All Pensions articles – Page 132
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Article
Wilkinson to close final salary pension
Wilkinson is to close its final salary pension scheme to future accrual as part of its plans to comply with the government’s auto-enrolment legislation.The scheme, which has approximately 1,300 active members, will be closed from 31 July. A further 400 retired Wilkinson employees will not be affected.The discount retail chain ...
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Article
Church of England to investigate pension fund
The Church of England is to launch an investigation into its own pension fund after the Financial Times uncovered that it had ties to payday lender Wonga.According to the church, the total amount of exposure to Wonga is £75,000 and the investment in the fund came about through commitments made ...
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Article
Half of default fund members chose this investment option
Nearly half (49%) of respondents in their defined contribution (DC) pension scheme’s default fund chose to be there and did not actually ‘default’ into it, according to research by State Street Global Advisors, the asset management business of State Street Corporation.Its research, which surveyed 1,002 full-time employees belonging to their ...
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Article
DWP publishes call for evidence on DC pensions
The Department for Work and Pensions (DWP) has published a call for evidence on how defined contribution (DC) pension schemes are managed, with a view to setting out standards to protect members.The government has asked the industry for evidence on the current state of pension scheme governance, default options, administration ...
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Article
BMW consults on DB pension closure
BMW Group has launched a consultation into closing its final salary pension scheme to new entrants following several months of negotiations.The group has clarified that the statutory consultation period, which began on 23 July, does not close the door on future discussions.BMW Group employs around 5,000 workers across four UK ...
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Article
L&G master trust awarded PQM Ready
Legal and General (L&G) has received the Pension Quality Mark (PQM) Ready accreditation for its master trust pension scheme.PQM Ready was set up by the Pension Quality Mark, the independent standard that recognises good-quality defined contribution (DC) pensions.To receive PQM Ready accreditation, multi-employer pensions and master trusts need to show, ...
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Article
L’Oreal to postpone auto-enrolment
EXCLUSIVE: L’Oreal is to postpone auto-enrolment by three months to manage its 2,500-strong beauty adviser population, who have unpredictable spikes in their earnings.This particular group of employees receive added commissions around a new product launch and over the Christmas period, but during the majority of the year would not qualify ...
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Article
Civil Aviation Authority launches DB pensions website
The Civil Aviation Authority Pension Scheme (CAAPS) has launched a new website for the 15,000 members of its defined benefit (DB) pension scheme.The member-facing website, which includes details of predicted outcome, contributions, benefits, pensioner payslips and online benefit statements, can be accessed online at any time.The project, completed with communications ...
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Article
NAPF appoints chairs of DC and DB Councils
The National Association of Pension Funds (NAPF) has appointed the chairs of its two new policy-making councils.Lesley Williams (pictured), group pensions director at Whitbread, has been elected chair of the Defined Contribution (DC) Council and Robert Brown, senior investment consultant at Towers Watson, has been elected chair of the Defined ...
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Article
Servier Laboratories appoints Aon Hewitt
Servier Laboratories has appointed Aon Hewitt to provide advisory services for its hybrid pension scheme. The pharmaceutical business has 1,000 employees in its £60-million hybrid scheme, which has legacy defined benefit (DB) arrangements and ongoing defined contribution (DC) benefits.Aon Hewitt will provide actuarial, administration, investment, secretarial and DC advice and ...
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Article
Retirement planning still an issue among staff
Nearly a quarter (23%) of respondents have not thought about how they will survive financially when they retire, according to research by Capita Employee Benefits. Its 2013 Spring Capita Employee Benefits survey, which was conducted by Research Now and questioned more than 3,000 employees, found that this response was highest ...
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Article
BlackRock extends access to target date funds range
BlackRock is to extend access to its range of target date funds to meet a surge in demand arising from the government’s auto-enrolment legislation.Workplace pension schemes that use BlackRock for scheme administration, investment funds and member engagement tools can now access the LifePath range of annual target date funds.These were ...
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Article
Siemens UK boosts pensions take-up to 98%
EXCLUSIVE: Siemens UK has seen take-up in its pension scheme rise to 98% since its auto-enrolment staging date.Around 1,000 of Siemens UK’s 13,000 employees were not in its trust-based defined contribution (DC) pension before its auto-enrolment staging date of 1 May.The technology business started communicating auto-enrolment to employees during its ...
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Supplier article
Share your views on pension trends and auto-enrolment
Employee Benefits is conducting a significant piece of research, which will examine the latest pension trends and find out about auto-enrolment progress to date.To have your say and gain an insight into what your peers are doing, please participate in the short survey.Auto-enrolment is the biggest change in the recent ...
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Opinion
Stephen J. Perkins: Employers view auto-enrolment as call to action
The legislation is being phased in, starting with large organisations and applying to small employers over the next few years.From the evidence my team collected for the Chartered Institute of Personnel and Development (CIPD) Annual reward survey, published in May 2013, employers are highly exercised by auto-enrolment.The respondent sample, which ...
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Article
Debi O'Donovan: How is auto-enrolment doing?
I would encourage as many of you as possible to fill in the online survey. The more employers that complete the survey, the clearer the picture we will all have of what is happening with auto-enrolment.From what we know already, auto-enrolment seems to be rolling out very smoothly. Employee opt-out ...
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Case Studies
Fluidata auto-enrols staff four years early
But with auto-enrolment on the horizon and increasing media coverage about the looming pensions crisis, the organisation decided to auto-enrol four years before its 2016 staging date and go straight to an 8% employee contribution level, with 6% coming from the employer.Nigel Sanders, finance director, says: “We didn’t see why ...
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Case Studies
L'Oreal used auto-enrolment to re-evaluate reward
Working with Buck Consultants, it identified four areas of reward: pay and bonus, savings and investment, more generic benefits such as private medical insurance or life assurance, and healthy living, says Ben Marks, HR compensation and benefits director.These will be tied together in a flexible benefits platform it will launch ...
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AnalysisAuto-enrolment prompts employers to review their benefits offering
If you read nothing else, read this…Most staff are remaining in pension plans once they have been auto-enrolled.Many employers are using the opportunity to promote their wider benefits package.There is some evidence of employers accompanying auto-enrolment with financial awareness sessions.Employers are not cutting other perks to cover auto-enrolment costs, but ...
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Article
Steve Webb: How do you get staff to understand how much to save for retirement?
However, people who are not near to retirement tend to prioritise other things above their pension savings. That is why we have introduced the duty on employers to enrol staff into a workplace pension, and are bringing in a flat-rate state pension so people know what they are getting from ...