All Pensions articles – Page 140
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Article
Siemens UK boosts pensions take-up to 98%
EXCLUSIVE: Siemens UK has seen take-up in its pension scheme rise to 98% since its auto-enrolment staging date.Around 1,000 of Siemens UK’s 13,000 employees were not in its trust-based defined contribution (DC) pension before its auto-enrolment staging date of 1 May.The technology business started communicating auto-enrolment to employees during its ...
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Supplier article
Share your views on pension trends and auto-enrolment
Employee Benefits is conducting a significant piece of research, which will examine the latest pension trends and find out about auto-enrolment progress to date.To have your say and gain an insight into what your peers are doing, please participate in the short survey.Auto-enrolment is the biggest change in the recent ...
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Opinion
Stephen J. Perkins: Employers view auto-enrolment as call to action
The legislation is being phased in, starting with large organisations and applying to small employers over the next few years.From the evidence my team collected for the Chartered Institute of Personnel and Development (CIPD) Annual reward survey, published in May 2013, employers are highly exercised by auto-enrolment.The respondent sample, which ...
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Article
Debi O'Donovan: How is auto-enrolment doing?
I would encourage as many of you as possible to fill in the online survey. The more employers that complete the survey, the clearer the picture we will all have of what is happening with auto-enrolment.From what we know already, auto-enrolment seems to be rolling out very smoothly. Employee opt-out ...
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Case Studies
Fluidata auto-enrols staff four years early
But with auto-enrolment on the horizon and increasing media coverage about the looming pensions crisis, the organisation decided to auto-enrol four years before its 2016 staging date and go straight to an 8% employee contribution level, with 6% coming from the employer.Nigel Sanders, finance director, says: “We didn’t see why ...
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Case Studies
L'Oreal used auto-enrolment to re-evaluate reward
Working with Buck Consultants, it identified four areas of reward: pay and bonus, savings and investment, more generic benefits such as private medical insurance or life assurance, and healthy living, says Ben Marks, HR compensation and benefits director.These will be tied together in a flexible benefits platform it will launch ...
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AnalysisAuto-enrolment prompts employers to review their benefits offering
If you read nothing else, read this…Most staff are remaining in pension plans once they have been auto-enrolled.Many employers are using the opportunity to promote their wider benefits package.There is some evidence of employers accompanying auto-enrolment with financial awareness sessions.Employers are not cutting other perks to cover auto-enrolment costs, but ...
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Article
Steve Webb: How do you get staff to understand how much to save for retirement?
However, people who are not near to retirement tend to prioritise other things above their pension savings. That is why we have introduced the duty on employers to enrol staff into a workplace pension, and are bringing in a flat-rate state pension so people know what they are getting from ...
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Article
Rosemary Lemon: How do you get staff to understand how much to save for retirement?
Most of them, including me, also fancied retiring sometime between immediately and age 65. However, just how much money do you need to be able to live the life you dream of after you have finished working? Sometimes it is better to start backwards.For example, if, like me, you fancy ...
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Article
Compulsory retirement ‘might still be justified’
On 30 May 2013, the ET ruled on the Leslie Seldon case, which was brought because Seldon was required to retire at age 65 from the partnership of law firm Clarkson Wright and James.But Susan Fanning, head of DLA Piper’s employment team in London, said the case left a number ...
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Opinion
Claire Curtin: Ensure investments are managed responsibly
Many schemes also offer an ethical fund option for members. With the shift from defined benefit (DB) to defined contribution (DC) schemes, staff should be allowed to ensure their investments are managed in a socially and environmentally responsible way.Responsible investment overall does not have to be just through an ethical ...
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AnalysisHow to choose the best default fund
If you read nothing else, read this:Tailoring default funds to the scheme membership is not just about offering ethical and shariah options.Default funds should be designed with the specific nature of the workforce in mind, because employees of different ages and salaries will have very different needs.Almost all new pension ...
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Article
Employers segment pensions for auto-enrolment
Such arrangements can be particularly effective for employers that have a diverse workforce.Gary Moore, policy adviser, defined contribution (DC) pensions at the National Association of Pension Funds, said: “It may be that there are different segments [of a scheme] for different parts of a workforce, that different segments have different ...
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Opinion
Chris Judge: Lifetime pension allowance limits changing
Members’ pension administrator will only be able to tell them whether they are nearing the lifetime limit in their current scheme, but benefits from all other schemes, both workplace and personal pensions, need to be taken into account when considering the lifetime allowance, which was introduced on 6 April 2006. ...
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Case Studies
Addaction offers flexible retirement plan
In 2007, the charity arranged a flexible retirement plan through The Pensions Trust, which now has 1,200 members.Then, in March 2013, it moved onto The Pensions Trust’s new SmarterPensions platform for qualifying workplace pension schemes in the auto-enrolment market. This uses AllianceBernstein’s target date funds as the default in an ...
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Article
Kodak pension plan settlement approved
The UK Kodak Pension Plan (KPP) has had its settlement agreement approved by the US Bankruptcy Court for the Southern District of New York.Under the agreement, which was announced on 29 April, Kodak’s personalised imaging (PI) and document imaging (DI) businesses will be spun off under the ownership of KPP.Steven ...
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Article
Auto-enrolment will trigger benefits reviews for SMEs
Auto-enrolment will trigger wider reviews of employee benefits among small to medium-sized enterprises (SMEs), according to research by MetLife UK.The study, which questioned 500 HR directors from SMEs employing fewer than 250 employees, found 51% of respondents will either definitely or probably review the benefits they offer ahead of auto-enrolling ...
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Article
Fitness First to launch master trust for auto-enrolment
Fitness First has launched a master trust pension scheme to comply with its auto-enrolment duties.The health club group will enrol nearly 700 employees into the scheme, provided by Now: Pensions, on its staging date of 1 August 2013.Neil Tune, HR director at Fitness First, said: “Finding the right partner to ...
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Article
Quarter of employers not satisfied with auto-enrolment product
EXCLUSIVE: More than a quarter (28%) of respondents believe they do not have the right auto-enrolment product in place for their organisation after reaching their staging date, according to research by Benefex.The research, which surveyed 100 employers that have already been through auto-enrolment, found that the top challenge was the ...
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Article
Most employers outsource pension administration
Three-quarters (75%) of respondents outsource the administration of their pension scheme, up from 69% in 2012, according to research by Aon Hewitt.Its 2013 Benefits administration survey, which questioned 361 employers with a combined £97 billion in pension assets and more than two million employees, found that nearly half of the ...