All Pensions articles – Page 119
-
ArticleCosts and charges top driver of pension provider selection
Nearly two-thirds (65%) of pension scheme members cited the level of costs and charges as the most important factors for employers when choosing a pension provider, according to research by the National Association of Pension Funds (NAPF).Its What do pension scheme members expect of how their savings are invested? research, ...
-
ArticleWhat are collective defined contribution pension schemes?
New definitions will be added to the current legislative framework for CDC schemes to provide a wider choice of pension schemes, encourage greater risk and enable savers to have more certainty about their retirement savings. CDC schemes were first suggested in the government’s consultation paper, Reshaping workplace pensions for future ...
-
AnalysisWhere does responsibility for default pension investments lie?
If you read nothing else, read this …The primary responsibility for a defined contribution pension default fund strategy lies with the sponsoring employer.Employer responsibility is particularly important for contract-based schemes even though the employer role is implied.A board of trustees will have responsibility for the default investment in trust-based schemes.Employees ...
-
ArticleTelegraph Media Group engages pension members
Nearly two-thirds (60%) of Telegraph Media Group’s pension members said they would not have contributed additional voluntary contributions (AVCs) to their pension if it had not been for personalised communications about the option.In February 2014, the newspaper group sent out a personalised newsletter to the 1,000 members of its trust-based ...
-
ArticleGovernment sets out plans for guidance guarantee
The government has announced that its guaranteed guidance on pensions choice will be provided by independent organisations rather than pension providers.The changes, which were announced in the Budget in March and will come into effect from April 2015, follow the government’s consultation on how best to deliver the changes to ...
-
Article24% have received enough auto-enrolment information
Less than a quarter (24%) of respondents due to comply with pensions auto-enrolment in 2014 feel they have had enough information from the government, according to research by Creative Auto Enrolment.Its survey, which questioned 505 employers with between 20 and 250 employees, found that 25% have received minimal communication from ...
-
Case Studies
E.On uses games to drive up pensions membership
For energy firm E.On, the use of gamification was about getting as many employees as possible engaged in the auto-enrolment process after it decided to auto-enrol all employees, not just the statutory minimum.The organisation utilised two stages of gamification at two different times of the process as its plan was ...
-
Opinion
Liz Wood: Contract-based pension schemes versus master trusts
Contract-based DC schemes and master trusts have both been around for years, despite the recent rebranding of master trusts. Both types of scheme are seeing a surge in popularity, spurred on by the arrival of auto-enrolment. The obvious appeal of both contract-based schemes and master trusts for employers is the ...
-
ArticleSwiss Re to acquire HSBC’s pension business
One of Swiss Re’s business units, Admin Re, has agreed to acquire group pension and related annuity policies from HSBC Life (UK).The transaction, which will also include £4.2 billion in unit-linked assets, is subject to regulatory and court approval.It is expected to be completed in the second half of 2015.John ...
-
Analysis
What can employers do if they are struggling to comply with auto-enrolment?
If you read nothing else, read this…The number of employers stuggling to comply is likely to rise as small employers begin auto-enrolment.The Pensions Regulator (TPR) issued its first section 89 report to highlight key lessons to help employers avoid non-compliance.TPR runs webinars to offer advice.TPR and pension consultants can focus ...
-
ArticleBarclays partners Standard Life to support SME's auto-enrolment duties
Barclays Corporate and Employer Solutions has partnered with pension provider Standard Life to support small and medium-sized employers (SME) navigate the challenges of auto enrolment.Its Barclays Auto Enrolment Advantage aims to help support organisations comply quickly, as the number of SMEs reaching their staging date increases.Barclays will provide the guidance ...
-
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
-
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. ...
-
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 ...
-
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 ...
-
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 ...
-
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 ...
-
Analysis
Why employers are struggling to engage staff in workplace pensions
If you read nothing else, read this…Contradictory government legislation is not helping employers promote pension savings efforts.Employers must support staff to actively engage with their workplace pension scheme.For some employees, pension contributions are just another irritating deduction from pay.Employers are consequently grappling with how best to engage these employees to ...
-
-
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 ...