All Pensions articles – Page 119
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AnalysisHow should employers communicate default funds?
If you read nothing else, read this…Employers must be honest with staff about their savings goals.Employees need to understand how long they may need to work to afford their desired retirement lifestyle.Employers should remove all jargon from their communications.Simon Chinnery, head of UK defined contribution (DC) practice at JP Morgan, ...
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ArticleDebi O'Donovan: Employers must collaborate on pension outcomes
Firstly, employers face major constraints in the pension provider market. Default funds have been evolving over the last 20 years and have yet to come into their own as a distinctive, standalone investment choice, rather than an amalgamation of legacy funds and concepts.Secondly, the defined contribution (DC) market operates on ...
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Video: Spencer Roach: Diversity key to Cisco's new default fund
Diversity is at the heart of Cisco’s new default pension fund, said Spencer Roach, total rewards manager at Cisco System, during an interview with Clare Bettelley, associate editor at Employee Benefits. He added that the fund choice is underpinned by a lengthy selection process, to ensure that the employer’s final ...
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Video: Chris Curry: Employer demand drives default fund evolution
Employer demand will drive pensions default pension fund development, said Chris Curry, director of the Pensions Policy Institute during an interview with Clare Bettelley, associate editor at Employee Benefits. “As with most things, there’s a supply and demand side [to the market], so I think if employers are really keen, ...
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Video Simon Chinnery: Employers should focus on retirement income, not pot size
Employers should focus on their employees’ retirement income needs rather than the size of their pension pot when devising, implementing and managing their default pension fund strategy, said Simon Chinnery, head of defined contribution (DC) and chairman of the Defined Contribution Investment Forum, during an interview with Clare Bettelley, associate ...
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DOD’s blog: Are DC default funds value for money?
Yesterday the highly insightful team from the Pensions Institute at Cass Business School delivered its latest report: Assessing value for money in defined contribution default funds.I doubt it will top too many bestseller lists, but if everyone who has ever saved for a pension were to read it, it could ...
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DC pensions members may not be getting best value
The value of the defined contribution (DC) pensions market is expected to grow to £1.7 trillion by 2030 from £276 billion assets under management pre-auto-enrolment in 2012, according to a report by the Pensions Institute.But its Assessing value for money in defined contribution default funds report found that members of ...
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Video: LV= to move away from one-size-fits-all default fund
Insurer LV= is in the throes of assessing how to meet the retirement needs of its 5,500-strong workforce as part of a review of the suitability of its default pension fund, said Pete Strudwick, pensions and performance partner at LV=, during an interview with Clare Bettelley, associate editor at Employee ...
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Ikea and Lufthansa awarded Pension Quality Mark
Ikea and Lufthansa have been awarded the Pension Quality Mark (PQM) for their defined contribution (DC) pension schemes.The PQM, which was launched in 2009 by the National Association of Pension Funds, is awarded to schemes that:Have total contributions of at least 10%, with a minimum employer contribution of 6%.Have governance ...
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Fujitsu uses flex to communicate auto-enrolment
EXCLUSIVE: Fujitsu has used its annual flexible benefits enrolment process to continue its pensions auto-enrolment communications.The technology organisation, which has 15,000 employees, opened its flexible benefits window in November 2013, with employees’ benefits choices taking effect from January 2014.It included details of pensions auto-enrolment in this year’s communications, in order ...
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Employee Benefits Awards applaud default investments
With more employees then ever enrolled in workplace pension schemes, the pressure is on for employers to ensure that schemes are well run.If you have taken steps to offer an effective default investment strategy for your organisation’s DC pension scheme, why not receive a well-deserved pat on the back?The Employee ...
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Network Rail appoints pension administrator
Network Rail has appointed Capita Employee Benefits to provide pension administration services for two of its three pension schemes.Capita will be responsible for administering the train operater’s trust-based defined contribution pension scheme, which has around 15,000 members, and its career average re-valued earnings (Care) pension, which has around 3,500 members. ...
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Article
76% of women fear they will not save enough for retirement
More than three-quarters (76%) of women do not believe they will have enough money to be financially comfortable in retirement, according to research by The Pensions Advisory Service (TPAS).Its third annual TPAS Women and pensions research, which surveyed 1,000 women, also found 71% of respondents do not feel confident about ...
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ArticleThe future of default funds supplement 2014
Read the digital edition of our supplement, The future of default funds 2014, in full. It includes the following articles:Simon Chinnery: The evolution of default fundsDebi O’Donovan: Employers must work with providers to deliver adequate pension outcomesAre default funds fit for purpose?What should future default fund strategies look like?Top tips ...
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DC pension contributions increase little in past 10 years
Average rates of contributions into defined contribution (DC) pension schemes have changed very little over the last decade, according to research by the Association of Consulting Actuaries (ACA).The 2013 ACA Pension trends survey, which questioned 308 employers with more than 430 pension schemes, found that contribution rates are generally failing ...
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Nortel Networks agrees £23m payment into UK pension
Defunct telecoms organisation Nortel Networks has reached an agreement to pay $37.5 million (£23 million) into its UK pension scheme to settle claims against relevant Nortel parties in the United States.Papers were filed on 17 December in the United States Bankruptcy Court providing details of a conditional agreement between the ...
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Ikea to make one-off €100m pension contribution for performance
Ikea Group is to pay €100 million (£83.6 million) in pension contributions in the first year of its new reward programme.The programme, Tack!, which is Swedish for thank you, aims to reward employees who have been with the home furnishing retailer for more than five years with an employer contribution ...
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BAE Systems launches online tool to manage DB pensions
BAE Systems has launched an online pensions tool to manage and monitor its obligations across all seven of its UK defined benefit pension schemes.The tool, Skyval, from PricewaterhouseCoopers (PWC), provides organisations and trustees with real-time access to information and analysis on their pension schemes’ liabilities, assets, risk and valuations.BAE Systems ...
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Government to raise auto-enrolment threshold
The government has proposed raising the pensions auto-enrolment earnings threshold from £9,440 for 2013/14 to £10,000 for 2014/15.It has also proposed a rise in the lower and upper limits of the qualifying earnings band.Its Review of the automatic-enrolment earnings trigger and qualifying earnings band for 2014/15: support analysis, includes analysis ...
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AstraZeneca agrees pensions longevity swap
AstraZeneca has agreed a longevity swap for its defined benefit pension scheme.The arrangement provides hedging against the longevity risk of around 10,000 of the scheme’s current pensioners and covers £2.5 billion of liabilities. The longevity swap has been agreed with Deutsche Bank, and advised by Aon Hewitt.Matt Wilmington, partner at ...