All Pensions articles – Page 121
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ArticleTrustees unaware of DB pension investment charges
Nearly a quarter (23%) of trustees of private sector defined benefit (DB) pension schemes could not identify what they were paying in investment charges, even though these represent the second largest expense for such schemes, according to research by The Pensions Regulator (TPR).Its Defined benefit scheme running costs research 2014, ...
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ArticlePension charges cap could level up low charges
Some scheme members currently benefit from annual management charges (AMCs) well below the 0.75% cap that will be imposed on auto-enrolment workplace schemes from April 2015.Marcus Fink, a partner at law firm Ashurst, said: “The 0.75% cap is a safe figure. I think it possibly could have come down lower, ...
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AnalysisDale Critchley: Budget pension changes have positive impact for employers
So what does this watershed moment mean for the future of workplace pensions? There is little doubt that for employees, coming so soon after the introduction of auto-enrolment, it is another positive. But what about the possible benefits for employers?Common threadsThere are two themes running through the recent reforms. First ...
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OpinionThibault Jeakings: DC pension governance to beef up schemes
As well as significantly beefing up defined contribution (DC) schemes’ governance requirements, the proposals also clamp down on the costs of auto-enrolment schemes with a 0.75% cap on administration charges and a ban on additional charges for deferred members and commission payments.The proposals are a reaction to the six to ...
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VIDEO: Lawrence Cramer: How to manage auto-enrolment on a small budget
brightcove.createExperiences();Employers should identify the budget they have for pensions auto-enrolment at the very beginning of the process, said Lawrence Cramer (pictured), head of HR at the YHA, during an interview with Clare Bettelley, associate editor of Employee Benefits.He said: “As ...
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AnalysisHow are The Pensions Regulator’s quality assurance steps useful for employers?
If you read nothing else, read this…The Pensions Regulator’s code of practice sets out six principles and 31 quality features.The code is useful to help employers meet pension governance requirements.TPR expects pension schemes to comply with the code.The code may need to be rewritten to accommodate new measures introduced by ...
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ArticleUK universities offered access to master trust arrangement
Heriot-Watt University and the University of Edinburgh are among the employers that have been given access to a master trust framework.The Advanced Procurement for Universities and Colleges (APUC) managed a tender process for more than 200 institutions in the UK’s higher and further education sector.A large number of university and ...
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Article73% expect to change DC pension scheme investment
Nearly three-quarters (73%) of respondents expect to change their pension schemes’ investment options, in order to offer members a combination of cash and income-generating strategies, according to research by Aon Hewitt.Its research, which polled more than 200 pension managers, trustees and finance directors, focused on the impact of the Budget’s ...
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Article25% would buy an annuity at retirement
Only 25% of respondents would use most or all of their pension pot to buy an annuity when they retire, according to research by Hymans Robertson.Its research, which surveyed 1,000 current members of defined contribution (DC) pension schemes, found that 31% of respondents would not buy an annuity, but would ...
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Article19% of women have no pension savings
Nearly a fifth (19%) of women within five years of retirement do not have any private pension savings, according to research by LV=.Its State of retirement report 2014, which surveyed 1,538 British adults over the age of 50, found that just 12% of men have no retirement savings and will ...
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ArticleTalkTalk and Warburtons shortlisted for auto-enrolment
TalkTalk Group and Warburtons are among the employers that have been shortlisted for the award ‘Best pensions auto-enrolment strategy – small employer’ at the Employee Benefits Awards 2014.This award recognises employers that maximised the opportunities offered by the need to comply with auto-enrolment legislation, and that demonstrated how these actions ...
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ArticleSMEs still not ready for pensions auto-enrolment
More than half (58%) of small and medium-sized enterprises (SMEs) surveyed have yet to set up a pension scheme to comply with auto-enrolment legislation, according to research by AutoenrolSME.The pensions auto-enrolment service, which was developed in partnership with payroll provider Quartz Payroll, conducted research among 200 UK organisations with between ...
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ArticleE.On and McDonald’s shortlisted for auto-enrolment
E.On and McDonald’s Restaurants are among the employers that have been shortlisted for the award ‘Best pensions auto-enrolment strategy – large employer’ at the Employee Benefits Awards 2014.This award recognises employers that maximised the opportunities offered by the need to comply with auto-enrolment legislation, and that demonstrated how these actions ...
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ArticleThe Bar Council launches master trust
The Bar Council has introduced a master trust pension to ensure each Chambers comply with their auto-enrolment requirements.The master trust, known as YourWorkplacePension, links to provider Close Brothers Asset Management’s (CBAM) auto-enrolment platform, CloseToMyPension.This enables CBAM to manage all of the complexities of auto-enrolment on behalf of each Chamber, including ...
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ArticleChris Curry: What is the effect of the delayed pension charges cap?
For example, the difference between a 0.5% annual management charge (AMC) and a 1% AMC, everything else being equal, can mean a difference of £12,800. This is in terms that can be compared to today’s earnings in the amount paid out in charges over a full working life for a ...
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Article
Expedia aligns flex and auto-enrolment
EXCLUSIVE: Expedia postponed its auto-enrolment staging date by three months to align it with the launch of a new flexible benefits scheme.The organisation had planned to introduce a flexible benefits scheme for some time, but saw the impending auto-enrolment requirements as an ideal opportunity to roll both out at the ...
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ArticlePension membership increases to 50%
Participation in pensions increased in 2013 for the first time since 2006, according to research by the Office for National Statistics (ONS).Its 2013 Annual survey of hours and earnings: summary of pension results, found that the proportion of employees who belong to a workplace pension increased from 47% to 50% ...
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ArticleChristopher Stiles: What is the effect of the delayed pension charges cap?
That is not to say there is anything wrong with the aim, which is to help ensure that the schemes employers are providing for their employees represent value for money, although a cap on charges is a simplistic solution to that problem.Employers do not have a strong commercial motivation to ...
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Article
West Ham FC auto-enrols three-millionth UK worker
West Ham United Football Club auto-enrolled the UK’s three-millionth worker into a workplace pension scheme.The Pensions Regulator’s (TPR) latest Automatic-enrolment registration report from TPR showed that more than three million employees are now saving into a pension scheme through auto-enrolment, with the three-millionth worker employed by the Premier League club.Since ...
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ArticleLloyds to revise pensionable pay cap
Lloyds Banking Group is to revise its pensionable pay cap for around 35,000 employees who are members of its six defined benefit (DB) pension schemes.Following a consultation with employees and unions in November 2013, the bank will revise the current cap on the increase in pensionable pay from 2% to ...