All Pensions articles – Page 133
-
Article
TI Group completes pension buy-in
TI Group has completed an insurance buy-in for its defined benefit pension scheme.The transaction, with provider Pension Insurance Corporation, covers around £170 million of liabilities, taking the total liabilities insured by the scheme to more than £800 million.Smiths Group, a global technology organisation, is the parent company and sponsoring employer ...
-
Article
32% do not plan to comply with auto-enrolment
EXCLUSIVE: Almost a third (32%) of respondents have no intention of complying with auto-enrolment legislation, according to research by pensions consultancy Secondsight.The Secondsight Auto-enrolment survey report, which was conducted by its parent company Foster Denovo, questioned 327 respondents which are predominantly small and medium-sized employers (SMEs).The research also found:66% of ...
-
Article
Royal Mail amends DB pension proposals
Royal Mail Group has amended the proposed reforms to its defined benefit (DB) pension scheme.The changes were announced to staff on 6 September, following a consultation with members of the Royal Mail Pension Plan, which began on 21 June and concluded on 25 August 2013.Under the amendments, promotional increases to ...
-
Opinion
Jamie Jenkins: Auto-enrolment tips from large employers
At school, we often blamed the fictitious ‘big boys’ for everything that happened. With auto-enrolment, we will be glad the big employers did it first, and instead of blaming them, we’ll learn from them.First things first, though: let’s state some obvious ground rules. Employers come in all shapes and sizes, ...
-
Article
Pension charges cap will lead to transparency
A report from the Office of Fair Trading (OFT) on its investigation into defined contribution (DC) pension schemes, which is also expected to include a recommendation for a cap on charges, was due to be published soon after Employee Benefits went to press. (The report was subsequently published on 19 ...
-
Case Studies
BMI Healthcare decides on new default investment strategy
BMI Healthcare has long operated a Friends Life defined contribution scheme for its 9,500-strong workforce, but the advent of auto-enrolment and the prospect of increased membership prompted the trustees to review its investment strategy in relation to the default fund.Anne Woolcott, head of employee relations and HR compliance at BMI ...
-
AnalysisHow to strike the right balance of risk in default investment strategies
If you read nothing else, read this…After auto-enrolment, the regulator is becoming increasingly involved in the investment range and default funds on offer in workplace pension schemes.Most schemes use lifestyle funds, some of the traditional weaknesses of which can be overcome by using diversified, and often highly active, multi-asset investment ...
-
Case Studies
LEBC stages early in order to fully understand auto-enrolment
LEBC auto-enrolled 40 employees in its pension scheme on 1 July and so far just one has opted out. It introduced the People’s Pension from B&CE for auto-enrolment purposes, which it offers alongside its existing group personal pension plan (GPP).Glynn Jones, divisional director at LEBC, says: “We have gained experience ...
-
AnalysisAuto-enrolment tips for smaller employers from larger firms
If you read nothing else, read this…Employers should be realistic about their auto-enrolment budget.Planning ahead can help avoid potential problems.Postponement can give smaller employers breathing space.More than half (55%) of employers that responded to Employee Benefits/Capita Pensions Research 2013 and have auto-enrolled their workforce recommend that smaller employers start planning ...
-
Opinion
Lynn Graves: Which pension scheme is right for auto-enrolment?
With auto-enrolment well under way, for the first time every employer must offer a pension scheme to staff. As we venture through the next few years, many small to medium-sized organisations are considering workplace pension provision for the first time, raising some challenging questions about the type of scheme to ...
-
Article
Confessions of a benefits manager: Seeking pensions answers
Well, that’s no big deal because we have Smarmy Consulting for that sort of thing. Except Big Bad Boss doesn’t want me to ask them. Erm, why not? As our pension-gurus-in-residence, they are the only ones likely to give me that kind of information for free.Big Bad Boss avoids the ...
-
Article
Buyer's guide to group personal pensions 2013
The factsWhat is a group personal pension (GPP)?It is a contract-based pension scheme that is arranged by an employer, but each member holds a personal contract directly with the provider.What are the origins of GPPs?GPPs are 25 years old this year, having been introduced on the back of individual personal ...
-
Article
Gain free tax and legal advice at Employee Benefits Live
Human resources, benefits and reward professionals will be able to gain free tax and legal advice on key benefits issues during several drop-in sessions at this year’s Employee Benefits Live.In the Auto-enrolment Drop-In clinics, delegates can seek advice and support from legal experts. These include David Farmer, partner at DLA ...
-
Article
LV= revamps auto-enrolment pension communications
LV= has revamped its pension communications as part of its compliance with auto-enrolment.The insurance organisation has launched an online hub called Pensions Village to engage employees with its trust-based defined contribution (DC) pension scheme.It auto-enrolled 600 employees into the scheme, which already had 4.700 active members, on 1 May.LV= worked ...
-
Article
Auto-enrolment could cost employers £15.4bn
UK organisations are facing £15.4 billion in set-up costs to meet the requirements of auto-enrolment legislation, according to research by independent economic consultancy Centre for Economic Business Research (CEBR) and commissioned by Creative Auto Enrolment.The Finding your way out of the auto-enrolment maze report found that small employers, with between ...
-
Article
Pets at Home launches master trust for auto-enrolment
Pets at Home has launched a master trust to comply with auto-enrolment.The pet care retailer, which has 6,000 employees across more than 350 UK stores, began to plan for the legislation in 2011.It invited a number of providers to tender for the scheme, from which it appointed Legal and General.Ryan ...
-
Article
Jelf Employee Benefits launches auto-enrolment guide for SMEs
Jelf Employee Benefits has launched a free downloadable guide to provide information to small and medium-sized employers (SMEs) on auto-enrolment.The online guide is based on the consultancy’s hands-on experience dealing with large organisations and auto-enrolment.It is divided into nine sections with three headline messages for SMEs:Sort out your data: Auto-enrolment ...
-
Article
John Lewis pension deficit rises
John Lewis Partnership has seen its defined benefit (DB) pension scheme deficit rise by £86.5 million over the period between 26 January and 27 July 2013.In its Interim financial statements for the half year ended 27 July 2013, the retailer reported that the total accounting pension deficit at that date ...
-
Article
Intermediaries prepared to help with pensions auto-enrolment
The vast majority (96%) of payroll administrators and 95% of accountants surveyed anticipate helping employers with their auto-enrolment duties, according to research by The Pensions Regulator (TPR).Its research, Intermediaries’ awareness, understanding and activity relating to workplace pension reforms, which surveyed 580 intermediaries, found that 62% of accountants and 38% of ...
-
Article
PWC raises partner pay and lowers DB deficit
PricewaterhouseCoopers (PWC) increased its profit for partners from £679,000 in 2012 to £705,000 for the year ended 30 June 2013.The PwC UK Annual report 2013, which was published on 9 September, also disclosed that staff bonuses increased by 4% to £87 million.It also reported that the professional services firm’s defined ...