All Pensions articles – Page 113
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Article60% incurred no extra costs from RTI
Almost two-thirds (60%) of respondents have not incurred any additional costs as a result of complying with the real-time information (RTI) programme, according to research by the Chartered Institute of Payroll Professionals (CIPP).The CIPP Payslip statistics comparison report found that 33% of respondents had incurred additional costs, while 7% did ...
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ArticleAuto-enrolment has minor impact on flexible benefits plans
However, 17% did revise their communications around flexible benefits to take auto-enrolment into account.About one-tenth of respondents did have to make adjustments to either their processes (14%) and/or their design (9%).But no respondents removed, or even considered removing, their flexible benefits plan because of auto-enrolment.Read more of the Employee Benefits/Towers ...
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ArticlePolycom moves to pensions salary sacrifice
EXCLUSIVE: Polycom is aiming to save more than £50,000 by adding a salary sacrifice arrangement to its new group personal pension (GPP) plan.The technology organisation auto-enrolled its 250 UK employees into the new pension on 1 May, after postponing from 1 February.It intends to use the savings to fund the ...
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ArticleMartindale Pharma ups pensions engagement
EB Summit 2014: Martindale Pharma increased employee pension contributions by 60% after switching providers for its group personal pension (GPP) scheme and holding a series of pension presentations for its 400 employees.The number of members actively making fund choices also increased from just two employees to 73% of members, while ...
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ArticleMills and Reeve shortlisted for default funds
Mills and Reeve and Telent are among the employers that have been shortlisted for the award ‘Best DC pensions default investments’ at the Employee Benefits Awards 2014.This award recognises employers that have made a concerted effort to offer an effective default investment strategy for their defined contribution (DC) pension scheme ...
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ArticleJames Walker streamlines pensions for auto-enrolment
EXCLUSIVE: James Walker Group has streamlined its four defined contribution (DC) stakeholder pension schemes into one group personal pension (GPP) plan to comply with auto-enrolment.The manufacturing organisation, which has 11 subsidiaries and employs more than 2,000 employees, 900 of whom are based in the UK, has a range of staging ...
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ArticleMaster trust assurance framework published
The Pensions Regulator (TPR) and the Institute of Chartered Accountants in England and Wales (ICAEW) have published a voluntary assurance framework for master trusts.The framework, which was developed following a consultation in 2013, aims to demonstrate to employers that their pension schemes are managed to high standards.ICAEW has also published ...
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Article71% rely on employer’s pension plan for retirement
Nearly three-quarters (71%) of respondents rely on their employer’s pension plan as their primary way to save for retirement, according to research by Towers Watson.Its Global benefits attitudes survey, which questioned 2,030 UK employees, found that more than half (53%) of respondents admitted they need to save much more for ...
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Article53% say government's pension reforms are 'spot on'
More than half (53%) of respondents said the pension reforms introduced in the Budget 2014 are ‘spot on’ and ’a great shake up of our current provision’, according to research by Standard Life.Its research, which surveyed 50 of Britain’s largest employers, found that more than a third (35%) thought the ...
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Article35% near retirement not aware of Budget changes
More than a third (35%) of respondents approaching retirement are either unaware or unsure about the pension reforms announced in the 2014 Budget, according to research by MetLife UK.Its research, which surveyed 568 adults aged 55 and above with defined contribution pension savings, found that 27% of respondents had not ...
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Article28% do not know the size of their pension pot
More than a quarter (28%) of respondents saving into a workplace defined contribution (DC) pension scheme have no idea how much is in their pension pot, according to research by Capita Employee Benefits.Its research, which will be published in full later in May, found that a quarter (25%) of respondents ...
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Article28% more likely to save following Budget pension reforms
More than a quarter (28%) of UK workers said they are more likely to start saving or save more into a pension scheme following the reforms announced in the Budget 2014, according to research by the National Association of Pension Funds (NAPF).Its Spring workplace pensions survey 2014, which questioned 1,009 ...
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ArticleNails Inc sees 1% auto-enrolment opt out
EXCLUSIVE: Nails Inc has seen 1% of its auto-enrolled employees opt out of its new group personal pension (GPP) plan since its staging date in January 2014.The nail bar chain has 60 outlets across the UK and employs around 370 employees, 160 of whom are eligible for auto-enrolment.The GPP, which ...
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Article£23,000 gap in retirement expectations between genders
Women expect half the annual income of men in retirement, anticipating they will receive £24,000 a year compared to men’s £47,000, according to research by Aegon.The Aegon UK Readiness report surveyed 4,000 UK employees to assess their behaviour, awareness and finances to determine their readiness score, which provides a mark ...
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ArticleNigel Bolton: How will the auto-enrolment 'capacity crunch' affect medium to large employers?
During its first 14 months, auto-enrolment saw more than 3,000 of the UK’s largest employers reach their staging date.However, in the first six months of 2014, nearly 30,000 employers will reach their staging date, which has led to concerns about a ‘capacity crunch’.Research conducted by financial research organisation Defaqto on ...
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Dunelm underpaid auto-enrolment pension contributions by £143,000
Dunelm Soft Furnishings underpaid pension contributions due under auto-enrolment by £143,000, according to The Pension Regulator’s (TPR) first automatic-enrolment section 89 report, which highlights key lessons to help employers avoid non-compliance.Dunelm reached its auto-enrolment staging date on 1 April 2013 and was due to complete registration, indicating that it had ...
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ArticleEU workers to enjoy transferable pension rights
Employees in the European Union (EU) that move to a different EU country will be able to take their full pension rights with them after a draft law was passed by the European Parliament.Under current EU rules, employees that move between countries do not lose their statutory pension rights, such ...
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ArticleCharles Counsell: How will the auto-enrolment 'capacity crunch' affect medium to large employers?
I have seen it reported that pension providers have some concerns about their ability to meet demand and service existing clients. Punch the term ‘capacity crunch’ used in connection to ‘pensions’ into an online search engine and you’ll probably find, as I did, 11,000 suggested links.But this heavy traffic hitting ...
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ArticleAverage auto-enrolment opt outs are 9% to 10%
The proportion of employees who have opted out of a workplace pension scheme after auto-enrolment stands at between 9% and 10%, according to research by the Department for Work and Pensions (DWP).Its Employers’ pension provision survey 2013: preliminary findings, which surveyed 3,079 employers, found that opt-out rates were lower among ...
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ArticleDiane Lightfoot: How will the auto-enrolment 'capacity crunch' affect medium to large employers?
With a large number of small and medium-sized employers due to go through the same process, organisations can get the expert support they need to avoid the ‘capacity crunch’.Employers should carefully plan well in advance. It made a huge impact on the success of our project. This included assessing the ...