All Pensions articles – Page 117
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Article
Friends Life updates auto-enrolment product
Friends Life has updated its pensions auto-enrolment product to meet the needs of organisations that are staging in 2014.The updated product aims to offer employers greater flexibility, choice and service options. Depending on their needs, employers will now be able to select from auto-enrolment services ranging from a basic qualifying ...
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Article
Gain recognition for pension auto-enrolment strategies
Pensions auto-enrolment has also been a huge area of focus for many employers over the past year and this looks set to continue into 2014.To reward and recognise all the hard work employers have invested in this, we have introduced the category ’Best pensions auto-enrolment strategy’.Employers are encouraged to enter ...
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Case StudiesUnited Response took extra time to communicate auto-enrolment message
Many of the organisation’s 3,500 employees were already in its stakeholder pension scheme, but a further 1,451 were auto-enrolled on 1 October, postponed from its staging date in July 2013.Diane Lightfoot, director of communications and fundraising at United Response, says: “We did our first briefing in April. We knew we ...
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Analysis
What are the legal requirements for auto-enrolment communications?
Communication must include:A statement that the employee has been, or will be, automatically enrolled into a pension scheme.The enrolment date.Details of the pension scheme provider.The value of both employer and employee contributions.If it is a defined contribution pension scheme, the employer must advise staff of the phased increases as a ...
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Article
Now: Pensions partners Staffcare for auto-enrolment
EXCLUSIVE: Now: Pensions has partnered Staffcare for auto-enrolment administration and the distribution of member communications for participating employers.From January 2014, employers will be able to access a Now: Pensions portal, which will be hosted by Staffcare.The portal will:Handle and distribute communications to employees for each category of worker.Manage and record ...
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AnalysisCommunication strategies to engage staff with pensions auto-enrolment
If you read nothing else, read this…When communicating auto-enrolment, employers must remember their audience, make it relevant and start early, using various communication methods.Communications must be tailored to individual employees. Technology is a key factor in engaging staff with auto-enrolment. Before communicating the details of how auto-enrolment will work and ...
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Article
Reeves & Co to streamline pensions for auto-enrolment
Reeves and Co is to streamline its defined contribution (DC) pensions schemes to comply with pensions auto-enrolment.The accountancy firm will replace its two existing DC pensions with a group personal pension (GPP) following a consultation with a group of staff representatives.Following its auto-enrolment staging date on 1 February, eligible employees ...
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Article
Hozelock appoints Aon Hewitt to DB pension
Hozelock has appointed Aon Hewitt to provide actuarial, investment and pensions management service to its defined benefit pension scheme.The organisation, which manufactures a range of gardening products, has a pension scheme with assets of around £50 million and around 750 members.Trevor Austin, chairman of the trustees of the Hozelock scheme, ...
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Article
FTSE 350 pension deficit increased in 2013
The accounting deficit of defined benefit (DB) pension schemes for the UK largest 350 companies increased in 2013, according to research by Mercer.Its Pensions risk survey found that the FTSE 350 companies’ deficit stood at £97 billion at 31 December, compared to £72 billion at 31 December 2012.There was an ...
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OpinionSimon Chinnery: The evolution of default funds
There are many different types and designs of default fund, resulting from more than a decade of market developments, but they can be broadly categorised as old style, lifestyle and alternative style. Old-style default funds are often single funds, and the old-style approach has been used for over 20 years, ...
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ArticleWorkplace pensions will not meet retirement needs
More than three-quarters (76%) of respondents expect their workplace pension scheme to be their main source of retirement income, but 88% do not believe it will meet their needs, according to research by Barclays Corporate and Employer Solutions (C&ES).Its research, which surveyed 360 UK employees enrolled in a workplace defined ...
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Article
The Pensions Regulator publishes DC code
The code, which came into effect on 21 November 2013, sets out how pension trustees can meet the requirements of pensions legislation.It had been the subject of a consultation earlier in 2013.The guidance provides information, education and assistance on good-practice standards of governance and behaviours that relate to delivering good ...
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AnalysisHow much pension fund choice should employers offer their workforce?
If you read nothing else, read this…Evidence shows that the greater the choice of pension funds, the less engaged employees may become in the scheme. Some employees in some market sectors, such as financial services, will always be more engaged than others. Many employers just want to get through auto-enrolment ...
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Article
BA switches DC pension investments
British Airways (BA) has switched the investment options available through its trust-based defined contribution (DC) pension scheme in order to lower pension scheme charges.Under its new arrangement, provided by BlackRock, the annual management charge (AMC) will reduce from 0.23% to 0.15%.Since its auto-enrolment staging date in January 2013, 13,500 of ...
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Article
Finmeccanica has low pensions opt-out post auto-enrolment
Finmeccanica Group has achieved 99.3% pension take up after auto-enrollling employees at its two main UK operations into its trust-based defined contribution (DC) pension scheme.The aerospace and defence manufacturer first automatically-enrolled staff at AgustaWestland, followed by employees at Selex ES.Finmeccanica introduced a bespoke website to guide employees through their auto-enrolment ...
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Case StudiesMarriott Hotels considered pension fund choice in auto-enrolment decisions
Its staging date was April 2013, but it postponed auto-enrolling its workforce until 1 July 2013 with the help of its adviser, Berkeley Burke, which also manages the organisation’s private medical insurance and group life assurance .Sarah Newsome, manager, employment law/compensation and benefits, Marriott Europe at Marriott Hotels, says: “Fund ...
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Article91% of HR professionals are pension scheme members
The Employee Benefits Salary survey 2014 , which questioned 361 people with responsibility for managing benefits and reward in UK organisations, found that three-quarters (75%) of respondents are active members of a defined contribution (DC) scheme , while just over a quarter (27%) are active members of a defined ...
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Article5% DC pension contribution most common for HR professionals
The Employee Benefits Salary survey 2014 , which questioned 361 people who are responsible for managing benefits and reward in UK organisations, found that 9% pay in 10% or more of salary. Under auto-enrolment legislation, current minimum contribution levels are set at 1% for employees and 1% for employers. But ...
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AnalysisInterview with Sally Purbrick, head of reward, Anglian Water
“The days have gone in Anglian Water when the traditional HR department was just seen as something that brings people into the organisation and pays them,” she says.“It’s about the value we can bring. Specifically, the reward area, and our strategies around linking personal performance to reward, pushes the reward ...
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AnalysisAre default investment funds fit for purpose?
If you read nothing else, read this…Employers must offer staff a default fund under auto-enrolment legislation.But the funds are, arguably, not fit for purpose because of their legacy issues and restrictive asset allocation.Regulatory guidance on default fund governance should help default funds to evolve.Pensions auto-enrolment has been dubbed one of ...