All Pensions articles – Page 126
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Article91% of HR professionals are pension scheme members
The Employee Benefits Salary survey 2014 , which questioned 361 people with responsibility for managing benefits and reward in UK organisations, found that three-quarters (75%) of respondents are active members of a defined contribution (DC) scheme , while just over a quarter (27%) are active members of a defined ...
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Article
Finmeccanica has low pensions opt-out post auto-enrolment
Finmeccanica Group has achieved 99.3% pension take up after auto-enrollling employees at its two main UK operations into its trust-based defined contribution (DC) pension scheme.The aerospace and defence manufacturer first automatically-enrolled staff at AgustaWestland, followed by employees at Selex ES.Finmeccanica introduced a bespoke website to guide employees through their auto-enrolment ...
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Case StudiesMarriott Hotels considered pension fund choice in auto-enrolment decisions
Its staging date was April 2013, but it postponed auto-enrolling its workforce until 1 July 2013 with the help of its adviser, Berkeley Burke, which also manages the organisation’s private medical insurance and group life assurance .Sarah Newsome, manager, employment law/compensation and benefits, Marriott Europe at Marriott Hotels, says: “Fund ...
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BA switches DC pension investments
British Airways (BA) has switched the investment options available through its trust-based defined contribution (DC) pension scheme in order to lower pension scheme charges.Under its new arrangement, provided by BlackRock, the annual management charge (AMC) will reduce from 0.23% to 0.15%.Since its auto-enrolment staging date in January 2013, 13,500 of ...
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AnalysisHow much pension fund choice should employers offer their workforce?
If you read nothing else, read this…Evidence shows that the greater the choice of pension funds, the less engaged employees may become in the scheme. Some employees in some market sectors, such as financial services, will always be more engaged than others. Many employers just want to get through auto-enrolment ...
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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 ...
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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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AnalysisInterview with Sally Purbrick, head of reward, Anglian Water
“The days have gone in Anglian Water when the traditional HR department was just seen as something that brings people into the organisation and pays them,” she says.“It’s about the value we can bring. Specifically, the reward area, and our strategies around linking personal performance to reward, pushes the reward ...
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DC pension contributions increase little in past 10 years
Average rates of contributions into defined contribution (DC) pension schemes have changed very little over the last decade, according to research by the Association of Consulting Actuaries (ACA).The 2013 ACA Pension trends survey, which questioned 308 employers with more than 430 pension schemes, found that contribution rates are generally failing ...
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ArticleThe future of default funds supplement 2014
Read the digital edition of our supplement, The future of default funds 2014, in full. It includes the following articles:Simon Chinnery: The evolution of default fundsDebi O’Donovan: Employers must work with providers to deliver adequate pension outcomesAre default funds fit for purpose?What should future default fund strategies look like?Top tips ...
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76% of women fear they will not save enough for retirement
More than three-quarters (76%) of women do not believe they will have enough money to be financially comfortable in retirement, according to research by The Pensions Advisory Service (TPAS).Its third annual TPAS Women and pensions research, which surveyed 1,000 women, also found 71% of respondents do not feel confident about ...
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Network Rail appoints pension administrator
Network Rail has appointed Capita Employee Benefits to provide pension administration services for two of its three pension schemes.Capita will be responsible for administering the train operater’s trust-based defined contribution pension scheme, which has around 15,000 members, and its career average re-valued earnings (Care) pension, which has around 3,500 members. ...
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Employee Benefits Awards applaud default investments
With more employees then ever enrolled in workplace pension schemes, the pressure is on for employers to ensure that schemes are well run.If you have taken steps to offer an effective default investment strategy for your organisation’s DC pension scheme, why not receive a well-deserved pat on the back?The Employee ...
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Fujitsu uses flex to communicate auto-enrolment
EXCLUSIVE: Fujitsu has used its annual flexible benefits enrolment process to continue its pensions auto-enrolment communications.The technology organisation, which has 15,000 employees, opened its flexible benefits window in November 2013, with employees’ benefits choices taking effect from January 2014.It included details of pensions auto-enrolment in this year’s communications, in order ...
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Ikea and Lufthansa awarded Pension Quality Mark
Ikea and Lufthansa have been awarded the Pension Quality Mark (PQM) for their defined contribution (DC) pension schemes.The PQM, which was launched in 2009 by the National Association of Pension Funds, is awarded to schemes that:Have total contributions of at least 10%, with a minimum employer contribution of 6%.Have governance ...
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Video: LV= to move away from one-size-fits-all default fund
Insurer LV= is in the throes of assessing how to meet the retirement needs of its 5,500-strong workforce as part of a review of the suitability of its default pension fund, said Pete Strudwick, pensions and performance partner at LV=, during an interview with Clare Bettelley, associate editor at Employee ...
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DC pensions members may not be getting best value
The value of the defined contribution (DC) pensions market is expected to grow to £1.7 trillion by 2030 from £276 billion assets under management pre-auto-enrolment in 2012, according to a report by the Pensions Institute.But its Assessing value for money in defined contribution default funds report found that members of ...
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DOD’s blog: Are DC default funds value for money?
Yesterday the highly insightful team from the Pensions Institute at Cass Business School delivered its latest report: Assessing value for money in defined contribution default funds.I doubt it will top too many bestseller lists, but if everyone who has ever saved for a pension were to read it, it could ...
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Video Simon Chinnery: Employers should focus on retirement income, not pot size
Employers should focus on their employees’ retirement income needs rather than the size of their pension pot when devising, implementing and managing their default pension fund strategy, said Simon Chinnery, head of defined contribution (DC) and chairman of the Defined Contribution Investment Forum, during an interview with Clare Bettelley, associate ...
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Video: Chris Curry: Employer demand drives default fund evolution
Employer demand will drive pensions default pension fund development, said Chris Curry, director of the Pensions Policy Institute during an interview with Clare Bettelley, associate editor at Employee Benefits. “As with most things, there’s a supply and demand side [to the market], so I think if employers are really keen, ...