All Pensions articles – Page 144
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Article
Scottish Life to change underlying investment of matrix fund
Scottish Life is to change the underlying investment held within its Global Blend Core Plus Pension Fund. The matrix fund, a group of externally managed equity funds categorised by sector and by risk relative to a benchmark, will see its underlying investment switched to the Rathbone Global Alpha Fund from ...
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Article
Ban on consultancy charges for auto-enrolment
The government has banned consultancy charges for auto-enrolment pension schemes.The move aims to protect employees from high and inappropriate pension charges.It follows a six-month-long review of consultancy charges conducted by the government, which concluded that existing measures to prevent advisers deducting high charges from members’ pension pots are inadequate.The review ...
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Article
Zurich launches auto-enrolment default fund
Zurich’s corporate savings business has launched an auto-enrolment default investment fund in partnership with asset management organisation Schroders.The Zurich Dynamic Lifestyle Portfolio will be available to new and existing members of Zurich’s workplace pension schemes.The fund consists of three underlying funds. Schroders will manage the mixed investments and the defined ...
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Article
Regulator publishes three-year strategic pensions approach
The Pensions Regulator (TPR) has set out its strategic approach to regulating defined benefit (DB) and defined contribution (DC) pension schemes, and maximising employer compliance with auto-enrolment duties in its latest corporate plan.The strategic themes in the Corporate plan 2013 – 2016 include:Reducing risks to DB pension scheme members.Improving outcomes ...
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Article
Marine Systems appoints DB pensions adviser
Global Marine Systems has appointed Aon Hewitt to provide investment consulting services for its defined benefit (DB) pension scheme.The installer of sea cables for the telecommunications industry’s pension scheme has 450 members and assets of £90 million.Roy Webber, chairman of Global Marine Systems Trustees, said: “Our scheme was in need ...
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Article
ABF and Finmeccanica shortlisted for DC investment strategy
Associated British Foods and Finmeccanica UK are among the employers shortlisted for the ‘Best defined contribution (DC) pension default investments’ at the Employee Benefits Awards 2013.For this category, the judges looked at a variety of factors, including: What types of investment make up the DC scheme’s default investment option? Is ...
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Article
8% opt out for auto-enrolment at Dairy Crest
EXCLUSIVE: Dairy Crest has seen 8% of employees who were auto-enrolled in April opt out of its pension scheme.Around 60% (2,589) of employees have been auto-enrolled into a new compliant section of the stakeholder scheme, while 208 have opted out.Simon Cumpsty, head of employee relations and reward at Dairy Crest, ...
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Article
FTSE 100 prepared to pay 10% in DC pension contributions
FTSE 100 employers with defined contribution (DC) pension schemes are prepared to pay an average of 10% of salary into employees’ pensions, according to consultancy Towers Watson.Its annual FTSE 100 Defined contribution pension scheme survey, which questioned 90 of the FTSE 100 employers, found that, where employers provide the same ...
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ArticleHow technology is used to deliver benefits
One-third (34%) of respondents do not use technology to deliver benefits, according to exclusive research by Employee Benefits.The Benefits Research 2013, which surveyed 561 HR and benefits professionals, found that where respondents do use technology for this purpose, 32% deliver benefits via an HR system, 32% use a voluntary benefits ...
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Article
Kodak pension plan acquires imaging business
Eastman Kodak Company has concluded a settlement agreement with its UK Kodak Pension Plan (KPP).Under the agreement, which will be filed with the US Bankruptcy Court, the company’s personalised imaging and document imaging businesses will be spun off under new ownership to KPP for a cash and non-cash consideration of ...
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Article
Daily Mail plans for pensions auto-enrolment
The Daily Mail and General Trust (DMGT) will use provider Staffcare’s middleware product to manage its auto-enrolment duties.DMGT, which employs 11,500 employees globally and owns publications such as The Daily Mail, The Metro and The Mail on Sunday, has multiple staging dates, the first of which is 1 August 2013. ...
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Article
Employers use technology platforms to engage staff with benefits
In April, KFC launched an online total reward platform, which includes total reward statements and online shopping discounts for all its 10,000 staff, as well as a flexible benefits scheme for its 1,000 salaried employees.It previously used a paper-based system, but was keen to offer a single platform to bring ...
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Article
Government consults on pensions auto-enrolment legislation
Issues include streamlining the process for assessing which staff are eligible for pensions auto-enrolment. The government plans to allow employers to assess eligibility using information already collected by payroll systems.The government has also suggested lifting the requirement for staff to be auto-enrolled if they voluntarily left their workplace pension in ...
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AnalysisGroup personal pensions in a master trust world
IF YOU READ NOTHING ELSE, READ THIS…Master trusts have a governance advantage over group personal pensions (GPPs) in terms of investment monitoring, default funds and annuitisation.They can also offer significant economies of scale and are cheaper than most GPPs.However, not all master trusts will survive the current demanding and low-margin ...
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Case Studies
Shire Pharmaceuticals focuses on pensions engagement
In the lead-up to its November 2013 staging date, Shire will not face the same compliance challenges as some other organisations. It already contractually enrols all UK staff into its group personal pension (GPP) plan, which has resulted in 98% of these 530 employees belonging to the scheme.Contribution levels into ...
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AnalysisPension rights for employees' partners
IF YOU READ NOTHING ELSE, READ THIS…Many pension schemes will have discretion to pay a pensions benefit to an employee’s partner if they are financially dependent or financially interdependent with them.A joint annuity can be applied to civil partnerships, same-sex and opposite-sex marriages, and co-habiting couples.There must be no distinction ...
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Analysis
What are target date pension funds?
IF YOU READ NOTHING ELSE, READ THIS…Target date funds are investment funds tailored to a pension scheme member’s date of retirement.Most target date funds are written to a three-year band, such as 2028 to 2030, rather than one specific date.Funds gradually de-risk, reaching their most conservative point at the target ...
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ArticleMost common salary sacrifice perks
EXCLUSIVE: The most common benefits offered through a salary sacrifice arrangement on a voluntary basis are childcare vouchers (76%), bikes-for-work schemes (62%) and pensions contributions (60%), according to exclusive research by Employee Benefits.The Benefits Research 2013, which surveyed 561 HR and benefits professionals, found that the number of employers that ...
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AnalysisTop five considerations for at-retirement strategies
IF YOU READ NOTHING ELSE, READ THIS…Trustees and pension providers must support employees when they are making their at-retirement choices.Online modelling tools can help crystallise employees’ at-retirement income.The open market option for annuities should be factored into at-retirement communications strategies.1. Regulatory requirementsThe Pensions Regulator (TPR) believes that defined contribution (DC) ...
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Case Studies
Wavin Pension Trust gives members support around choices
There are currently 266 members in the trust, which is run alongside two defined benefit (DB) plans.The scheme offers a range of multi-asset lifestyle strategies and 16 self-select investment options. Brian Baker, Wavin’s compensation and benefits manager, says: “The independent professional trustee keeps all the investments under review, amending and ...