All Pensions articles – Page 120
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Article53% say government's pension reforms are 'spot on'
More than half (53%) of respondents said the pension reforms introduced in the Budget 2014 are ‘spot on’ and ’a great shake up of our current provision’, according to research by Standard Life.Its research, which surveyed 50 of Britain’s largest employers, found that more than a third (35%) thought the ...
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Article35% near retirement not aware of Budget changes
More than a third (35%) of respondents approaching retirement are either unaware or unsure about the pension reforms announced in the 2014 Budget, according to research by MetLife UK.Its research, which surveyed 568 adults aged 55 and above with defined contribution pension savings, found that 27% of respondents had not ...
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Article28% do not know the size of their pension pot
More than a quarter (28%) of respondents saving into a workplace defined contribution (DC) pension scheme have no idea how much is in their pension pot, according to research by Capita Employee Benefits.Its research, which will be published in full later in May, found that a quarter (25%) of respondents ...
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Article28% more likely to save following Budget pension reforms
More than a quarter (28%) of UK workers said they are more likely to start saving or save more into a pension scheme following the reforms announced in the Budget 2014, according to research by the National Association of Pension Funds (NAPF).Its Spring workplace pensions survey 2014, which questioned 1,009 ...
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ArticleNails Inc sees 1% auto-enrolment opt out
EXCLUSIVE: Nails Inc has seen 1% of its auto-enrolled employees opt out of its new group personal pension (GPP) plan since its staging date in January 2014.The nail bar chain has 60 outlets across the UK and employs around 370 employees, 160 of whom are eligible for auto-enrolment.The GPP, which ...
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Article£23,000 gap in retirement expectations between genders
Women expect half the annual income of men in retirement, anticipating they will receive £24,000 a year compared to men’s £47,000, according to research by Aegon.The Aegon UK Readiness report surveyed 4,000 UK employees to assess their behaviour, awareness and finances to determine their readiness score, which provides a mark ...
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ArticleNigel Bolton: How will the auto-enrolment 'capacity crunch' affect medium to large employers?
During its first 14 months, auto-enrolment saw more than 3,000 of the UK’s largest employers reach their staging date.However, in the first six months of 2014, nearly 30,000 employers will reach their staging date, which has led to concerns about a ‘capacity crunch’.Research conducted by financial research organisation Defaqto on ...
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Article
Dunelm underpaid auto-enrolment pension contributions by £143,000
Dunelm Soft Furnishings underpaid pension contributions due under auto-enrolment by £143,000, according to The Pension Regulator’s (TPR) first automatic-enrolment section 89 report, which highlights key lessons to help employers avoid non-compliance.Dunelm reached its auto-enrolment staging date on 1 April 2013 and was due to complete registration, indicating that it had ...
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ArticleEU workers to enjoy transferable pension rights
Employees in the European Union (EU) that move to a different EU country will be able to take their full pension rights with them after a draft law was passed by the European Parliament.Under current EU rules, employees that move between countries do not lose their statutory pension rights, such ...
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ArticleCharles Counsell: How will the auto-enrolment 'capacity crunch' affect medium to large employers?
I have seen it reported that pension providers have some concerns about their ability to meet demand and service existing clients. Punch the term ‘capacity crunch’ used in connection to ‘pensions’ into an online search engine and you’ll probably find, as I did, 11,000 suggested links.But this heavy traffic hitting ...
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ArticleAverage auto-enrolment opt outs are 9% to 10%
The proportion of employees who have opted out of a workplace pension scheme after auto-enrolment stands at between 9% and 10%, according to research by the Department for Work and Pensions (DWP).Its Employers’ pension provision survey 2013: preliminary findings, which surveyed 3,079 employers, found that opt-out rates were lower among ...
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ArticleDiane Lightfoot: How will the auto-enrolment 'capacity crunch' affect medium to large employers?
With a large number of small and medium-sized employers due to go through the same process, organisations can get the expert support they need to avoid the ‘capacity crunch’.Employers should carefully plan well in advance. It made a huge impact on the success of our project. This included assessing the ...
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ArticleCourt rules IBM breached employer duties in pensions restructure
The High Court has ruled that technology organisation IBM has breached its duties to members of its UK pension schemes in the way in which it implemented a restructuring of their pension arrangements.The ruling, in the case IBM vs Dagleish, is of particular interest to employers that are, or have ...
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Article28% used flex plan to manage auto-enrolment
However, nearly half of employers that offer flexible benefits did not use their flex plan to manage the implementation of auto-enrolment.Of those that still need to auto-enrol staff, 22% plan to manage the process separately from their flexible benefits plan.Read more of the Employee Benefits Flexible benefits research 2014
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AnalysisHow to maximise savings from tax-efficient employee benefits
If you read nothing else, read this…Salary sacrifice arrangements can increase employee engagement with benefits.Employers can use NI savings from salary sacrifice arrangements to help fund pensions auto-enrolment, introduce new benefits, or cover the cost of benefits technology.It is important to communicate the value of tax-efficient benefits to employees.These savings ...
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ArticleThird of auto-enrolled employers would approach compliance differently
More than a third (35%) of respondents that have been through pensions auto-enrolment would have approached their preparations differently if they were to undertake the task again, according to research by law firm Irwin Mitchell.Its research, which surveyed 260 employers, found that 52% of those that have staged wished they ...
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Analysis
Martin Palmer: What lies beneath auto-enrolment?
Auto-enrolment is on course to breathe new life into pension saving. But what hidden factors could affect its fate, and how can employers set their scheme apart? As the focus of auto-enrolment shifts from large organisations in low numbers to smaller businesses in high volumes, a picture is already emerging ...
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ArticleGovernment extends pension decision period
Employees who have recently taken a tax-free lump sum from their defined contribution (DC) pension scheme will be given a further 18 months to decide what they wish to do with the rest of their retirement savings.Under current tax rules, once a tax-free lump sum has been taken, individuals have ...
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ArticleMatching pension contributions rise in popularity
The number of pension schemes offering matching pension contributions for members has risen by around 100% in the past 10 years, according to research by Towers Watson.Its FTSE 350 DC pensions survey 2014, which questioned 98 FTSE 100 and 241 FTSE 350 companies, found that 75% of respondents now offer ...