All Pensions articles – Page 112
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Analysis
Gamification in pensions communication
If you read nothing else, read this…Gamification is a trend to employ game mechanics in non-game environments.Employees could receive a reward for completing a games process.Gamified design of pension communications must not be tedious.By 2015, 50% of organisations will gamify innovation processes (Gartner).According to technology research firm Gartner’s Future of ...
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AnalysisThe role of independent governance committees
If you read nothing else, read this… Pension providers will have to set up independent committees to monitor their investment and administration activities from April 2015.This is an imperfect solution because the committees will not be able to take account of every employer’s scheme.There is also scepticism about what changes ...
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Case Studies
Finmeccanica takes charge of pensions governance
Defence organisation Finmeccanica’s FuturePlanner pension scheme, which was set up in 2007, has 2,500 members, with administration provided by Aon Hewitt and investment services provided by P-Solve on a fiduciary basis through Skandia as the investment platform.The scheme currently has five trustees, two of whom are nominated by members through ...
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Opinion
Helen Ball: Spotlight on pensions governance
Every employer will be making an important decision when it chooses a pension provider. Many scheme members are not engaged in looking after their pension savings, which increases the pressure on employers to make sure employees are protected properly. How can employers be sure they are doing the right thing?There ...
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Analysis
Top tips for engaging staff in at-retirement planning
If you read nothing else, read this…The Chancellor’s decision to scrap compulsory annuity purchase for defined contribution (DC) pension scheme members means employers must rethink their at-retirement strategies.But they should not forget to communicate basic pension information.Staff need to consider carefully the income they are likely to need in retirement.1. ...
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ArticleWorkplace pensions report 2014
Read the digital edition of the Workplace pensions report 2014The report includes the following articles:Pensions in numbersLiz Wood: Contract-based pension schemes versus master trustsThe role of independent governance committeesGamification in pensions communicationTop tips for engaging staff in at-retirement planningRead the digital edition of the Workplace pensions report 2014
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ArticlePension saving reaches five-year high
The number of people saving adequately for retirement is at its highest level since 2009, according to research by Scottish Widows.Its 10th annual Scottish Widows Retirement report, which surveyed more than 5,000 people, found that 53% of respondents are saving enough through a pension scheme, up from 45% in 2013, ...
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ArticleQueen confirms greater flexibility on DC pension savings
The Queen has confirmed legislation announced in the 2014 Budget to offer greater flexibility to pensions in the way retiring defined contribution (DC) pension members can take their savings.The Pensions Tax Bill will remove previous restrictions to the way individuals can access their DC pension savings, and allow them to ...
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ArticleIncisive Media boosts GPP take up
EXCLUSIVE: Incisive Media has seen a quarter (25%) of its 200 eligible employees opt out of the pension scheme it introduced for auto-enrolment purposes.However, 20% of this 25% have subsequently opted to enrol in the media organisation’s pre-existing group personal pension (GPP) plan.The GPP has a minimum employee contribution of ...
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ArticleAshurst launches pensions e-newsletter
EXCLUSIVE: Ashurst has launched an annual pensions e-newsletter, share news with employees about pensions-related issues in the workplace.The publication is the first initiative to come out of the law firm’s internal pensions governance committee, which held its first meeting in October 2013.The Pensions Monitoring Committee (PMC) is chaired by Ashurst’s ...
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Article72% expect staff to pay more into pensions
Nearly three quarters (72%) of respondents are anticipating an increase in defined contribution (DC) pension contributions from employees who are close to retirement, according to research by Towers Watson.Its Post-Budget DC pension strategy survey, which questioned 74 UK employers, found that one in five (20%) of respondents anticipate younger employees ...
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ArticleJust 7% would take pension pot as lump sum
Just 7% of respondents would take 100% of their pension savings as a lump sum, according to research by Friends Life.Its research, which surveyed 2,000 UK employees, found that the average amount respondents would release at retirement is 33%.Pension reforms announced in the 2014 Budget allow greater flexibility in the ...
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ArticleYoung staff to save more after Budget pension reforms
Younger employees are more likely to save into a pension scheme following the reforms announced in the 2014 Budget, according to research by insurer Legal and General.Its MoneyMood research, which surveyed 578 adults aged 18 to 65, found that nearly half (48%) of respondents between the ages of 18 to ...
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Supplier articleTop discussion on LinkedIn
In her weekly blog, Debi O’Donovan, editor of Employee Benefits, asked why some large employers are re-doing pensions auto-enrolment.She wrote: “In the past few weeks, just about every pensions adviser and provider I have spoken to has talked about how increasing numbers of employers which have already staged for auto-enrolment ...
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ArticleOnly 15% prepared for auto-enrolment
Only 15% of respondents that have to comply with auto-enrolment legislation in the next 12 months felt they are sufficiently qualified to manage their responsibilities, according to research by Creative Auto Enrolment.Its research, which surveyed 505 business decision makers in organisations with between 50 and 250 employees, found that 40% ...
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AnalysisThe problems payroll is causing for pensions auto-enrolment
If you read nothing else, read this…Processing pay and pension contributions has been an issue.Auto-enrolment consultants have seen organisations’ payroll providers over-sell their solutions.Payroll providers have struggled to send out legal communications.A second wave of purchasing is taking place, with employers switching providers.The payroll function’s role is vital for the ...
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ArticleAuto-enrolment is good value for older workers
The vast majority (95%) of older workers are likely to receive good value on their pension contributions if they stay in a workplace pension scheme after being auto-enrolled, according to a report by the Pensions Policy Institute (PPI).The benefits of automatic-enrolment and workplace pensions for older workers, which was funded ...
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ArticleGovernment consults on changes from abolition of DB contracting out
The government has launched a consultation on proposed changes resulting from the abolition of defined benefit contracting-out of the additional state pension for people in workplace pension schemes.The government confirmed the change in the 2013 Budget.Defined benefit contracting-out will end when the current two-tiered system of basis and additional state ...
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ArticleCourt rules Honda staff entitled to higher pension benefits
Honda’s UK manufacturing employees could be entitled to a higher scale of pension benefits, after the Court of Appeal upheld a High Court decision.The organisation faces additional pension liabilities of between £47 million and £70 million following the decision, which ruled that an agreed lower benefit structure for Honda UK’s ...
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ArticleSome occupations saving into pensions for the first time
Thousands of UK employees in jobs where it is not traditional to save into a pension scheme, including sales assistants, technicians and dinner ladies, are building up retirement savings for the first time, according to research by the Office for National Statistics (ONS).Its latest Annual survey of hours and earnings ...