All Pensions articles – Page 143
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Article
John Lawson: Tool fixes auto-enrolment compliance
KEY POINTSFines of up to £10,000 a day for auto-enrolment non-compliance are serving to focus employers’ minds.Aviva believes its Automatic-Enrolment Manager for Employers (AME) is one of the most complete compliance tools on the market.AME can also be used by HR and finance departments to model and control their overall ...
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Article
Clare Bettelley: Auto-enrolment success depends on preparation
If I had a pound for every employer that has told me that, with hindsight, they would have allowed much more time to plan and execute their auto-enrolment strategy, I would be rich.Employee communications seem to be dominating many employers’ auto-enrolment agendas because of the time these are taking to ...
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Case Studies
Icap set auto-enrolment targets for providers
These were to help Icap decide which employees were eligible for auto-enrolment; to help calculate contributions; and to help communicate with employees seamlessly, with as little manual intervention or human administration as possible.Hemmings decided to stick with the organisation’s existing pensions provider, Standard Life, but required additional support from Icap’s ...
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Analysis
How should employers select auto-enrolment help?
IF YOU READ NOTHING ELSE, READ THIS…Many pension services are available to help employers through the auto-enrolment process.Support is available from pension and payroll providers, as well as employee benefits consultants.Employers may opt to use one or a range of consultants to help them implement their strategies.Auto-enrolment is likely to ...
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Article
Lynn Graves: All-in-one platforms can handle auto-enrolment
KEY POINTSScottish Widows’ AssistMe enables employers to manage their workforce’s pensions through a single interface, which can be integrated with their own systems.Professional advisers can access AssistMe to help manage employers’ compliance requirements.There is no extra cost for AssistMe; it is part of Scottish Widows’ pension administration services.Scottish Widows launched ...
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Case Studies
SPP Pumps used existing adviser for auto-enrolment
Terry Newby, operations director at SPP, says: “We are a relatively small company and have no HR function, so as long as Barnett Waddingham appears to be doing the right thing by us, we are happy to stick with it.”Before working with Barnett Waddingham on its auto-enrolment strategy, SPP was ...
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Article
Clare Abrahams: Portal and expertise help auto-enrolment task
KEY POINTSLorica’s Simplicity solution is a technology portal combined with consultancy expertise.The Simplicity technology offers a secure, one-stop auto-enrolment portal that ensures employers stay up to date with compliance duties.Lorica can also work alongside employers’ existing providers.Every UK employer should be aware of auto-enrolment by now. Yet, in the lead-up ...
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Article
Whitbread adapts pension for auto-enrolment
EXCLUSIVE: Whitbread has launched a dedicated pensions website and adapted its existing trust-based defined contribution (DC) pension scheme to comply with auto-enrolment.The organisation, which owns brands such as Beefeater, Brewers Fayre, Costa Coffee and Premier Inn, reached its staging date on 1 January 2013.Its DC scheme now includes new contributions ...
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AnalysisWorkforce analysis is key to auto-enrolment
As the parent company of a range of smaller recruitment ?rms, Adecco will begin auto-enrolling staff on 1 March and will continue doing so at various stages until 2016. The organisation has 3,000 monthly-paid staff, who will all eventually be enrolled into a group personal pension (GPP) plan, while 20,000 ...
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Analysis
How to choose a payroll provider for auto-enrolment
IF YOU READ NOTHING ELSE, READ THIS…Payroll providers are a key part of the auto-enrolment process.However, not all payroll providers offer an integrated service.Employers should identify any gaps in their payroll provider’s service support as soon as possible.The payroll market spent much of last year under fire from employers and ...
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Analysis
What are white-labelled pension funds?
IF YOU READ NOTHING ELSE, READ THIS…White-labelled pension funds are growing in popularity as employers face more pension responsibilities.A white-labelled fund allows an employer to make changes without extensive employee communication.White-labelling can bring an element of future-proofing because employers are not tied to a single investment manager.Pension fund white-labelling is ...
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Article
Call for move to collective DC pensions
Collective pension plans in the UK are de?ned bene?t (DB) schemes. Collective DC plans enable staff at different employers to pool savings into one pot, from which the pension is paid. This is commonly used in the Netherlands.“Collective pensions give better, higher pensions for the same cost,” said Pitt-Watson. “They ...
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Article
BAE Systems insures DB pension plan
BAE Systems has implemented a longevity insurance arrangement for its defined benefit (DB) pension scheme.The arrangement, with Legal and General, insures the BAE Systems 2000 Pension Plan against the financial risk of its 31,000 current pensioners living longer than expected, and covers £2.7 billion of liabilities.Legal and General will retain ...
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Article
Pension deficits hit £621 billion
UK corporate pension deficits rocketed to £621 billion between December 2012 and January 2013, according to research by Xafinity Consulting.The employee benefit adviser’s Corporate pension deficits tracker showed that the new total is 58% higher than deficit totals in January 2012.The increase is attributed to a 0.5% increase in the ...
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Article
E.On to launch auto-enrolment system
E.On is set to launch an auto-enrolment management system to comply with its staging date of 1 April.The system, Enroller, provided by Benefex, will be available to all 12,000 UK employees, including 3,500 who are not currently pension scheme members.The utilities firm has offered a group personal pension (GPP) plan ...
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Article
Enrich partners JargonFree on auto-enrolment
Benefits consultancy Enrich has partnered JargonFree to offers its auto-enrolment compliance software to its small and medium-sized employer (SMEs) clients.The product, which was launched in September 2012, will now be available through Enrich as a standalone system or it can be integrated into Enrich’s Benefits2go portal, which was launched in ...
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Article
Wightlink appoints pension consultancy
Wightlink has appointed a pensions consultancy to provide actuarial and administrative services for its £70-million defined benefit (DB) pension scheme.The trustees of the scheme selected Punter Southall following a competitive tender process.Bill Frampton, chair of the trustees at the ferry company, said: “It is clear that [Punter Southall] understands our ...
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Article
Rolls Royce to change DB financing
Rolls Royce will change the financing of its defined benefit (DB) pension schemes in 2013 so that the post-retirement benefits are calculated on the net surplus or deficit using an AA corporate bond rate.According to the manufacturer’s 2012 Full year results, if this strategy had been effective in 2012, it ...
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Article
NAPF launches online auto-enrolment guide
The National Association of Pension Funds (NAPF) has launched a free online auto-enrolment guide for employers.The guide provides information about auto-enrolling staff into a workplace pension. It is broken down into sections, including assessing eligibility, picking a pension scheme, administration and communication.The guide also includes advice about dealing with opt-outs ...
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Article
Barclays Group pension deficits rise
Barclays Group’s total pension deficits increased by £1.1 billion in 2012, from £0.2 billion at 31 December 2011 to £1.3 billion at 31 December 2012.In its Full year 2012 results, the banking group said this reflected recognised assets of £2.1 billion and unrecognised actuarial losses of £3.4 billion.Barclays Group’s main ...