All Pensions articles – Page 13
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AnalysisCan employees remain engaged with retirement saving while costs of living rise?
Need to know:The cost-of-living crisis may result in employees disengaging with pension saving.But the chances are employer pension communications may not be up to scratch.Delivering clear messages at the appropriate time will pay dividends in securing financial wellbeing and HR operational efficiency.Retirement savings is a bit like cleaning out gutters ...
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OpinionDaniela Silcock: Can we better support those struggling to pay pension contributions?
It has been a difficult few years. The economic fallout of Brexit, followed swiftly by the Covid-19 pandemic has left a lot of people who were already on low incomes struggling to make ends meet. Recent cost-of-living increases arising from global fuel and food shortages and exacerbated by the war ...
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ArticleMarks and Spencer, Royal Mail and Co-op commit to green pension schemes
Marks and Spencer (M and S), Royal Mail and Co-op have committed to making their pension schemes 'go green' in 2022, through robust net zero targets.The businesses aim to halve the emissions of their investments by 2030 at the latest, in line with the Paris Climate Agreement. Collectively, the commitments ...
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OpinionAida Rehmatullah: It is never too early for staff to engage with pension decisions
Our purpose at the Pension Protection Fund (PPF) is to protect the financial future belonging to millions of people throughout the UK who belong to defined benefit (DB) pension schemes. As a large asset owner, it’s critical we consider all the potential risks over the entire time horizon of our ...
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AnalysisHow can employers engage staff in responsible pensions investment?
Need to know: While the idea of providing ethical and sustainable investment options has gathered popularity, the take up of these pension investments is still relatively low.Embedding environmental, social and governance (ESG) factors into default funds can be complicated, as it introduces additional risks and can distract from focusing on ...
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ArticleDisability pension gap puts pots at 36% of UK average
New data has highlighted that people with disabilities have a private pension pot of just 36% of the UK average.The research, commissioned by pension provider Now: Pensions and carried out by the Pensions Policy Institute, revealed that people with a disability who are approaching retirement age have a £47,980 average ...
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ArticleConfessions of a benefits manager: Candid tries to educate the talent team
We have a bit of a problem with the talent team. A misnomer if ever there was one. It might be different in other organisations but our recruiters are not a very talented bunch. I’m pretty sure that the criteria for hiring them is a dubious certificate in media studies ...
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ArticleStaples UK agrees £47m pension scheme buy-in
The Universal Office Supplies Pension Scheme, the sponsor of which was Staples UK, has agreed a pensions buy-in worth approximately £47m with Legal and General Assurance Society (Legal and General).Staples UK was previously a provider of office supplies, which sold its UK division to Hilco Capital in 2016, and entered ...
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ArticleHalf of DC pension schemes driven to help employees retire at reasonable age
Almost half (46%) of defined contribution (DC) pension schemes are primarily driven by the aim to provide sufficient pension funds for employees to retire at a reasonable age, up from 29% in 2020, according to research by Aon.Its 2022 DC pension scheme and financial wellbeing survey, which surveyed schemes collectively ...
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Case StudiesBenefits offered by Murphy Group
The benefits on offer at construction and civil engineering business Murpy Group:Pension and group riskThree pension schemes including a trust-based defined contribution scheme and two master trusts. Employer contributions range from the minimum of 3% through to 12% depending on role, scheme and personal choice.Life insurance for all employees, employer-paid. ...
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AnalysisWhat impact is the war in Ukraine having on benefits strategies?
Employee support during the war in Ukraine might include evacuating staff and providing flexible, practical support for those directly affected.Organisations should also remember the importance of mental health support for all employees, including senior managers.In addition to day-to-day considerations, businesses should understand the wider ramifications of world events on other ...
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ArticleUK workplace pension participation up to 79% in 2021
The Office for National Statistics (ONS) has revealed that the workplace pension participation rate in the UK was at 79%, the equivalent of 22.6 million employees, in April 2021.This was a slight increase from 78% in 2020, which the ONS said could be partly be explained by increased public sector ...
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OpinionCharlotte Clewes?Boyne: The consultation on the draft pensions dashboard regulations
The pensions dashboards project, spearheaded by the Department for Work and Pensions (DWP), is gaining pace, designed to give people more control over their pensions. The cost of building the central infrastructure will be borne by the government, but there will also be a cost to employers. It is worth ...
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ArticleApp Drivers and Couriers Union to take action against Uber's pension
The App Drivers and Couriers Union (ADCU) has commenced legal action after representatives wrote to Uber to request that the pension provision arranged for drivers be made Sharia compliant.Sharia compliance requires that pension funds should not be invested in businesses involved in activities not accepted by Islam, such as the ...
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Case StudiesITM switches to master trust to ease burden and boost engagement
Independent data consultancy ITM switched from a group personal pension (GPP) to a Cushon master trust in January 2021.Hilary Chapman, head of HR at ITM, says: “We previously had a GPP and were looking to move from our previous pension provider because of issues with administration and lack of member ...
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AnalysisAre master trusts the future of pensions?
Need to know:Master trusts offer a cost-effective solution that harnesses economies of scale and relieves employers of a growing regulatory burden around pensions.Many are using technology to forge ahead with developments such as open banking, and flexible drawdown.Value-added services can help employees build financial resilience in the short-term, as well ...
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OpinionDaniela Silcock: Why master trusts have become the pension destination of choice
Master trusts have come into their own over the past 10 years. From a niche arrangement pre-automatic enrolment, master trusts have become the pension scheme type into which 84% of employees are enrolled.Pensions Policy Institute (PPI) modelling expects that out of around 15 million active defined contribution (DC) pension savers ...
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ArticleGusto Italian expands financial wellbeing package
Casual dining restaurant group Gusto Italian has partnered with automated cloud payroll software provider PayCaptain, as part of a push to get financial wellbeing and awareness higher on its 600 employees' agendas.As a result of the partnership, employees are now able to access pay on demand. This includes wage advances, ...
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ArticleSeven out of 10 employers actively promoting pensions to younger employees
Employee Benefits poll: More than seven out of 10 employers are already actively promoting their pensions to younger employees, and many more intend to do so in the future.More than 71% of respondents to an online survey said they were actively engaging younger employees in pensions through targeted communications. A ...
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ArticleTFL pensions review recommends maintaining current scheme
Photo: Transport for LondonThe Independent review into Transport for London (TFL)’s pension scheme led by former trade union official Sir Brendan Barber has suggested that TFL maintains the current final salary scheme with no changes.The government instructed TFL to set up a pensions review as part of conditions it attached ...