All Pensions articles – Page 131
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Barclays and Benefex partner for auto-enrolment services
Barclays Corporate and Employer Solutions (C&ES) has partnered with Benefex to deliver pensions auto-enrolment services to employers.Barclays C&ES is to use Benefex’s Enroller technology and additional services to support employers through the auto-enrolment process.Enroller is part of the Benefex’s RewardHub portal, which manages all aspects of auto-enrolment, including administration, employee ...
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ISS uses Nest to comply with auto-enrolment
Employment business ISS has launched the National Employment Savings Trust (Nest) to comply with its auto-enrolment duties.From 1 July, all eligible employees had 1% of salary deducted, which ISS matched. In line with auto-enrolment legislation, employees’ pension contributions will rise to 3% of salary by 2017 with ISS adding another ...
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Craig Berry: How do you get staff to understand how much to save for retirement?
But moralising about under-saving by individuals at a time of wage stagnation and with an economic policy agenda dependent on higher consumer spending, is not an effective way to prompt higher pension contributions.It is absolutely right that the pensions system is now based on inertia rather than engagement. Auto-enrolment is ...
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Tim Thomas: How do you get staff to understand how much to save for retirement?
Many employees already have the opportunity to join a workplace pension, but have chosen not to do so, and confidence in pensions still remains far below where it needs to be. Times may be tough, and the decision to maximise take-home income is the right one. The case then needs ...
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TPR publishes code on trust-based DC pensions
The Pensions Regulator (TPR) has published a revised code of practice on trust-based defined contribution (DC) pension schemes.The code, which sets out practical guidance to help trustees meet the legislative requirements for running trust-based DC schemes, has been laid before Parliament and the Northern Ireland Assembly.It is expected to come ...
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ArticleGovernment needs holistic view of retirement
There is no over-arching programme or single accountability for encouraging people to save for retirement, according to a report by the National Audit Office (NAO).Its Government interventions to support future retirement income report highlights the significant consequences for the taxpayer as people live longer, spend longer in retirement, and have ...
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OFT publishes progress update on DC pensions market
The Office of Fair Trading (OFT) has published a progress update on its study into the defined contribution (DC) pensions market.It has collected and reviewed evidence on the sector, and will next explore certain issues that have arisen during the evidence review so far.On the basis of the work it ...
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UK Coal transfers DB pension to the PPF
UK Coal’s defined benefit (DB) pension scheme has been transferred to the Pension Protection Fund (PPF) as the mining firm enters administration.Working closely with the PPF, UK Coal has developed a plan that will provide protection on accrued benefits for employees in the scheme. Members of the industry-wide Mineworkers’ Pension ...
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Coke sees 12% auto-enrolment opt-out
EXCLUSIVE: Coca-Cola Enterprises has seen 12% of its eligible workforce who were auto-enrolled into its group personal pension (GPP) plan in April 2013 opt out.134 of the 1,151 employees who were auto-enrolled (around 25% of the organisation’s workforce) have opted out.Rashree Chhatrisha, senior benefits analyst at Coca-Cola Enterprises, said: “The ...
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Nest restrictions to be lifted in 2017
The government has announced that the restrictions on the National Employment Savings Trust (Nest) will be lifted in April 2017.The restrictions include a cap on annual contributions, as well as a ban on transfers in and out of the scheme.The announcement follows a government call for evidence on the restrictions. ...
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EMI Group completes DB pension buyout
EMI Group has completed a £1.5 billion pension insurance buyout for its defined benefit (DB) pension scheme.The buyout, which was completed by Pension Insurance Corporation (PIC), covers 20,000 members.Citigroup has been the sponsoring employer of the EMI Group Pension Fund since 2012. It was advised by consultancy Mercer on structuring ...
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Value of executive pension provision rises to £242,000
The average value of a FTSE 100 executive’s pension provision has risen to £242,000 over the past two years, according to research by consultancy Lane Clark and Peacock (LCP).The 2013 LCP FTSE 100 Executive pensions survey, which questioned 340 executive employees in FTSE 100 organisations, showed a 7.5% rise in ...
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Co-operative society sees 8% pension opt-out
EXCLUSIVE: The Heart of England Co-operative Society has seen opt-out rates of 8% since launching a new master trust pension scheme to comply with auto-enrolment, although it is still two months away from its staging date on 1 September 2013.The society, which operates supermarkets, department stores, funeral homes and travel ...
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Kenwood enters DB pensions buy-in
Kenwood Pension Scheme has entered into a buy-in agreement for its UK defined benefit (DB) pension scheme.The agreement, with Legal and General, enables the trustees of the pension scheme to insure its remaining liabilities, which mainly cover members yet to retire.The transaction incorporates a deferred premium facility, which means that ...
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PWC launches DB pensions risk analytics product
PricewaterhouseCoopers (PWC) has launched a pensions risk analytics product that allows employers and trustees to manage, monitor and take decisions about their defined benefit (DB) pension issues.Its Skyval product models pension scheme assets and liabilities accurately and in real time.It has been developed in conjunction with financial technology organisation PensionsFirst ...
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SMEs are not prepared for auto-enrolment
Nearly two-thirds (60%) of small and medium-sized enterprises (SMEs) surveyed have not budgeted for the additional costs that can be incurred as a result of pensions auto-enrolment, according to research by law firm Irwin Mitchell.Its research, which questioned 257 SMEs, found that nearly 40% of respondents said their payroll system ...
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Withers raises pensions take up
EXCLUSIVE: Global law firm Withers has increased its pensions take up after introducing an online flexible benefits plan and re-branding the benefits offering for its 370 UK employees in April.Membership of its group personal pension (GPP) scheme has increased to 85%, from 265 members in December 2012 to 308 members ...
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ArticlePension saving plummets to record low
The proportion of UK employees who are active members of a workplace pension scheme has plummeted to a record low of 46%.This is the lowest level since records began in 1997, according to research by the Office for National Statistics (ONS).The ONS’s Annual survey of hours and earnings research also ...
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Current pension system not fit for purpose
Only a fifth (21%) of respondents believe the UK’s current pension system is fit for purpose, and are satisfied with existing defined contribution (DC) and defined benefit (DB) schemes, according to research by Aon Hewitt.Its research, which polled more than 750 employers, looked at the potential impact of the government’s ...
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Nest to invest in commercial property
The National Employment Savings Trust (Nest) is to add commercial property to its investment strategy. The organisation has awarded Legal and General Investment Management (LGIM) two real estate mandates.The mandates are intended to provide access to an asset class capable of delivering long-term and sustainable growth for Nest pension scheme ...