than half (51%) of employer respondents are not confident that the government’s guidance guarantee Pension Wise service will provide their employees with adequate support around decisions at retirement, according to research by Hymans Robertson.The pensions and risk consultancy’s research, which questioned 100 HR directors in organisations with more than ...
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ArticleStaff contribute average of 5% to pensions
The average employee monthly contribution to a workplace defined contribution (DC)pension scheme in the UK is 5% of their monthly salary, according to research by The Chartered Institute of Personnel and Development (CIPD).Its Employee attitudes to pay and pensions report, which surveyed 2,255 working adults, also found that 43% of ...
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ArticleJust 15% have a clear retirement plan in place
Just 15% of reposondents hoping to retire in the next 12 months have put together a retirement plan, according to research by Fidelity Worldwide Investment.Its Class of 2015 report, which surveyed 500 employees planning to retire between April 2015 and March 2016, found that only 15% of respondents have done ...
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ArticleHigh Court rules on Merchant Navy Pension Fund deficit regime
Employers Stena Line, P&O Ferries and Sealion Shipping will see a reduced burden on plugging the Merchant Navy Ratings Pension Fund’s (MNRPF) £300 million deficit following a High Court ruling.The organisations, along with 40 others, have contributed towards the deficit since 2001 under its old funding regime.The decision, handed down ...
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ArticleBalfour Beatty delays £85m pension payment
Balfour Beatty has agreed new terms with the trustees of its defined benefit (DB) pension scheme over an £85 million deficit payment that was due next year.The UK infrastructure group will now make the payment over the next eight years, starting with a £4 million cash payment in 2016.This will ...
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ArticleIBM staff can claim damages against DB closure
Members of IBM’s UK defined benefit (DB) pension scheme will be able to claim damages against it over the closure of the schemes, the High Court has ruled.The technology organisation is seeking to appeal the latest decision in the case of IBM vs Dagleish, which it “respectfully” disagreed with, according ...
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Article
Auto-enrolment continues to be a burden
The business barometer survey published by Close Brothers Asset Management in January, for example, found that more than three-quarters (76%) of employer respondents now notice the administrative burden created by auto-enrolment, a 7% increase since September 2014.In addition, figures published by The Pensions Regulator (TPR), also in January, highlighted that ...