All Pensions articles – Page 130
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Article
Tate and Lyle enters pensions buy-in
Tate and Lyle Amylum UK Pension Scheme has entered into a pension insurance buy-in.The transaction, which covers £82 million of liabilities and more than 600 members of its defined benefit (DB) pension scheme, was concluded by Pension Insurance Corporation (PIC).The employer and the trustees were advised by KPMG.Steve Amor, head ...
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Schindler Group enters pension insurance buy-in
The Schindler Group (UK) 1988 Pension Scheme has entered into an insurance buy-in.The transaction, which covers all the defined benefit (DB) pension scheme’s liabilities in respect of its current pensioners, was completed by Legal and General’s annuity de-risking business, and advised by JLT Employee Benefits and Pinsent Masons.Ashley Greensmith, chairman ...
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West Cornwall Pasty Company launches master trust
The West Cornwall Pasty Company has launched a master trust to comply with auto-enrolment.The scheme, which was launched on the food retailer’s auto-enrolment staging date of November 2013, will be provided by multi-employer trust provider Now: Pensions.The master trust is available for the organisation’s 400 eligible employees.Lowri Eastgate, head of ...
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Imation UK completes DB pension buyout
Data storage and electronics organisation, Imation UK, has completed an insurance buyout of its defined benefit (DB) pension scheme.The transaction, which covers £21 million of liabilities, was carried out by the Pension Insurance Corporation (PIC). The trustees of the scheme were advised by JLT.John Beckett, regional finance and administration manager ...
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CIPP appoints head of pensions
The Chartered Institute of Payroll Professionals (CIPP) has appointed Andy Agathangelou (pictured) head of pensions.In the new role, he will provide CIPP members with support, solutions and services to help deliver payroll, pensions and reward.Agathangelou has 25 years’ experience in pensions, which includes a role in the launch of the ...
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Canada Life extends terms and conditions on group risk products
Canada Life has extended the terms and conditions on its group risk benefits that are connected to a pension scheme.The extension applies to all employers auto-enrolling employees before 31 December 2014.The provider’s terms and conditions had previously only applied to employers with 250 or more pay-as-you-earn (PAYE) employees.The terms include:No ...
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Challenges around auto-enrolment postponement
The move flagged up some small print in the auto-enrolment legislation, which states employers must offer eligible employees the ability to auto-enrol into a qualifying pension scheme on their official staging date, regardless of whether or not they postpone the auto-enrolment process.The Pensions Regulator (TPR) states in its guidance: “If ...
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Firefighters to strike again over pensions
Firefighters across England and Wales are set to strike on 1 and 4 November over the government’s reforms to their pension scheme.The proposed pension changes, which were set out in the Public Service Pensions Bill 2013, include a move to career-average pension schemes, instead of final salary schemes, and a ...
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Premier Foods closes DB pension
Premier Foods has closed its defined benefit (DB) pension scheme to future accrual.The closure, which was disclosed in the food manufacturer’s Interim management statement for the three months ending 30 September 2013, took place at the end of September to enable to organisation to better control its pension costs.The 3,800 ...
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Eskom Pension Fund appoints DB pension administrator
The Eskom Pension and Provident Fund (EPPF) has appointed international fiduciary and funds services group Maitland to provide investment administration and management.The EPPF is one of the largest defined benefit (DB) pension schemes in South Africa. It manages more than R96 billion (£5.9 billion) on behalf of 88,000 members.A portion ...
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Article25% of pensions not compliant with DC code of practice
A quarter (25%) of pension trustees surveyed believe their scheme is not at all compliant with The Pension Regulator’s (TPR) new code of practice for trust-based defined contribution (DC) pensions, according to research by law firm Sackers.Its research, which surveyed 44 pension trustees at the 2013 National Association of Pension ...
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Three raises pensions take up to 80%
EXCLUSIVE: Three has increased its pension scheme take up from 68% of staff to 80% following auto-enrolment.The mobile phone organisation auto-enrolled 702 eligible employees on 1 October after it had postponed from 1 July to align the process with its flexible benefits enrolment window.Seth Russell, director of reward at Three, ...
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Aberdeen confirms acquisition of Scottish Widows’ investment business
Aberdeen Asset Management has confirmed that it is to acquire Scottish Widows Investment Partnership (SWIP), as well as its private equity and infrastructure fund management businesses.The acquisition, which was first proposed in October, includes a long-term strategic relationship with SWIP’s parent company, Lloyds Banking Group.The consideration for the acquisition of ...
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Government consults on defined ambition pensions
The government has published a consultation into its defined ambition pension scheme.The Department for Work and Pensions (DWP) introduced its proposals for a defined ambition pension in November 2012 in its paper, Reinvigorating workplace pensions.The defined ambition pension is designed to reshape workplace pensions for future generations, create more certainty ...
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Aon Hewitt launches guide to DC pensions
Aon Hewitt has launched a guide to defined contribution (DC) pension schemes.Achieving better member outcomes – a practical guide to DC pensions provides an overview to employers and trustees of all aspects of DC pensions.The guide covers:Understanding the plan and setting priorities.Improving savings rates.Investment strategies.Designing the default option.Making the right ...
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Capita appoints senior investment consultant
Capita Employee Benefits has appointed Sam Roberts (pictured) senior investment consultant.Roberts joins from Lane Clark and Peacock (LCP) where he was a lead consultant with a specific focus on investment.In the new role, Roberts will provide a range of investment advice to both trustee boards and employers, including advice on ...
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Barclays C&ES launches DC investment consultancy
Barclays Corporate and Employer Solutions (C&ES) has launched a defined contribution (DC) investment consultancy for employers and pension trustees. The consultancy forms part of the organisation’s pensions platform, which was launched in September with Aegon and Zurich.Its aim is to improve the investment outcomes and structure for employees, provide a ...
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Wolseley UK launches flexible benefits
EXCLUSIVE: Heating and plumbing organisation, Wolseley UK, has launched a flexible benefits scheme for the first time.The scheme, Your Choices, includes dental insurance, a health cash plan, additional life assurance, life assurance for partners and personal accident insurance.It also includes a flex fund for all 6,200 employees, at 1% of ...
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TPR DC code comes into effect
The Pensions Regulator has published its regulatory guidance for defined contribution (DC) pension schemes to sit alongside its DC code, which came into effect on 21 November.The code, which was consulted upon earlier in 2013, sets out practical guidance on how pension trustees can meet the underlying requirements of pensions ...
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Pension comparison service launched
Pension PlayPen has launched an online service to help UK employers choose a workplace pension.The service, Cap (choose a pension), gives employers direct access to all major providers of contract- and trust-based pension schemes.The free service allows employers to access quotes, compare offerings and decide on the workplace pension that ...