All Pensions articles – Page 138
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Article
Awareness of pensions tax relief is low
Almost half (44%) of respondents are unaware that they are entitled to tax relief on their workplace pension contributions, according to research by B&CE.The research, which surveyed 1,002 UK adults, found that a further 38% did not know how their money would be invested by their pension provider.It also found:70% ...
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Article
EU-wide pension rules could add £150bn to UK pension funding targets
Proposals for new Europe-wide rules for calculating pension deficits could add £150 billion to funding targets for UK defined benefit pension schemes, according to analysis by the European Insurance and Occupational Pensions Authority (EIOPA).Its Quantitative impact study on institutions for occupational retirement provision (Iorps): preliminary results for the European Commission, ...
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Article
Metroline appoints fiduciary manager to defined benefit pensions
Metroline has appointed SEI as fiduciary manager to its defined benefit (DB) pension schemes.The fiduciary management and investment services provider will manage the Metroline London Northern Pension Scheme and the Metroline Pension Scheme, which have a total of £51.6 million in assets.Metroline made the appointment so that its trustees could ...
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Article
Defined benefit pension deficits rise by £35 billion
The aggregate deficit of defined benefit (DB) pension schemes increased by £35 billion in one month, according to research by the Pension Protection Fund (PPF).The PPF 7800 index estimated that the aggregate deficit of the 6,316 pension schemes in the PPF 7800, which are potentially liable for entry to the ...
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Article
Barclays C&ES develops investment consulting team
Barclays Corporate and Employer Solutions (C&ES) has made two appointments to develop its new pension investment consulting team.Lydia Fearn (pictured) joins Barclays C&ES from consultancy Lane Clark and Peacock, where she advised employers on their investment strategies for both defined benefit (DB) and defined contribution (DC) pension plans for six ...
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Article
Young employees plan to save more for retirement
Young employees are more engaged with pensions than older colleagues and plan to save more, according to research by the National Association of Pension Funds (NAPF).The NAPF workplace pensions survey, which had 2,050 respondents, found that more than half (53%) of those aged 25 to 34 intend to increase the ...
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Article
Disability charity selects pension consultancy
The Queen Elizabeth’s Foundation (QEF) for Disabled People has appointed Premier to provide actuarial, consultancy and administration services for its defined benefit (DB) pension scheme.Its DB scheme has 600 members and assets of £24.5 million.Gary Allcott, deputy chief executive and finance director at QEF, said: “Premier was selected for a ...
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Article
BG Group looks to close legacy DB pension schemes
BG Group has proposed closing its legacy UK defined benefit (DB) pension schemes to future accrual from 1 December 2013.In its Annual report and accounts 2012, the utilities company proposed the closure of its BG Pension Scheme (BGPS) and BG Supplementary Benefits Scheme (BGSBS), subject to the outcome of statutory ...
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Article
University of Leicester appoints pension adviser
The University of Leicester Pension and Assurance Scheme has appointed Aon Hewitt to provide a range of actuarial advice and pension administration services.The defined benefit (DB) pension scheme has approximately 2,200 members and assets of around £110 million.John Holloway, chairman of the trustees at the University of Leicester Pension and ...
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Article
DOD’s blog: Tweak while you work
I am pleased to see that the government is consulting on tweaks to its auto-enrolment legislation.Although many of the proposed changes were foreseen many months ago, that is no reason to delay putting them in place now.There are already fears of a provider crunch by the end of this year, ...
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Article
BHSF partners Torquil Clark for auto-enrolment product
BHSF has partnered with financial planners Torquil Clark to offer an auto-enrolment product to employers.The employee benefits provider and health insurer has around 3,000 employer clients, the majority of which fall into the small and medium-sized enterprises (SMEs) bracket and the auto-enrolment staging window of 2013/2014.BHSF will offer employers access ...
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Article
Mills and Reeve streamlines three pension schemes
EXCLUSIVE: Mills and Reeve has streamlined its three pension schemes ahead of its October 2013 auto-enrolment staging date.In March 2012, the law firm began a review of its pension provision and opted to streamline its three defined contribution (DC) pension schemes, one stakeholder and two group personal pension (GPP) plans, ...
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Article
KFC launches total reward platform
EXCLUSIVE: Kentucky Fried Chicken (KFC), part of Yum! brands, has launched an online total reward platform for its 10,000 employees, a flexible benefits scheme for its 1,000 salaried employees, and will roll out a defined contribution (DC) pension scheme for its 9,000 weekly-paid staff to comply with its auto-enrolment obligations.The ...
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Article
EIOPA publishes research on default investment funds
Default investment funds are used by only 50% of members’ pension schemes, according to research by the European Insurance and Occupational Pensions Authority (EIOPA).The survey, which was conducted as a follow-up to EIOPA’s advice to the European Commission on the review of institutions for occupational retirement provision (Iorps), looked into ...
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Article
More DC pension savers than DB pension savers
More people save into defined contribution (DC) pension schemes than defined benefit (DB) pension plans in the UK, according to figures by the Office for National Statistics.Its Pension trends, chapter 10: saving for retirement, 2013 edition showed that in 2008/2010, for UK households with pension savings, 46% saved into a ...
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Article
DWP confirms small pots transfers
The Department for Work and Pensions (DWP) has confirmed its plans to make it easier for employees to take their workplace pension scheme with them when moving jobs.Its pot-follows-member model, which was first published in July 2012, will mean that over an employee’s working life any pension pots of less ...
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Article
HMRC confirms VAT payable on contract-based pensions
Consultants that advise and assist employers with the setting up and administration of contract-based defined contribution (DC) pension schemes, including group personal pension (GPP) plans, stakeholder schemes and group self-invested personal pensions, must charge standard-rate value-added tax (VAT) to employers on services provided to them in return for consultancy charges ...
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Article
Sainsbury’s looks to close DB pension scheme
Sainsbury’s has launched a two-month consultation with staff on proposals to close its defined benefit (DB) pension scheme to future accrual.The scheme was closed to new entrants in 2002. The proposed changes will affect less than 10% of the supermarket chain’s 150,000 UK employees.Sainsbury’s also offers all its employees access ...
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Analysis
John Chilman: How to create a good default fund for staff
John Chilman, group reward and pensions director at FirstGroup, speaks to Debbie Lovewell, deputy editor of Employee Benefits, about how employers should go about selecting a default investment fund in order to create a great outcome for pension scheme members, which provides diversification and has good governance.He highlights the key ...
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Article
Close Brothers launches default pension investment funds with Scottish Widows
Financial services provider Close Brothers Asset Management (CBAM) has launched a range of default investment funds in partnership with Scottish Widows. The SW Close Governed Portfolio Funds range builds on CBAM’s existing corporate pension products, with the aim of making workplace pension investing as simple and as affordable as possible.All ...