All Pensions articles – Page 124
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Article
BT and BBC top pensions league table
BT and the BBC have topped a league table of the UK’s workplace pension schemes for responsible investment, according to research by charity ShareAction.BT and the BBC came joint top with a score of 35 out of a possible 40, followed by the universities’ superannuation scheme in third place.In contrast, ...
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Case StudiesEast Coast Mainline keeps reward on track
It is in the process of being re-franchised but will have to wait until October to learn which bidder from a shortlist of interested parties has succeeded. The re-franchising process will be completed in February 2015.John Hayhurst, head of HR at East Coast Mainline, aims to keep the organisation’s benefits ...
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OpinionMatthew Webb: The joy of DC investment loss
But is positive return really the zenith of DC investing? In the long term, perhaps, but in the short term, especially in the early years of DC build-up, there is a strong case to suggest a DC investor should look for funds with a decreasing unit price. Why?First rule of ...
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AnalysisA quick guide to employee benefits tax
Tax-efficient benefits offered through a salary sacrifice arrangement are exempt from income tax, employer’s NI and employee’s NI. This is so because a benefit offered in this way reduces an employee’s pay, so less tax and national insurance is due and the employer will not have to pay NI contributions ...
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Article
Government confirms delay to pension charges cap
Pensions minister Steve Webb has confirmed that the introduction of a pensions charge cap will be delayed by a year until April 2015.The charges cap was due to be introduced in April 2014. A ban on active member discounts and defined contribution reforms on governance and transparency will also be ...
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Article
Martindale Pharma boosts pension take up
EXCLUSIVE: Martindale Pharma has increased take-up of its pension scheme by 10% after reviewing and revamping its pension and benefits package.The pharmaceutical organisation began its review in April 2012 for all 350 of its employees. In doing so it aimed to: create a more competitive package; obtain a return on ...
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Article
Government to delay pension charges cap
The government’s proposed 0.75% cap on pension charges could be delayed for a year until April 2015.The introduction of a cap was originally intended for April 2014, which aimed to protect millions of employees from high fees, after being auto-enrolled into their organisation’s pension scheme.A Department for Work and Pensions ...
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Article
BBC's DB pension deficit rises to £2bn
The BBC’s defined benefit (DB) pension deficit has risen, from £1.1 billion in 2010 to £2 billion at its 2013 triennial valuation.To fund the deficit, the trustees have asked the BBC to increase the additional contributions it makes to the scheme.Over the next four years, the BBC’s deficit contributions will ...
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Article
Friends Life updates auto-enrolment product
Friends Life has updated its pensions auto-enrolment product to meet the needs of organisations that are staging in 2014.The updated product aims to offer employers greater flexibility, choice and service options. Depending on their needs, employers will now be able to select from auto-enrolment services ranging from a basic qualifying ...
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Article
Gain recognition for pension auto-enrolment strategies
Pensions auto-enrolment has also been a huge area of focus for many employers over the past year and this looks set to continue into 2014.To reward and recognise all the hard work employers have invested in this, we have introduced the category ’Best pensions auto-enrolment strategy’.Employers are encouraged to enter ...
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Case StudiesUnited Response took extra time to communicate auto-enrolment message
Many of the organisation’s 3,500 employees were already in its stakeholder pension scheme, but a further 1,451 were auto-enrolled on 1 October, postponed from its staging date in July 2013.Diane Lightfoot, director of communications and fundraising at United Response, says: “We did our first briefing in April. We knew we ...
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Analysis
What are the legal requirements for auto-enrolment communications?
Communication must include:A statement that the employee has been, or will be, automatically enrolled into a pension scheme.The enrolment date.Details of the pension scheme provider.The value of both employer and employee contributions.If it is a defined contribution pension scheme, the employer must advise staff of the phased increases as a ...
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Article
Now: Pensions partners Staffcare for auto-enrolment
EXCLUSIVE: Now: Pensions has partnered Staffcare for auto-enrolment administration and the distribution of member communications for participating employers.From January 2014, employers will be able to access a Now: Pensions portal, which will be hosted by Staffcare.The portal will:Handle and distribute communications to employees for each category of worker.Manage and record ...
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AnalysisCommunication strategies to engage staff with pensions auto-enrolment
If you read nothing else, read this…When communicating auto-enrolment, employers must remember their audience, make it relevant and start early, using various communication methods.Communications must be tailored to individual employees. Technology is a key factor in engaging staff with auto-enrolment. Before communicating the details of how auto-enrolment will work and ...
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Article
Reeves & Co to streamline pensions for auto-enrolment
Reeves and Co is to streamline its defined contribution (DC) pensions schemes to comply with pensions auto-enrolment.The accountancy firm will replace its two existing DC pensions with a group personal pension (GPP) following a consultation with a group of staff representatives.Following its auto-enrolment staging date on 1 February, eligible employees ...
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Article
Hozelock appoints Aon Hewitt to DB pension
Hozelock has appointed Aon Hewitt to provide actuarial, investment and pensions management service to its defined benefit pension scheme.The organisation, which manufactures a range of gardening products, has a pension scheme with assets of around £50 million and around 750 members.Trevor Austin, chairman of the trustees of the Hozelock scheme, ...
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Article
FTSE 350 pension deficit increased in 2013
The accounting deficit of defined benefit (DB) pension schemes for the UK largest 350 companies increased in 2013, according to research by Mercer.Its Pensions risk survey found that the FTSE 350 companies’ deficit stood at £97 billion at 31 December, compared to £72 billion at 31 December 2012.There was an ...
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OpinionSimon Chinnery: The evolution of default funds
There are many different types and designs of default fund, resulting from more than a decade of market developments, but they can be broadly categorised as old style, lifestyle and alternative style. Old-style default funds are often single funds, and the old-style approach has been used for over 20 years, ...
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ArticleWorkplace pensions will not meet retirement needs
More than three-quarters (76%) of respondents expect their workplace pension scheme to be their main source of retirement income, but 88% do not believe it will meet their needs, according to research by Barclays Corporate and Employer Solutions (C&ES).Its research, which surveyed 360 UK employees enrolled in a workplace defined ...
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Article
The Pensions Regulator publishes DC code
The code, which came into effect on 21 November 2013, sets out how pension trustees can meet the requirements of pensions legislation.It had been the subject of a consultation earlier in 2013.The guidance provides information, education and assistance on good-practice standards of governance and behaviours that relate to delivering good ...