All Pensions articles – Page 134
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Article
Employers face cost of ill-health early retirement provision
Just over a third (35%) of respondents closing a defined benefit (DB) pension plan are considering the issue of how to manage ill-health early retirement provision, according to research by trade body Group Risk Development (Grid).The research, which surveyed 500 UK organisations, also found that almost one in five (19%) ...
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ArticleUK employees not saving enough for retirement
The number of employees saving adequately for retirement has hit an all-time low, yet aspirations for pension income have risen, according to research by Scottish Widows.The annual Scottish Widows pensions report, which surveyed 5,200 Britons, revealed that less than half (45%) of those who could and should be preparing financially ...
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Article
Lloyds TSB pension scheme sells securities portfolio
Lloyds TSB’s Group Pension Scheme No.1 has sold its share of a portfolio of re-securitised US residential mortgage-backed securites for £1.16 billion.The defined benefit (DB) pension scheme’s trustees were advised by law firm Sackers in the disposal of the portfolio. Law firm Slaughter and May worked alongside Sackers, advising the ...
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Article
Lack of understanding leads to lack of pensions saving
Half (50%) of respondents believe the main reason people do not save in pension schemes is because they do not know what retirement income their pension will give them, according to research by pensions and benefits consultancy Hymans Robertson.The research, which surveyed 101 UK employers, also found that:90% of respondents ...
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Video
VIDEO: Jonathan Lipkin: Take DC governance seriously
Governance in defined contribution (DC) pension schemes is going to move to the top of employers’ agendas as auto-enrolment accelerates, said Jonathan Lipkin, director of public policy at the Investment Management Association (IMA), during an interview with Debbie Lovewell, deputy editor at Employee Benefits at the Employee Benefits Pensions and ...
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Article
Government to set out plans for collective DC pensions
The government’s report on defined ambition pensions, which is expected this summer, will set out plans to introduce collective defined contribution (DC) pension schemes in the UK.The Department for Work and Pensions (DWP) has confirmed that pensions minister Steve Webb (pictured) has met with large employers that have expressed an ...
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Article
DC pension schemes offering wider investment choices
Defined contribution (DC) pension scheme investors are now being offered a wider choice of funds, according to research by the Pensions Regulator (TPR).Its Scheme governance survey 2013 found that:The proportion of schemes offering just one investment fund has fallen from 32% in 2009 to 18% in 2012.In the past year, ...
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Video
Debbie Harrison: Size of charges have huge impact on pensions
Debbie Harrison, senior visiting fellow at the Pensions Institute talks to Debi O’Donovan, editor of Employee Benefits, about the impact of higher charges on the eventual pension an employee will receive in retirement.“Value is much more difficult. This is where employers and their advisers really need to look at what ...
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Article
PPF compensation cap level to be increased
Pension scheme members whose employers go bust before reaching their scheme’s normal pension age will receive some relief after the pensions minister unveiled new rules on compensation paid by the the Pension Protection Fund (PPF).Steve Webb has announced his intention to increase the compensation cap for longer-serving members by 3% ...
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Article
NAPF calls for more support for prospective retirees
Prospective employees are not getting enough support with choosing an annuity, according to the National Association of Pension Funds (NAPF).The Supporting savers at retirment report, which looked into employer advice and the brokerage market used by employers in the private sector with staff in defined contribution (DC)pension schemes, highlighted a ...
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Article
Buy-out completed on Imperial Home Decor DC pension
Imperial Home Decor has completed an enhanced buy-out of the defined contribution (DC) section of its pension scheme.The scheme has been in wind up since October 2003 when the organisation was declared insolvent.The deal that has been secured will see almost 140 DC members benefit from an enhanced annuity deal ...
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Article
Shepherd Neame to bring forward auto-enrolment staging date
EXCLUSIVE: Shepherd Neame is to bring its staging date forward by three months and amend its trust-based defined contribution (DC) pension scheme to comply with its auto-enrolment duties.The brewer, which is working with BBS Consultants and Actuaries, elected to bring its staging date forward to 1 July from 1 September ...
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Article
Standard Life and Punter Southall launch auto-enrolment product for SMEs
Standard Life and Punter Southall Defined Contribution Consulting (PSDCC) have teamed up to provide an auto-enrolment product for small and medium-sized enterprises (SMEs).The agreement allows PSDCC to offer SMEs Standard Life’s Group Flexible Retirement plans as an off-the-shelf auto-enrolment product.Employers will receive:Access to Standard Life’s auto-enrolment tools.Access to online resources ...
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Article
Opt out rules upset Barbon's auto-enrolment plan
EXCLUSIVE: Barbon Insurance will postpone the date on which it automatically enrols staff into its pension scheme in order to comply with the Pensions Act 2008 on opting out.The employer’s staging date is 1 November 2013 and it was hoping to use its benefits window between August to September in ...
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Article
GeoPost UK prepares for auto-enrolment
EXCLUSIVE: GeoPost UK is encouraging employees to join its group personal pension (GPP) ahead of its auto-enrolment staging date of 1 August 2013.Under the banner ‘Last Chance Saloon’, the logistics organisation invited all employees who were not members of the pension scheme to join the GPP, which matches employee contributions ...
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Article
High level of understanding around retirement options
Almost three-quarters (73%) of pre-retirees and 89% of annuity purchasers are comfortable with the level of understanding of their retirement options, according to research by the Association of British Insurers (ABI).Its research, Retirement choices: baseline to measure effectiveness of the code of conduct, included 500 pre-retirement telephone interviews with members ...
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Article
Lafarge appoints fiduciary manager for DB pension
Lafarge has appointed Towers Watson as fiduciary manager for the investment requirements of its £2.6 billion defined benefit (DB) pension scheme.The appointment follows a formal selection process undertaken by the trustees of the scheme and with advice from KPMG and Sackers.KPMG’s remit was to advise Lafarge on the various approaches ...
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Article
SAP to outsource benefits system ahead of auto-enrolment
EXCLUSIVE: SAP is to outsource its employee benefits system to enable it to cope with its pensions auto-enrolment duties.The technology organisation, which will reach its staging date in September 2013, made the decison to switch from an in-house benefits system to one provided by Capita Employee Benefits, following its annual ...
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Article
Pension members inactive about investment management
One in five (21%) respondents take an active role in managing their pension investments, according to research by Capita Employee Benefits. The research, conducted among 3,000 employees, also found that 27% of respondents have opted for the default funds provided by their employer.The research also found:52% of respondents do not ...
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Article
E.On raises pensions take up to 92% after auto-enrolment
EXCLUSIVE: E.On has increased the take up of its group personal pension (GPP) plan to 92% after a year of communicating auto-enrolment.The auto-enrolment process began for the utility business about 18 months ago, when it looked at the options it had around complying with the legislation.The utilities business decided to ...