All Pensions articles – Page 117
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ArticleGovernment to add charges disclosure to Pensions Bill
The government has tabled an amendment to the Pensions Bill to require pension providers to disclose all transaction costs in workplace defined contribution (DC) pension schemes.This extra information is aimed at enabling employers to see exactly how much they are paying for asset management services to get the best value ...
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Article81% concerned pensions change could impact service levels
More than three-quarters (81%) of respondents said the volume of change in the pensions sector in the next 12 months will adversely affect the level of services provided, according to research by the National Association of Pension Funds (NAPF).The survey, which questioned 108 respondents, found that 87% of employer respondents ...
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Article
Benefits packages cost more than 20% of salary
More than a third of respondents said their overall benefits package costs more than 20% of salary, according to research by Towers Watson.Its Benefits health check survey, which questioned employers with between 500 and 2,000 employees, found that 60% of respondents have a consistent philosophy and strategy across their benefits, ...
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Article
10% of Bayer pension members increased contributions
EXCLUSIVE: One in 10 (10%) of Bayer’s 9,000 pension scheme members have increased their pension contributions since the organisation re-branded its pension communications in 2013.More than 800 employees are members of the pharmaceutical organisation’s trust-based defined contribution (DC) pension, while 7,000 employees are members of its defined benefit (DB) pension, ...
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ArticleAverage combined DC pension contribution is 10%
The average combined employer and employee contribution to a defined contribution (DC) pension scheme now totals 10%, according to research by the Chartered Institute of Personnel and Development (CIPD).Its Employee outlook: focus on employee attitudes to pay and pensions survey, which surveyed nearly 2,700 employees, found that, on average, respondents ...
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ArticleLinks of London sees 0.8% auto-enrolment opt out
EXCLUSIVE: Links of London has seen 0.8% of its auto-enrolled employees opt out of its new group personal pension (GPP) plan since its staging date on 1 November 2013.The British jeweler, which is part of the Folli Follie Group, has 75 outlets across the UK and employs around 500 employees.It ...
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ArticleAverage defined contribution pension charge is 0.75%
The average annual management charge (AMC) for trust-based defined contribution (DC) pension schemes is currently 0.75% of the fund per year, according to research by the Department for Work and Pensions.Its Landscape and charges survey 2013: charges and quality in defined contribution pension schemes comprised a combination of quantitative research ...
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ArticleEmployers tackle defined benefit pension deficits
Its Pensions risk survey found that the accounting deficit for FTSE 350 companies stood at £97 billion at 31 December 2013, compared to £72 billion at 31 December 2012.Employers are using a variety of methods to fund, de-risk and manage these pension deficits.Ali Teyyebi, head of DB risk in the ...
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Article
BT and BBC top pensions league table
BT and the BBC have topped a league table of the UK’s workplace pension schemes for responsible investment, according to research by charity ShareAction.BT and the BBC came joint top with a score of 35 out of a possible 40, followed by the universities’ superannuation scheme in third place.In contrast, ...
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Case StudiesEast Coast Mainline keeps reward on track
It is in the process of being re-franchised but will have to wait until October to learn which bidder from a shortlist of interested parties has succeeded. The re-franchising process will be completed in February 2015.John Hayhurst, head of HR at East Coast Mainline, aims to keep the organisation’s benefits ...
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OpinionMatthew Webb: The joy of DC investment loss
But is positive return really the zenith of DC investing? In the long term, perhaps, but in the short term, especially in the early years of DC build-up, there is a strong case to suggest a DC investor should look for funds with a decreasing unit price. Why?First rule of ...
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AnalysisA quick guide to employee benefits tax
Tax-efficient benefits offered through a salary sacrifice arrangement are exempt from income tax, employer’s NI and employee’s NI. This is so because a benefit offered in this way reduces an employee’s pay, so less tax and national insurance is due and the employer will not have to pay NI contributions ...
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Article
Government confirms delay to pension charges cap
Pensions minister Steve Webb has confirmed that the introduction of a pensions charge cap will be delayed by a year until April 2015.The charges cap was due to be introduced in April 2014. A ban on active member discounts and defined contribution reforms on governance and transparency will also be ...
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Article
Martindale Pharma boosts pension take up
EXCLUSIVE: Martindale Pharma has increased take-up of its pension scheme by 10% after reviewing and revamping its pension and benefits package.The pharmaceutical organisation began its review in April 2012 for all 350 of its employees. In doing so it aimed to: create a more competitive package; obtain a return on ...
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Article
Government to delay pension charges cap
The government’s proposed 0.75% cap on pension charges could be delayed for a year until April 2015.The introduction of a cap was originally intended for April 2014, which aimed to protect millions of employees from high fees, after being auto-enrolled into their organisation’s pension scheme.A Department for Work and Pensions ...
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Article
BBC's DB pension deficit rises to £2bn
The BBC’s defined benefit (DB) pension deficit has risen, from £1.1 billion in 2010 to £2 billion at its 2013 triennial valuation.To fund the deficit, the trustees have asked the BBC to increase the additional contributions it makes to the scheme.Over the next four years, the BBC’s deficit contributions will ...
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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 ...