All Pensions articles – Page 120
-
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 ...
-
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 ...
-
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 ...
-
ArticleQueen confirms greater flexibility on DC pension savings
The Queen has confirmed legislation announced in the 2014 Budget to offer greater flexibility to pensions in the way retiring defined contribution (DC) pension members can take their savings.The Pensions Tax Bill will remove previous restrictions to the way individuals can access their DC pension savings, and allow them to ...
-
ArticlePension saving reaches five-year high
The number of people saving adequately for retirement is at its highest level since 2009, according to research by Scottish Widows.Its 10th annual Scottish Widows Retirement report, which surveyed more than 5,000 people, found that 53% of respondents are saving enough through a pension scheme, up from 45% in 2013, ...
-
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 ...
-
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 ...
-
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% ...
-
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 ...
-
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 ...
-
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 ...
-
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 ...
-
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 ...
-
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 ...
-
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 ...
-
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 ...
-
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 ...
-
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 ...
-
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 ...
-
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 ...