All Pensions articles – Page 128
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ArticleWhich pensions employers are using to comply with auto-enrolment
The Employee Benefits/Capita Pensions research 2013, published on 29 July, found that 63% of respondents that still need to auto-enrol staff will use a group personal pension (GPP) plan as their primary scheme for auto-enrolment, while 33% of those that had auto-enrolled their workforce are using a GPP.L’Oreal, which postponed ...
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ArticleAuto-enrolled employers contribute less
Respondents to Employee Benefits/Capita Pensions Research 2013 that have auto-enrolled staff into a workplace pension are more likely to pay in a 1% employer contribution than those still to go through auto-enrolment.According to the research, conducted among 370 HR and benefits managers, 21% of those that have auto-enrolled staff are ...
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Swallowfield appoints pension consultancy
Cosmetic manufacturer Swallowfield has appointed a pensions consultancy to provide actuarial, investment and pension administration services to its pension scheme.Punter Southall will provide these services to Swallowfield’s Aerosols International Limited Pension Plan (AILPP) scheme, which has 400 members.Paula Ambridge, chair of the AILPP trustees, said: “We were impressed with Punter ...
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Article85% saw pension costs rise post auto-enrolment
More than three-quarters of respondents (85%) saw some level of pension cost rise in relation to auto-enrolment, according to the Employee Benefits/Capita Pensions Research 2013.(This does not include respondents that have not calculated costs or those that do not know).However, the research, which was conducted among 370 HR and benefits ...
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Retirement savers could be worse off with single-tier pension
The majority of people currently entitled to the state second pension will receive less when they retire as a result of the scheme being replaced by the new single-tier state pension, according to research by the Trades Union Congress (TUC).Its analysis modeled what the projected retirement incomes of people currently ...
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Standard Life and Barnett Waddingham partner on auto-enrolment
Barnett Waddingham has partnered with Standard Life to develop auto-enrolment services for small and medium-sized enterprises (SMEs) with staging dates commencing in early 2014.According to the Department for Business Innvovation and Skills, it is estimated there are more than 30,000 organisations with workforces between 50-250 employees that will need to ...
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AnalysisHow employers can link benefits strategy to employees' needs
If you read nothing else, read this…Most employers do not ask their employees about their benefits needs.Employees often do not understand their own needs.Social media is a powerful tool with which to identify employees’ needs. Nick Throp, co-founder of Like Minds, says: “Employers tend to look at indicators like benefits ...
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Analysis
How popular are pension scheme guarantees?
If you read nothing else, read this…The government is seeking a pensions landscape that shares investment and outcome risk between employers and employees.Pension scheme guarantees are one proposed remedy.Critics are wary about reintroducing guarantees.But now the pensions industry consensus is that the pendulum has swung too far, and that employees ...
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Case StudiesFinmeccanica offers staff award-winning pension investment choices
In 2007, it introduced a new trust-based defined contribution (DC) scheme, FuturePlanner, for its UK staff who were joining a pension scheme for the first time.It also runs two defined benefit (DB) schemes, which are now closed to new members but open to future accrual, and wanted to bring in ...
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AnalysisWhat employers need to know about DC governance post auto-enrolment
If you read nothing else, read this …A good starting point from which to consider a high-quality, long-term DC pension is The Pensions Regulator’s Six principles for good workplace DC.Employers should consider setting up a governance committee to monitor the scheme.It is important for employers to keep track of opt-outs, ...
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ArticleEarly stagers planned for auto-enrolment earlier
Employers that still have to auto-enrol their staff have started planning for the process later than those that have already auto-enrolled their workforce, according to the Employee Benefits/Capita Pensions Research 2013.The research, which surveyed 370 HR and benefits managers, found that 62% of employers that have auto-enrolled staff began planning ...
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Royal Mail managers vote against pension proposal
Almost one third (27%) of Royal Mail managers that turned out for a consultative ballot by trade union, Unite, voted against proposed reforms to the organisation’s defined benefit (DB) pension scheme. According to Royal Mail, around 5,660 of Royal Mail’s 8,300 managers are Unite members, and 50% of these members ...
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More SMEs are prepared for auto-enrolment
More than a quarter (27%) of medium employers have drawn up pensions auto-enrolment plans and started to act on them, compared to 13% in autumn 2012, according to research by The Pensions Regulator.Its Employers’ awareness, understanding and activity relating to auto-enrolment research, which questioned 639 employers that are due to ...
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ArticleEmployers should prepare early for auto-enrolment
Employers that have yet to auto-enrol staff should start planning as early as possible.More than half (55%) of respondents to the Employee Benefits/Capita Pensions Research 2013 that have already auto-enrolled staff said this would be their top tip for employers that have yet to comply with the reforms.A further 20% ...
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ArticleGPP top choice for pension auto-enrolment
Almost two-thirds (63%) of respondents that still need to auto-enrol staff will use a group personal pension (GPP) as their primary scheme for auto-enrolment, according to the Employee Benefits/Capita Pensions Research 2013.The research, which surveyed 370 HR and benefits managers, also found that more than a third (33%) of respondents ...
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Cobham enters bulk-annuity contract for DB pension
Aerospace and defence organisation Cobham has entered into a bulk-annuity transaction for its defined benefit (DB) pension scheme.The transaction, with insurer Rothesay Life, covers £280 million of pension liabilities.The policy, which is being held as an investment by the trustees, gives the organisation a secure, low-risk asset with additional protections, ...
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ABI launches pensions calculator for employers
The Association of British Insurers (ABI) has launched a pensions calculator designed to help employers select a pension scheme for their employees.The tool enables employers to input pension charges, including active member discounts and initial charges, to obtain a simple analysis of the impact charges will have on employees’ retirement ...
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Royal Mail reduces DB pension liabilities
Royal Mail Group has reduced the liabilities of its defined benefit (DB) pension scheme from a deficit of £2.7 billion in March 2012 to a surplus of £825 million at March 2013.The group’s Annual report and special purpose financial statements for the year ended 31 March 2013 showed that this ...
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ArticleIn-house support more prevalent in auto-enrolled organisations
Employers that have auto-enrolled staff relied more on in-house resources than respondents that have still to auto-enrol staff plan to do so.According to the Employee Benefits/Capita Pensions Research 2013, which surveyed 370 HR and benefits professionals, 52% of those that have auto-enrolled staff used in-house advice, 60% had in-house help ...
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Goldman Sachs to sell stake in pension insurer
Goldman Sach is to sell a majority stake in pension insurer Rothesay Life in the next year.Rothesay Life mitigates the financial and longevity risk of UK organisations’ defined benefit (DB) pension schemes.It was established by the investment banking and securities firm in 2007.A spokesperson from Goldman Sachs said: “The firm ...