All Pensions articles – Page 139
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Article
Co-operative society sees 8% pension opt-out
EXCLUSIVE: The Heart of England Co-operative Society has seen opt-out rates of 8% since launching a new master trust pension scheme to comply with auto-enrolment, although it is still two months away from its staging date on 1 September 2013.The society, which operates supermarkets, department stores, funeral homes and travel ...
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Kenwood enters DB pensions buy-in
Kenwood Pension Scheme has entered into a buy-in agreement for its UK defined benefit (DB) pension scheme.The agreement, with Legal and General, enables the trustees of the pension scheme to insure its remaining liabilities, which mainly cover members yet to retire.The transaction incorporates a deferred premium facility, which means that ...
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PWC launches DB pensions risk analytics product
PricewaterhouseCoopers (PWC) has launched a pensions risk analytics product that allows employers and trustees to manage, monitor and take decisions about their defined benefit (DB) pension issues.Its Skyval product models pension scheme assets and liabilities accurately and in real time.It has been developed in conjunction with financial technology organisation PensionsFirst ...
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Article
SMEs are not prepared for auto-enrolment
Nearly two-thirds (60%) of small and medium-sized enterprises (SMEs) surveyed have not budgeted for the additional costs that can be incurred as a result of pensions auto-enrolment, according to research by law firm Irwin Mitchell.Its research, which questioned 257 SMEs, found that nearly 40% of respondents said their payroll system ...
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Withers raises pensions take up
EXCLUSIVE: Global law firm Withers has increased its pensions take up after introducing an online flexible benefits plan and re-branding the benefits offering for its 370 UK employees in April.Membership of its group personal pension (GPP) scheme has increased to 85%, from 265 members in December 2012 to 308 members ...
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ArticlePension saving plummets to record low
The proportion of UK employees who are active members of a workplace pension scheme has plummeted to a record low of 46%.This is the lowest level since records began in 1997, according to research by the Office for National Statistics (ONS).The ONS’s Annual survey of hours and earnings research also ...
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Current pension system not fit for purpose
Only a fifth (21%) of respondents believe the UK’s current pension system is fit for purpose, and are satisfied with existing defined contribution (DC) and defined benefit (DB) schemes, according to research by Aon Hewitt.Its research, which polled more than 750 employers, looked at the potential impact of the government’s ...
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Article
Nest to invest in commercial property
The National Employment Savings Trust (Nest) is to add commercial property to its investment strategy. The organisation has awarded Legal and General Investment Management (LGIM) two real estate mandates.The mandates are intended to provide access to an asset class capable of delivering long-term and sustainable growth for Nest pension scheme ...
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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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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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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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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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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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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 ...