All Pensions articles – Page 116
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ArticleStandard Life to close DB pension scheme to future accrual
Standard Life is to close its defined benefit (DB) pension scheme to future accrual and enhance the terms of its defined contribution scheme (DC) for staff from April 2016.Around 55% of Standard Life’s employees belong to its DB scheme which has been closed to new members since 2004. From April ...
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ArticleNest pension restrictions to be lifted in 2017
The government has confirmed its intention to remove the annual contribution limit and transfer restrictions on the National Employment Savings Trust (Nest).The restrictions on annual contributions, which currently stand at a maximum of £4,600, and removal of the restrictions on bulk transfers will be lifted from 1 April 2017.The government ...
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ArticleEpwin Group saves £213,000 with workplace savings platform
EXCLUSIVE: Epwin Group has saved more than £213,000 a year in fees and national insurance contributions (NICs) following the launch of its workplace savings platform.The platform, provided by Hargreaves Lansdown, includes access to a self-invested personal pension (Sipp), independent savings account and investment account.Since the building products provider launched the ...
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Article49% of Britons claim not to have a pension
Nearly half (49%) of respondents say they do not have any kind of pension, according to research by the Chartered Institute of Payroll Professionals (CIPP).Its Saving for retirement research, which surveyed 2,000 people, found that only 32% of respondents have a pension scheme offered via their employer, while 8% of ...
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Case StudiesMarks and Spencer goes multi-channel for flex
Marks and Spencer (M&S) knew it was undertaking an ambitious project when it set out to launch a flexible benefits scheme to its entire workforce in 2013.Most of the retailer’s 75,000 UK employees work offline across more than 800 stores, so it had to develop a scheme that was accessible ...
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ArticleHelp us find out how employers are reacting to incoming pension reforms
What do you think of the government’s pension reforms? How is your organisation preparing to adapt your strategy for when the reforms come into effect next year? Tell us in the Employee Benefits/Close Brothers Pensions research 2014, which is designed to help you benchmark your organisation’s response to and progress ...
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Article
Last chance to share your views on the new pension reforms
Tell us in the Employee Benefits/Close Brothers Pensions research 2014, which is designed to help you benchmark your organisation’s response to and progress with the incoming pensions reforms.This is your chance to have your say and gain an insight into how your approach compares with that of your market peers ...
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AnalysisWhat is paid for in contract-based pensions administration?
If you read nothing else, read this…In a contract-based pension scheme, administration will be performed by the plan provider.Pension administration includes collecting and allocating contributions, handling compliance and providing annual statements.Typically, an annual management charge (AMC) covers the costs of administration.The costs relating to pensions administration, and their disclosure, have ...
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ArticleHalf of lower earners saving adequately for retirement
Half of UK employees on lower incomes are saving enough for retirement compared to 34% in 2012, according to research by Scottish Widows.Its annual Workplace pensions report, which surveyed 5,200 employees, found that those earning between £10,000 and £30,000 a year are now saving adequately for retirement since the introduction ...
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Article6% plan to take entire pension pot as cash
Just 6% of respondents are planning to take their entire pension pot as a cash lump sum at retirement once the new pension reforms come into force next year, according to research by Fidelity Worldwide Investment.Its Class of 2015 report, which surveyed 500 employees planning to retire between April 2015 ...
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ArticleEmployers expect 40% of employees to buy an annuity
Employers predict that two-in-five (40%) of their employees will buy an annuity at retirement once the government’s pension reforms giving more flexibility at retirement come into effect next April, according to research by Towers Watson.Its research, which surveyed 92 UK employers, found that a third (33%) of respondents thought that ...
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ArticleAuto-enrolment has positive impact on benefits packages
Just over two-thirds (67%) of advisers say pensions auto-enrolment has prompted employers to think about their wider benefits offering to employees, according to research by insurer Ellipse.Its survey of 120 financial advisers also found that 66% agree that, in the long term, auto-enrolment will lead to more interst in employee ...
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ArticleWillis Ireland acquires pension businesses from IFG Group
Willis Ireland, part of Willis Group Holdings, is to acquire the Irish pension and financial advisory arm of IFG Group.The acquisition will enable Willis Ireland to develop its existing pensions business, as well as its financial and wealth planning services.Willis is set to acquire pension business IFG Pensco, financial advisory ...
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ArticlePhoenix Group agrees DB pension longevity swap
Phoenix Group has entered into a longevity swap for its defined benefit pension scheme.The longevity swap of the PGL Pension Scheme, which covers 12,000 members and has a liability of around £900 million, is aimed at hedging against the risk of rising costs as a result of the current pensioners ...
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Article
Ladbrokes to close DB pension scheme
Ladbrokes has begun a consultation to close its defined benefit (DB) pension scheme to future accrual.Its final salary scheme closed to new members in 2007.The betting organisation is anticipating contributions of £9.2 million this year to help reduce its deficit.The cost of running the scheme stands at £62,500 a month.In ...
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ArticleLehman Brothers staff to receive £184m pension settlement
Nearly 2,500 Lehman Brother employees will receive their defined benefit pensions in full after these were safeguarded following the settlement of a six-year investigation and legal proceedings.Five organisations in the collapsed bank will now have to pay £184 million to cover staff pension benefits as a result of action taken ...
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Video
How to keep auto-enrolment compliant
brightcove.createExperiences();This 7-minute video tutorial above covers:Why is auto-enrolment compliance an issue for employers?What are the key areas that employers can fall foul of compliance?How can they mitigate the changes of breaching auto-enrolment compliance?Who is ultimately responsible for meeting auto-enrolment compliance obligations?What ...
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Article23% have not considered ongoing auto-enrolment duties
Nearly a quarter (23%) of respondents have not yet thought about how they will deal with ongoing pensions auto-enrolment responsibilities once they have reached their staging date, according to research by Creative Auto Enrolment.Its research, which surveyed 505 medium-sized organisations, which will stage between April 2014 and April 2015, also ...
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ArticleMore than 4m now auto-enrolled into workplace pension
More than four million employees have now been auto-enrolled into a workplace pension, according to research by The Pensions Regulator (TPR).Its monthly declaration of compliance report found that more than 21,000 employers have now completed their declaration of compliance, informing TPR how they have met their duties.Charles Counsell (pictured), executive ...
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ArticleDens sees 50% pension take up before auto-enrolment
EXCLUSIVE: Action against homelessness charity Dens has seen 50% of staff take up its pension scheme after it complied with auto-enrolment more than three years early.The charity’s auto-enrolment staging date is 1 January 2017, but it launched a master trust, provided by Now: Pensions, in October 2013.This is the first ...