All Pensions articles – Page 111
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Article59% used benefits platform to manage pensions auto-enrolment
Nearly two-thirds (59%) of respondents used a benefits platform to manage auto-enrolment, according to research by JLT Employee Benefits.Its latest JLT 250 Club survey found that 67% of respondents said their view of how benefits platforms can be used had changed following auto-enrolment.More than half (51%) of respondents currently provide ...
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ArticleGovernment sets out plans for guidance guarantee
The government has announced that its guaranteed guidance on pensions choice will be provided by independent organisations rather than pension providers.The changes, which were announced in the Budget in March and will come into effect from April 2015, follow the government’s consultation on how best to deliver the changes to ...
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ArticleTelegraph Media Group engages pension members
Nearly two-thirds (60%) of Telegraph Media Group’s pension members said they would not have contributed additional voluntary contributions (AVCs) to their pension if it had not been for personalised communications about the option.In February 2014, the newspaper group sent out a personalised newsletter to the 1,000 members of its trust-based ...
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AnalysisWhere does responsibility for default pension investments lie?
If you read nothing else, read this …The primary responsibility for a defined contribution pension default fund strategy lies with the sponsoring employer.Employer responsibility is particularly important for contract-based schemes even though the employer role is implied.A board of trustees will have responsibility for the default investment in trust-based schemes.Employees ...
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ArticleWhat are collective defined contribution pension schemes?
New definitions will be added to the current legislative framework for CDC schemes to provide a wider choice of pension schemes, encourage greater risk and enable savers to have more certainty about their retirement savings. CDC schemes were first suggested in the government’s consultation paper, Reshaping workplace pensions for future ...
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ArticleCosts and charges top driver of pension provider selection
Nearly two-thirds (65%) of pension scheme members cited the level of costs and charges as the most important factors for employers when choosing a pension provider, according to research by the National Association of Pension Funds (NAPF).Its What do pension scheme members expect of how their savings are invested? research, ...
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ArticleQueen's Speech legislative changes that impact benefits
The Queen confirmed that the Pensions Tax Bill will offer greater flexibility to defined contribution (DC) pension schemes.From April 2015, the legislation will remove previous restrictions on the way employees can access their DC pension savings, allowing them to access savings as a lump sum, through drawdown or by converting ...
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Article
Jobs and Business Glasgow awarded for best DC default investments
Jobs and Business Glasgow won the award for Best DC pensions default investments at the Employee Benefits Awards 2014.Read why Jobs and Business Glasgow was judged to be the best in this category.The Employee Benefits Awards 2014 were held on 27 June 2014 at the Artillery Garden at the HAC ...
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ArticleBookatable.com sees no opt out post auto-enrolment
EXCLUSIVE: Bookatable.com has seen no eligible employees opt out of its group personal pension (GPP) since they were auto-enrolled. Prior to its staging date on 1 July, 45 of the online restaurant reservation organisation’s 130 employees were members of its pension scheme.All eligible staff are now in the scheme, which ...
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ArticleOffice of Budget Responsibility projects future retirement age of 70
Future generations of UK employees will have to work until age 69 or 70 before they receive their state pension, according to a report by the Office for Budget Responsibility (OBR).Its Fiscal sustainability report, which was presented to Parliament on 10 July, projects that state pension costs will increase from ...
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ArticleAuto-enrolment will add 8.5m new pension savers by 2030
Around 8.5 million people could become new pension savers by 2030 if auto-enrolment opt-out rates remain around 9-10%, according to research by the Pensions Policy Institute (PPI).The report, How will automatic enrolment affect pension saving?, which was sponsored by Legal and General, analysed data provided by auto-enrolment pension scheme providers ...
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ArticleAt-retirement market set to triple in 10 years
The at-retirement market is set to grow considerably in the next 10 years, according to research by Towers Watson.Its research, which used projections derived from a study of the aggregate value of UK pension pots for different age segments, estimated that inflows into the market will reach £50 billion by ...
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Article24% have received enough auto-enrolment information
Less than a quarter (24%) of respondents due to comply with pensions auto-enrolment in 2014 feel they have had enough information from the government, according to research by Creative Auto Enrolment.Its survey, which questioned 505 employers with between 20 and 250 employees, found that 25% have received minimal communication from ...
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Case Studies
E.On uses games to drive up pensions membership
For energy firm E.On, the use of gamification was about getting as many employees as possible engaged in the auto-enrolment process after it decided to auto-enrol all employees, not just the statutory minimum.The organisation utilised two stages of gamification at two different times of the process as its plan was ...
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Opinion
Liz Wood: Contract-based pension schemes versus master trusts
Contract-based DC schemes and master trusts have both been around for years, despite the recent rebranding of master trusts. Both types of scheme are seeing a surge in popularity, spurred on by the arrival of auto-enrolment. The obvious appeal of both contract-based schemes and master trusts for employers is the ...
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ArticleSwiss Re to acquire HSBC’s pension business
One of Swiss Re’s business units, Admin Re, has agreed to acquire group pension and related annuity policies from HSBC Life (UK).The transaction, which will also include £4.2 billion in unit-linked assets, is subject to regulatory and court approval.It is expected to be completed in the second half of 2015.John ...
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Analysis
What can employers do if they are struggling to comply with auto-enrolment?
If you read nothing else, read this…The number of employers stuggling to comply is likely to rise as small employers begin auto-enrolment.The Pensions Regulator (TPR) issued its first section 89 report to highlight key lessons to help employers avoid non-compliance.TPR runs webinars to offer advice.TPR and pension consultants can focus ...
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ArticleBarclays partners Standard Life to support SME's auto-enrolment duties
Barclays Corporate and Employer Solutions has partnered with pension provider Standard Life to support small and medium-sized employers (SME) navigate the challenges of auto enrolment.Its Barclays Auto Enrolment Advantage aims to help support organisations comply quickly, as the number of SMEs reaching their staging date increases.Barclays will provide the guidance ...
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Analysis
Why employers are struggling to engage staff in workplace pensions
If you read nothing else, read this…Contradictory government legislation is not helping employers promote pension savings efforts.Employers must support staff to actively engage with their workplace pension scheme.For some employees, pension contributions are just another irritating deduction from pay.Employers are consequently grappling with how best to engage these employees to ...