All Pensions articles – Page 141
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Article
Jonathan Watts-Lay: Staff must make right choices at retirement
Many people are living longer, which is great news. But, with the removal of many defined benefit (DB) schemes in favour of DC, the onus is now on employees to consider their pension contributions, monitor their pension savings and, of course, choose the most appropriate retirement income option.These decisions are ...
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Article
British Airways pension deficit increases by £100m
British Airways has seen a £100 million increase in the deficit of its two defined benefit (DB) pension schemes since 2010.The combined technical deficit at 31 March 2012 was £3.3 billion, compared to £3.2 billion at 31 March 2010.The increase is due to a reduction in the interest rates used ...
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Article
Durham University launches master trust for pensions auto-enrolment
Durham University has launched a master trust to comply with its pensions auto-enrolment duties.The university introduced the scheme, provided by Now: Pensions in April 2013, enrolling its workforce of support staff in line with its staging date. Janet Robertson, payroll and pensions manager at Durham University, said: “The scheme can ...
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Article
TPR publishes auto-enrolment codes of practice
The Pensions Regulator (TPR) has published guidance and revised codes of practice, which aim to support auto-enrolment by helping to ensure workplace pension scheme members receive the pension contributions they are due.The documents set out:Guidance for employers that have primary responsibility for ensuring the correct level of contribution is paid ...
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Heineken appoints DB pension administrator
Heineken has appointed Capita Employee Benefits to provide pensions administration services to its Scottish and Newcastle Pension Plan, its closed defined benefit (DB) pension scheme in the UK.Capita will also provide the brewer with trustee and scheme accounting, pensioner payroll services and will carry out a data-rectification project.The DB scheme, ...
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Article
S&P 1500 pension plans hit funding highs
The aggregate pension plan deficits of S&P 1500-sponsored employers dropped to $269 billion at the end of May 2013, according to research by Mercer.The consultant’s monthly analysis of the Financial Accounting Standard (FAS) funding positions also revealed that the funded ratio (assets divided by liabilities) increased from 80% to 86% ...
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Employee Benefits Awards 2013: Best DC pension default investments
Winner: Finmeccanica UKScheme: Finmeccanica FuturePlannerEntered by: P-SolveThis award recognises an employer that makes a concerted effort to offer an appropriate, effective default investment strategy for a defined contribution (DC) pension plan.Finmeccanica’s default strategy, which is driven by the organisation’s determination for its DC scheme not to be considered a poor ...
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Employee Benefits Awards 2013: Best pensions change
Winner: FirstGroupScheme: The First UK Bus Pension SchemeThe judges were looking for a successful strategy that resulted in effective pensions provision for employees after a significant pensions change project.Restructuring its pension arrangements led to a £27 million saving for FirstGroup. Staff are now auto-enrolled into a defined contribution (DC) scheme ...
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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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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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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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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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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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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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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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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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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 ...