All Pensions articles – Page 137
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ArticleHow technology is used to deliver benefits
One-third (34%) of respondents do not use technology to deliver benefits, according to exclusive research by Employee Benefits.The Benefits Research 2013, which surveyed 561 HR and benefits professionals, found that where respondents do use technology for this purpose, 32% deliver benefits via an HR system, 32% use a voluntary benefits ...
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Article
Kodak pension plan acquires imaging business
Eastman Kodak Company has concluded a settlement agreement with its UK Kodak Pension Plan (KPP).Under the agreement, which will be filed with the US Bankruptcy Court, the company’s personalised imaging and document imaging businesses will be spun off under new ownership to KPP for a cash and non-cash consideration of ...
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Article
Daily Mail plans for pensions auto-enrolment
The Daily Mail and General Trust (DMGT) will use provider Staffcare’s middleware product to manage its auto-enrolment duties.DMGT, which employs 11,500 employees globally and owns publications such as The Daily Mail, The Metro and The Mail on Sunday, has multiple staging dates, the first of which is 1 August 2013. ...
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Article
Employers use technology platforms to engage staff with benefits
In April, KFC launched an online total reward platform, which includes total reward statements and online shopping discounts for all its 10,000 staff, as well as a flexible benefits scheme for its 1,000 salaried employees.It previously used a paper-based system, but was keen to offer a single platform to bring ...
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Article
Government consults on pensions auto-enrolment legislation
Issues include streamlining the process for assessing which staff are eligible for pensions auto-enrolment. The government plans to allow employers to assess eligibility using information already collected by payroll systems.The government has also suggested lifting the requirement for staff to be auto-enrolled if they voluntarily left their workplace pension in ...
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AnalysisGroup personal pensions in a master trust world
IF YOU READ NOTHING ELSE, READ THIS…Master trusts have a governance advantage over group personal pensions (GPPs) in terms of investment monitoring, default funds and annuitisation.They can also offer significant economies of scale and are cheaper than most GPPs.However, not all master trusts will survive the current demanding and low-margin ...
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Case Studies
Shire Pharmaceuticals focuses on pensions engagement
In the lead-up to its November 2013 staging date, Shire will not face the same compliance challenges as some other organisations. It already contractually enrols all UK staff into its group personal pension (GPP) plan, which has resulted in 98% of these 530 employees belonging to the scheme.Contribution levels into ...
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AnalysisPension rights for employees' partners
IF YOU READ NOTHING ELSE, READ THIS…Many pension schemes will have discretion to pay a pensions benefit to an employee’s partner if they are financially dependent or financially interdependent with them.A joint annuity can be applied to civil partnerships, same-sex and opposite-sex marriages, and co-habiting couples.There must be no distinction ...
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Analysis
What are target date pension funds?
IF YOU READ NOTHING ELSE, READ THIS…Target date funds are investment funds tailored to a pension scheme member’s date of retirement.Most target date funds are written to a three-year band, such as 2028 to 2030, rather than one specific date.Funds gradually de-risk, reaching their most conservative point at the target ...
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ArticleMost common salary sacrifice perks
EXCLUSIVE: The most common benefits offered through a salary sacrifice arrangement on a voluntary basis are childcare vouchers (76%), bikes-for-work schemes (62%) and pensions contributions (60%), according to exclusive research by Employee Benefits.The Benefits Research 2013, which surveyed 561 HR and benefits professionals, found that the number of employers that ...
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AnalysisTop five considerations for at-retirement strategies
IF YOU READ NOTHING ELSE, READ THIS…Trustees and pension providers must support employees when they are making their at-retirement choices.Online modelling tools can help crystallise employees’ at-retirement income.The open market option for annuities should be factored into at-retirement communications strategies.1. Regulatory requirementsThe Pensions Regulator (TPR) believes that defined contribution (DC) ...
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Case Studies
Wavin Pension Trust gives members support around choices
There are currently 266 members in the trust, which is run alongside two defined benefit (DB) plans.The scheme offers a range of multi-asset lifestyle strategies and 16 self-select investment options. Brian Baker, Wavin’s compensation and benefits manager, says: “The independent professional trustee keeps all the investments under review, amending and ...
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Case Studies
Schlumberger educates expat staff about pensions value
Oilfield services business Schlumberger has introduced a classroom-based training course and pension modelling tools as part of an initiative to help engage its expatriate employees with its defined benefit (DB) pension plan.Sarah Moise, global benefits manager at Schlumberger, says: “Although we hire from universities, retirement is typically not our recruits’ ...
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Article
Corporate adviser warns about 'deluded consequences' of auto-enrolment
The current auto-enrolment model may not encourage employees to make sufficient pension savings for their retirement, according to Thomosons Online Benefits’ chief executive officer (CEO).Michael Whitfield (pictured) said that auto-enrolment, the government-enforced reforms aimed at ensuring more people save into a workplace pension scheme, will not give people the savings ...
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Article
LEBC Group partners Aviva for auto-enrolment product
LEBC Group has partnered Aviva to create an online auto-enrolment product.The independent financial adviser and employee benefits consultancy’s aeComply draws on the functionality of Aviva’s online Auto-enrolment Manager for Employers (AME) hub-based product, which can operate across multiple providers’ pension schemes.The product enables employers to manage their long-term compliance requirements, ...
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Article
More than 300,000 staff auto-enrolled into workplace pensions
More than 300,000 UK employees have been automatically enrolled in to a workplace pension scheme in the first six months of pensions auto-enrolment, according to The Pensions Regulator (TPR)’s first registration report.TPR will publish these updates on a monthly basis, derived from information submitted by employers when they register, which ...
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Article
Dairy Crest plugs pension deficit with cheese
Dairy Crest is to plug its defined benefit (DB) pension scheme deficit with cheese.The dairy products manufacturer, which produces brands such as Cathedral City, Clover, Country Life and Yoplait, has granted the scheme a floating charge over maturing cheese inventories with a maximum realisable value of £60 million.This is aimed ...
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Article
BBS Consultants and Actuaries publishes pensions auto-enrolment guide
Pensions consultancy BBS Consultants and Actuaries has published a guide designed to highlight the key practical steps around pensions auto-enrolment.The free Managing auto-enrolment: a practical guide for employers focuses on what employers need to do to prepare for, implement and manage pensions auto-enrolment, rather than detail the legislation behind it.Michael ...
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Article
Tesco's pension deficit rises to £1.8bn
Tesco’s net pension deficit increased from £1,407 billion in 2011 to £1,839 billion in 2012. The retailer attributes the change, revealed in its Preliminary results 2012/13, to a reduction in real corporate bond yields leading to a fall of 0.3% in the discount rate used to measure the organisation’s liabilities. ...
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Case Studies
Staff transfers ease auto-enrolment burden for Incisive Media
But with about 10 staff in each of its US and Hong Kong offices, the media company is aware of its obligations as an employer for its international staff.Emma Cutbill, benefis manager at Incisive Media, says: “Some of our UK employees have transferred over to those offices. Because they are ...