All Pensions articles – Page 12
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Supplier articleLooking to the future understanding retirement
Picture this: you’re of retirement age and reclining on your armchair (let’s throw in an ottoman too) and you’re flicking through the pages of a crisp new book beside a roaring fire. You think to yourself:“Wow, I'm glad I contributed to my retirement pot”.With rising cost of living, impending energy ...
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ArticleCoastline Housing receives living pension accreditation
Cornish charitable housing association Coastline Housing has received living pension accreditation from the Living Wage Foundation.Launched last month, the living pension is a voluntary savings target for employers who want to help workers build up a pension that will provide enough income for everyday needs in retirement. The target is ...
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OpinionOliver Topping: What do employers need to know about pensions dashboards?
Pensions dashboards will give employees more visibility than ever before regarding their retirement savings. All pension pots, and the state pension, will be shown digitally in one place.What does this mean for employers?Dashboards will take a lot of work to get up and running. But it’s pension schemes, not employers, ...
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AnalysisWhat is the current state of play with pensions dashboards?
Need to know:The Department for Work and Pensions announced a delay to the delivery of the pensions dashboard programme in March 2023.Employers should use this additional time to make sure they have their data up-to-date, in order and correct.Employers should also consider their communications and resources; once the dashboard project ...
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ArticleThe Pensions Regulator authorises UK's first CDC pension scheme
The Pensions Regulator (TPR) has assessed and authorised the UK's first collective defined contribution (CDC) pension scheme.The Royal Mail Collective Pension Plan (RMCPP) was the first to be added to the newly published list of authorised CDC pensions on TPR's website.The regulator authorised the scheme in order to continue with ...
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ArticleThe Oak Trust loses age discrimination and unfair dismissal case
A school manager at The Oak Trust in Oldham, Lancashire, who lost her job days before she was eligible for her pension, has won an age discrimination and unfair dismissal case.Suzanne Millar started working as a school business manager at Fir Bank Primary School, which is owned by the trust, ...
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AnalysisHow have pension freedoms impacted retirement planning?
Need to know:Increasing education about pensions is key to helping employees make the right decisions about accessing their pension savings early.The ability to access pension funds early could prompt changes to the way that pension providers invest for their members.New initiatives, such as the Living Pension, provide an opportunity for ...
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Case StudiesFlaunt Digital raises awareness of retirement planning through pensions communication
Pensions are not usually at the forefront of the minds of young employees, yet early engagement with the subject could make accruing sufficient retirement funds much more likely.Digital marketing firm Flaunt Digital provides pensions education and information for its 30-strong workforce whose average age is 30. The Leeds-based firm recently ...
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ArticleDeutsche Bank completes £400 million bulk purchase annuity buy-in
Banking group Deutsche Bank has completed a £400 million bulk purchase annuity buy-in transaction for its UK pension scheme.Aviva insured the defined benefit (DB) pension liabilities for nearly 1,300 scheme members, removing the investment and longevity risk. As a result of the deal, they will experience no change in the ...
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Supplier articleIreland pension auto-enrolment
Next January, all going well, approximately 750,000 workers in Ireland will start being automatically enrolled into a new workplace pension scheme that will be co-funded by their employers and the State.The scheme is aimed at addressing the national pension coverage gap. It’s estimated that just 56% of the working population ...
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ArticleBuyer's guide to group personal pension schemes
What is a group personal pension (GPP)?A group personal pension is a defined contribution (DC) arrangement whereby an employer agrees to make monthly contributions into a scheme, but the contract is between the employer and the pension provider.The pension freedoms that were announced in the 2014 Budget, and came into ...
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OpinionLovewell's logic: Will the living pension overcome undersaving?
Herbert Smith Freehills, Citizens UK, Aviva, and Phoenix Group this week became among the first employers to sign up to the new Living Pension Employer standard, launched by the Living Wage Foundation. They were joined by The Good Things Foundation and Wealthify.The living pension is a voluntary savings target of ...
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ArticlePhoenix Group and Herbert Smith Freehills become living pension employers
Insurers Phoenix Group and Aviva, and law firm Herbert Smith Freehills are among those that have signed up to become living pension employers, a scheme launched today (21 March) by the Living Wage Foundation.The Good Things Foundation, Wealthify and Citizens UK also signed up, making up the first six employers ...
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OpinionLovewell's logic: Will the Spring Budget result in a larger talent pool?
News this week has been dominated by headlines about the numerous strikes taking place across the country, in bids to secure pay increases for junior doctors, teachers, rail and tube workers. The other big news this week, of course, was this year’s Spring Budget.The Budget contained myriad measures impacting the ...
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Supplier articleSpring Budget 2023
The Chancellor of the Exchequer Jeremy Hunt, has today delivered the Spring Budget 2023. Please see our summary below:Pension allowancesThe Government will remove the Lifetime Allowance charge, before completely abolishing it in a future Finance Bill, and raise the Annual Allowance to £60,000 from April 2023.The minimum Tapered Annual Allowance ...
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ArticleSpring Budget 2023: Tax-free pensions allowance up by 50%
Spring Budget 2023: In his Budget address to the House of Commons today (15 March 2023), Chancellor of the Exchequer Jeremy Hunt addressed the issue of unpredictable pension tax charges causing employees to leave work, particularly within the NHS.The government has therefore increased the pensions annual tax free allowance by ...
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AnalysisHow to implement flexible pension policies
Flexible pension policies can help employees shore up short-term financial wellbeing, while still saving for the future.In difficult periods, the ability to flexibly drop or pause pension contributions could be invaluable.Flexible policies should be combined with effective communication and education to ensure staff understand the impact of their choices.The word ...
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Case StudiesDeloitte gives staff control with flexible pension policy
In October 2022, professional services firm Deloitte introduced a flexible pension policy that gave its 22,000 UK employees more control over their finances, while still centring the importance of retirement savings.The policy allows staff to receive a cash payment in place of their pension contributions, in order to help people ...
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OpinionLovewell's logic: Embracing equity on International Women's Day
On Wednesday, we celebrated International Women’s Day. The theme of this year’s campaign was ‘embrace equity’, aiming to get the world talking about why equal opportunities are not enough, and the importance of equitable actions if true inclusion and belonging is to be achieved.Many employers have already recognised this need, ...
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ArticleDWP confirms pension dashboard delivery will be delayed
The Department for Work and Pensions (DWP) has issued a ministerial statement confirming that the Pensions Dashboards Programme (PDP) will not be able to meet the delivery deadlines originally set out in its legislation.The DWP said that it will work together with the PDP to establish and legislate a revised ...