All Pensions articles – Page 110
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Article
Pension legislation announcements in February
Draft regulations to cap defined-contribution (DC) pension scheme charges at 0.75% were put before Parliament in February, alongside additional governance requirements.From April, scheme charges will be capped at 0.75% unless employees have specifically chosen a more expensive option.In its response to a consultation on the introduction of a 0.75% cap ...
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ArticleTPR publishes DB to DC transfer guidance
The Pensions Regulator (TPR) has published guidance on what it expects from defined benefit (DB) pension scheme trustees when a member requests a transfer to defined contribution (DC) schemes. Its guidance aims to ensure trustees have appropriate processes in place to manage transfer requests and to prompt trustees to consider ...
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ArticleEmployers spend less on benefits
The number of employers spending over 20% of employees’ salary costs on workplace benefits has dropped from a third in 2014 to a quarter this year, according to a study from Towers Watson.Just over a quarter (29%) of employers spend 11-15% on benefits, according to the study.The annual Benefits HealthCheck ...
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ArticleScottish Power agrees £2 billion DB pension longevity swap
Scottish Power has entered into a longevity swap for its defined benefit pension scheme.The longevity swap transaction covers almost £2 billion of pension liabilities and removes longevity risk from half of the scheme liabilities. It transfers the risk of almost 9,000 scheme members living longer than expected to three reinsurers.The ...
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AnalysisHow much should employers segment workplace savings benefits for staff?
If you read nothing else, read this…Workplace savings can be segmented according to employees’ age, job function, gender, demographic and salary.New technology can be used to engage younger generations.Employers must ensure messages about workplace savings are relevant and communicated through appropriate channels. It is not uncommon for employers to have ...
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ArticleMorrisons consults on closure of DB pension schemes
Morrisons is to consult with staff on the closure of its defined benefit (DB) pension schemes.The retailer’s proposed changes would mean that members of its career average revalued earnings (Care) schemes would stop building up benefits through that scheme. Benefits already accrued by staff will remain in the scheme until ...
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ArticleMost talked-about news on the website in March 2015
The total number of employers fined for failing to comply with their workplace pensions duties totalled 169 by the end of 2014, according to figures from The Pensions Regulator (TPR).“The message from The Pensions Regulator is loud and clear. Not complying is not an option. The crackdown is crucial to ...
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ArticleBT to pay £1.5bn to cut DB pension deficit
BT is to pay £1.5 billion into its defined benefit (DB) pension scheme by April to tackle its £7 billion deficit.The telecommunications firm will also increase the contribution rate for future benefits of active members from 13.5% to 16% from 1 April 2015 through to June 2017.The figures were announced ...
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ArticlePension Wise website goes live
The online version of the government-backed guidance guarantee service, Pension Wise, has gone live.The Treasury-designed website, pensionwise.gov.uk, showcases six steps users should take in deciding how to use the new pension flexibilities, as well as get the best possible outcome in retirement from their pension pot.The six steps are:Checking the ...
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ArticleDWP publishes pot follows members update
The Department for Work and Pensions (DWP) has published more details on its plans to introduce automatic transfers of small pots when pension scheme members move jobs.Its Automatic transfers: A framework for consolidating pension savings report includes how the government will role out the programme and which schemes are in ...
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Video
Relaxing retirement rules: Five decisions for employers and trustees
brightcove.createExperiences();This six minute video tutorial above covers:Is lack of knowledge about the new pensions flexibilities an issue?What decisions do employees need to make?Is there an impact on people’s benefits structure?Will the pensions reforms increase administration?Will the Budget changes affect default investment ...
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ArticleTwo-thirds of DB members will not transfer to DC pension
A third of defined benefit (DB) pension scheme members have yet to rule out transferring to a defined contribution (DC) arrangement when the new pension reforms come into effect from April, according to research by Hargreaves Lansdown.Its survey of 1,037 employees also found that 7.8% of respondents expressed a firm ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...