All Pensions articles – Page 130
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Article
ABI launches annuity initiative
The Association of British Insurers (ABI) is to publish specimen annuity rates offered by its members to highlight the importance of shopping around for the best deal when it comes to buying an annuity.The publication is part of the ABI’s Code of conduct on retirement choices, which was launched in ...
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Article
L&G sees 5% auto-enrolment opt out
EXCLUSIVE: Legal and General has only seen 5%, 11 of 207, auto-enrolled employees opt out since its staging date on 1 April.Prior to staging, 700 employees were in a defined benefit (DB) pension scheme that is closed to future accrual and all but 207 of the remainder of its 7,500 ...
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ArticleYoung people could lose £100,000 on pensions
Young people who delay saving for a pension until they reach middle age could lose up to £100,000 in employer pension contributions and tax relief, according to research by pension consultancy Barnett Waddingham.The research found that a 25-year-old, earning £25,000 per year, who delays joining a generous workplace pension scheme ...
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Article
More than £35bn paid into FTSE 350 pensions
FTSE 350 organisations have paid more than £35 billion into their pension schemes over the last three years with little effect on overall deficits, according to research by pension consultancy Barnett Waddingham.The research, which highlights the impact defined benefit (DB) pension schemes are having on FTSE 350 organisations, found that ...
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Article
Lifting Nest restrictions should create a level playing field
The pensions industry, including Nest, has widely supported the move. Logan Anderson, head of customer relations at The Pensions Trust, said: “The removal of Nest’s restrictions is a good thing, because these act as a barrier to encourage greater savings among employers and their employees. [Prior to lifting the restrictions] ...
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Analysis
How to review a default investment fund
If you read nothing else, read this …Default funds should be reviewed about once a year.Reviews should start by looking at the profile of the membership and the objectives of the fund.Employers should also examine the market to see what types of investment fund are available.David Harris, managing director at ...
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ArticleAuto-enrolment opt-out rates as expected
David Tildesley, director of client partnerships at Capita Employee Benefits, said: “When the project first started for auto-enrolment, all sorts of financial modelling assumptions were made by employers. They started off with assumptions of opt-outs of around 50% of the workforce, but I don’t think any of them ended up ...
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AnalysisCalculating the cost of auto-enrolment
If you read nothing else, read this ….Employers should complete a cost-impact assessment to determine their expected costs.With increasing contributions, ongoing administration and penalties for non-compliance, employers should be prepared for short-term and long-term costs.An investment is being made, so make sure there is value in that investment by communicating ...
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Article
Auto-enrolled employers likely to contribute less
The research, conducted among 370 HR and benefits managers, found 21% of those that have auto-enrolled staff are paying in a 1% pension contribution, but only 7% of those still to auto-enrol pay in at this low level.In turn, 23% of those still to auto-enrol pay in a 5% employer ...
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ArticleGroup personal pensions most popular among employers
Almost half of the respondents (48%) to the Employee Benefits/Capita Pensions Research 2013 still offer a group personal pension (GPP) as their primary pension plan.This is in line with Employee Benefits’ 2011 pensions research, in which 54% of respondents said a GPP was their primary plan choice. Similarly, GPPs were ...
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Article84% of DC pensions have a default option
The vast majority (84%) of respondents with a defined contribution (DC) pension scheme offer their workforce a default investment option, according to Employee Benefits/Capita Pensions Research 2013.The research, conducted among 370 HR and benefits managers, found that just 16% of respondents that offer a DC plan do not.A default investment ...
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Article57% pass on responsibility for default funds
Over half of respondents (57%) hand over responsibility for their default fund to their pension provider or financial adviser, according to the Employee Benefits/Capita Pensions Research 2013.The survey, conducted among 370 HR and benefits managers, found that 29% rely on their adviser and 28% put their trust in their pensions ...
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Article47% of employers review default fund annually
Just over half (47%) of respondents review the investment strategies and aims of their default investment fund at least annually, according to Employee Benefits/Capita Pensions research 2013. (This does not include respondents that do not review their own strategies, or those that do not know).The survey, conducted among 370 HR ...
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Article36% of employers use provider's default fund
More than a third of respondents (36%) use the default investment option offered by their pension provider, according to Employee Benefits/Capita Pensions Research 2013.The survey, conducted among 370 HR and benefits managers, found that 31% entrust the selection of investment funds in their default offering to their adviser, while 27% ...
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Article
Employee Benefits/Capita Pensions Research 2013
Read digital version of Employee Benefits/Capita Pensions Research 2013.It reveals:scheme type - the schemes proving most popular with employers and contribution rates being adopted for auto-enrolment;communication - how employers are communicating their pension schemes and why;default investments - employers’ default options and employee take-up;auto-enrolment - top tips from employers that ...
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Article
Supreme Court overturns Nortel and Lehman pension ruling
Administrators for Nortel Networks and Lehman Brothers have won a case in the Supreme Court, after it ruled that The Pensions Regulator’s (TPR) does not have priority rights to the assets of insolvent companies.The Supreme Court overturned the decision of the Court of Appeal and held that financial support directions ...
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Article
Pension engagement linked to communication
The investment employers make in communicating pension schemes to their employees has a direct effect on their attitude towards a pension and contribution levels regardless of their salary, according to research conducted by London School of Economics (LSE) and commissioned by Thomsons Online Benefits.The impact of a total reward approach ...
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Article
Top discussions from the Employee Benefits LinkedIn group
Labels such as ‘generation Y’ are too simplistic to work out how best to communicate, and therefore engage, with people.However, there is growing evidence to suggest the increasing proliferation of smartphones is facilitating how all ages (and generations) communicate.Indeed, I would argue that there is growing expectation from all ‘groups’ ...
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Opinion
Jamie Clark: Consultancy charge ban might cause opt-outs
Employers that are unwilling or unable to pay an explicit fee to a ?nancial adviser will not bene?t from the advice and support that advisers can bring, which could restrict the choice of provider.This could lead to worse member outcomes due to restricted investment choice, lack of workplace marketing material ...
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Article
A million UK workers now auto-enrolled
The millionth UK employee has been auto-enrolled into a workplace pension scheme.The landmark figure is included in the monthly auto-enrolment registration report published by The Pensions Regulator.The Travis Perkins Group was among the employers that registered when the one million-employee mark was reached. The builders merchants has automatically enrolled around ...