All Pensions articles – Page 142
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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 ...
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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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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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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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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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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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Liability-driven pension investment increases to £446bn
Liability-driven pension investment (LDI) increased by 11% in 2012, according to research by KPMG Investment Advisory.The KPMG 2013 LDI survey, which questioned 30 institutional managers, found that LDI now covers £446 billion of pension liabilities, with 686 UK pension scheme mandates now employing LDI.However, the provision of LDI remains dominated ...
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E.On raises pensions take up to 92% after auto-enrolment
EXCLUSIVE: E.On has increased the take up of its group personal pension (GPP) plan to 92% after a year of communicating auto-enrolment.The auto-enrolment process began for the utility business about 18 months ago, when it looked at the options it had around complying with the legislation.The utilities business decided to ...
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Pension members inactive about investment management
One in five (21%) respondents take an active role in managing their pension investments, according to research by Capita Employee Benefits. The research, conducted among 3,000 employees, also found that 27% of respondents have opted for the default funds provided by their employer.The research also found:52% of respondents do not ...
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SAP to outsource benefits system ahead of auto-enrolment
EXCLUSIVE: SAP is to outsource its employee benefits system to enable it to cope with its pensions auto-enrolment duties.The technology organisation, which will reach its staging date in September 2013, made the decison to switch from an in-house benefits system to one provided by Capita Employee Benefits, following its annual ...
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Lafarge appoints fiduciary manager for DB pension
Lafarge has appointed Towers Watson as fiduciary manager for the investment requirements of its £2.6 billion defined benefit (DB) pension scheme.The appointment follows a formal selection process undertaken by the trustees of the scheme and with advice from KPMG and Sackers.KPMG’s remit was to advise Lafarge on the various approaches ...
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High level of understanding around retirement options
Almost three-quarters (73%) of pre-retirees and 89% of annuity purchasers are comfortable with the level of understanding of their retirement options, according to research by the Association of British Insurers (ABI).Its research, Retirement choices: baseline to measure effectiveness of the code of conduct, included 500 pre-retirement telephone interviews with members ...
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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 ...
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Standard Life and Punter Southall launch auto-enrolment product for SMEs
Standard Life and Punter Southall Defined Contribution Consulting (PSDCC) have teamed up to provide an auto-enrolment product for small and medium-sized enterprises (SMEs).The agreement allows PSDCC to offer SMEs Standard Life’s Group Flexible Retirement plans as an off-the-shelf auto-enrolment product.Employers will receive:Access to Standard Life’s auto-enrolment tools.Access to online resources ...
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Opt out rules upset Barbon's auto-enrolment plan
EXCLUSIVE: Barbon Insurance will postpone the date on which it automatically enrols staff into its pension scheme in order to comply with the Pensions Act 2008 on opting out.The employer’s staging date is 1 November 2013 and it was hoping to use its benefits window between August to September in ...