All Pensions articles – Page 119
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ArticleIncisive Media boosts GPP take up
EXCLUSIVE: Incisive Media has seen a quarter (25%) of its 200 eligible employees opt out of the pension scheme it introduced for auto-enrolment purposes.However, 20% of this 25% have subsequently opted to enrol in the media organisation’s pre-existing group personal pension (GPP) plan.The GPP has a minimum employee contribution of ...
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ArticleAshurst launches pensions e-newsletter
EXCLUSIVE: Ashurst has launched an annual pensions e-newsletter, share news with employees about pensions-related issues in the workplace.The publication is the first initiative to come out of the law firm’s internal pensions governance committee, which held its first meeting in October 2013.The Pensions Monitoring Committee (PMC) is chaired by Ashurst’s ...
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Article72% expect staff to pay more into pensions
Nearly three quarters (72%) of respondents are anticipating an increase in defined contribution (DC) pension contributions from employees who are close to retirement, according to research by Towers Watson.Its Post-Budget DC pension strategy survey, which questioned 74 UK employers, found that one in five (20%) of respondents anticipate younger employees ...
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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 ...
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ArticleYoung staff to save more after Budget pension reforms
Younger employees are more likely to save into a pension scheme following the reforms announced in the 2014 Budget, according to research by insurer Legal and General.Its MoneyMood research, which surveyed 578 adults aged 18 to 65, found that nearly half (48%) of respondents between the ages of 18 to ...
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Supplier articleTop discussion on LinkedIn
In her weekly blog, Debi O’Donovan, editor of Employee Benefits, asked why some large employers are re-doing pensions auto-enrolment.She wrote: “In the past few weeks, just about every pensions adviser and provider I have spoken to has talked about how increasing numbers of employers which have already staged for auto-enrolment ...
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ArticleOnly 15% prepared for auto-enrolment
Only 15% of respondents that have to comply with auto-enrolment legislation in the next 12 months felt they are sufficiently qualified to manage their responsibilities, according to research by Creative Auto Enrolment.Its research, which surveyed 505 business decision makers in organisations with between 50 and 250 employees, found that 40% ...
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AnalysisThe problems payroll is causing for pensions auto-enrolment
If you read nothing else, read this…Processing pay and pension contributions has been an issue.Auto-enrolment consultants have seen organisations’ payroll providers over-sell their solutions.Payroll providers have struggled to send out legal communications.A second wave of purchasing is taking place, with employers switching providers.The payroll function’s role is vital for the ...
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ArticleAuto-enrolment is good value for older workers
The vast majority (95%) of older workers are likely to receive good value on their pension contributions if they stay in a workplace pension scheme after being auto-enrolled, according to a report by the Pensions Policy Institute (PPI).The benefits of automatic-enrolment and workplace pensions for older workers, which was funded ...
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ArticleGovernment consults on changes from abolition of DB contracting out
The government has launched a consultation on proposed changes resulting from the abolition of defined benefit contracting-out of the additional state pension for people in workplace pension schemes.The government confirmed the change in the 2013 Budget.Defined benefit contracting-out will end when the current two-tiered system of basis and additional state ...
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ArticleCourt rules Honda staff entitled to higher pension benefits
Honda’s UK manufacturing employees could be entitled to a higher scale of pension benefits, after the Court of Appeal upheld a High Court decision.The organisation faces additional pension liabilities of between £47 million and £70 million following the decision, which ruled that an agreed lower benefit structure for Honda UK’s ...
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ArticleSome occupations saving into pensions for the first time
Thousands of UK employees in jobs where it is not traditional to save into a pension scheme, including sales assistants, technicians and dinner ladies, are building up retirement savings for the first time, according to research by the Office for National Statistics (ONS).Its latest Annual survey of hours and earnings ...
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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 ...