All Pensions articles – Page 121
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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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Article71% rely on employer’s pension plan for retirement
Nearly three-quarters (71%) of respondents rely on their employer’s pension plan as their primary way to save for retirement, according to research by Towers Watson.Its Global benefits attitudes survey, which questioned 2,030 UK employees, found that more than half (53%) of respondents admitted they need to save much more for ...
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ArticleMaster trust assurance framework published
The Pensions Regulator (TPR) and the Institute of Chartered Accountants in England and Wales (ICAEW) have published a voluntary assurance framework for master trusts.The framework, which was developed following a consultation in 2013, aims to demonstrate to employers that their pension schemes are managed to high standards.ICAEW has also published ...
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ArticleJames Walker streamlines pensions for auto-enrolment
EXCLUSIVE: James Walker Group has streamlined its four defined contribution (DC) stakeholder pension schemes into one group personal pension (GPP) plan to comply with auto-enrolment.The manufacturing organisation, which has 11 subsidiaries and employs more than 2,000 employees, 900 of whom are based in the UK, has a range of staging ...
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ArticleMills and Reeve shortlisted for default funds
Mills and Reeve and Telent are among the employers that have been shortlisted for the award ‘Best DC pensions default investments’ at the Employee Benefits Awards 2014.This award recognises employers that have made a concerted effort to offer an effective default investment strategy for their defined contribution (DC) pension scheme ...
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ArticleMartindale Pharma ups pensions engagement
EB Summit 2014: Martindale Pharma increased employee pension contributions by 60% after switching providers for its group personal pension (GPP) scheme and holding a series of pension presentations for its 400 employees.The number of members actively making fund choices also increased from just two employees to 73% of members, while ...
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ArticlePolycom moves to pensions salary sacrifice
EXCLUSIVE: Polycom is aiming to save more than £50,000 by adding a salary sacrifice arrangement to its new group personal pension (GPP) plan.The technology organisation auto-enrolled its 250 UK employees into the new pension on 1 May, after postponing from 1 February.It intends to use the savings to fund the ...
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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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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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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 ...