All Pensions articles – Page 145
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Article
Guide Dogs closes DB plan and prepares for auto-enrolment
EXCLUSIVE: Guide Dogs has closed its final salary pension scheme to future accrual.The charity held a 90-day consultation with its defined benefit (DB) pension scheme members about the closure of the scheme between September and November 2012. The scheme was closed to future accrual on 31 December 2012.Justin Keppler, pension ...
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Article
Over a third of delegates review default fund annually
Reviews of default fund are being carried out annually by 39% of delegates at the Employee Benefits Pensions and Workplace Savings 2013.The poll on default funds taken on the second day of the summit, 1 February, found that 11% of delegates review their pension scheme default fund several times a ...
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Video
Jamie Jenkins: What HR needs to consider about default funds
Jamie Jenkins, head of workplace strategy at Standard Life, speaks to Debi O’Donovan, editor of Employee Benefits, about the importance of employers engaging in the type of funds their pension scheme members are invested in.Auto-enrolment rules mean that millions of employees will be coming into pension schemes for the very ...
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Article
DWP in consultancy charge review
The Department for Work and Pensions (DWP) is in the midst of a review of consultancy charges, which it deems a legitimate risk to employees’ pensions pots.Speaking at the Employee Benefits Pensions and Workplace Savings Summit on 31 January, Bridget Micklem, head of private pensions, policy and analysis at the ...
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Article
Three key drivers for auto-enrolment success
Creating the best environment to make auto-enrolment a success will depend on three key factors, according to Bridget Micklem, head of private pensions policy and analysis at the Department for Work and Pensions (DWP).Firstly, awareness of the importance of auto-enrolment must be maintained in order to maximise engagement with the ...
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Article
Pension deficits rise to £550 billion
Pension deficits rose by more than a third to £550 billion in 2012, according to research by Xafinity Corporate Solutions.The research, which is based on all UK defined benefit (DB) pension schemes using FRS17 and IAS19 accounting rules, found that, despite some brief optimism in September 2012, annual deficits ended ...
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Article
Auto-enrolment will improve engagement
More than half (63%) of respondents agree with the idea of auto-enrolment, according to research by the national employment savings trust (Nest).Its Nest insight report, which draws on five years’ worth of research and evidence from a number of sources, including its own research, found that 67% of respondents agree ...
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Article
DB pension schemes close at record rate
Defined benefit (DB) pension schemes in the private sector are closing to new members at the fastest rate on record, according to research by the National Association of Pension Funds (NAPF).The NAPF Annual survey, which was conducted among 1,018 pension schemes with a total of nine million members, found that ...
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Opinion
Jamie Fiveash: Use simple language for auto-enrolment
As providers, we can, and should, help by giving employers a variety of methods to communicate with staff.For example, we provide an employer toolkit that includes bespoke posters and a short animation explaining the basics about auto-enrolment, using simple, engaging everyday language. Some of our customers have a significant proportion ...
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Opinion
Mark Baker: Steps to make auto-enrolment easier
First, decide early on a pension provider. Do not delay this decision because there are fears of a capacity crunch among providers in 2013 and 2014. If employers leave it too long, they will find it harder to negotiate contract terms and management fees, because providers will know they have ...
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AnalysisAuto-enrolment: experiences so far
IF YOU READ NOTHING ELSE, READ THIS…The auto-enrolment process has brought new responsibilities for employers, for example, regarding the opt-out process.Employers have found auto-enrolment a useful catalyst for re-issuing communication to employees about their pension scheme.Employers that have begun to auto-enrol staff recommend that others allow plenty of time to ...
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Analysis
Pension schemes' impact on a business
IF YOU READ NOTHING ELSE, READ THIS…Most employers with DB schemes expect a negative impact on the business’s financial performanceM&A activity and the ability to raise finance are being stifled by DB deficits.Auto-enrolment is expected to add to employers’ cost burden.An employer’s pension scheme, particularly if it offers defined benefits ...
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Article
Pension regulators should work together on DC plans
The Pensions Regulator (TPR) published a consultation on trust-based DC schemes, as well as an analysis of the work it will carry out with the Financial Services Authority (FSA) on work-based personal pension rules and guidance. Meanwhile, the Office of Fair Trading published a DC market study.TPR’s consultation is on ...
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Article
Auto-enrolment concern over employer pension contributions
Research published by Aon Hewitt in January found that nearly one in three employers have considered reducing contribution levels for staff being auto-enrolled into existing defined contribution (DC) schemes.James Patten, principal consultant at Aon Hewitt (pictured), said: “If employers were to auto-enrol non-members into their current scheme on the basis ...
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Article
Call for DB pensions evidence
The Department for Work and Pensions (DWP) has called for evidence on the impact of funding defined benefit (DB) pension schemes on investment and growth.The DWP has asked two questions:Should employers undergoing valuations of DB pension deficits be allowed to smooth the calculations of their asset and liabilities?Should The Pensions ...
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Article
Cookson Group agrees second pensions buy in
Cookson Group, which de-merged its performance materials division in December 2012 to form Vesuvius, has signed a second bulk-annuity policy for its defined benefit (DB) pension scheme.Employees who retire in each of the next three years will have their pensions agreed on insured terms with provider Pension Insurance Corporation.The first ...
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Article
Aegon UK launches auto-enrolment product
Aegon UK has launched an auto-enrolment product, SmartEnrol, in time to support its first pension schemes that reach their staging dates this month.The product is available to employers with new and existing Aegon group pension schemes. It will allow employers to manage employee categorisation, communication, new entrants and payment.In February ...
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Article
Vestey Group enters pension buy-in
The Vestey Group has entered into a buy-in arrangement for its Western United Group pension scheme, the defined benefit (DB) scheme for its current and former employees.The transaction, with insurer Rothesay Life, involved a £115 million exchange of UK gilts for a bulk annuity insurance policy to secure a portion ...
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Article
The Pensions Trust sets charging structure
The Pensions Trust has announced details of the charging structure for funds offered via its auto-enrolment platform, SmarterPensions, which is set to launch on 4 March 2013.The majority of the fund range will have an annual management charge (AMC) set at 0.45%. SmarterPensions, which will be fiully auto-enrolment compliant, is ...
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Article
WH Smith selects auto-enrolment system
WH Smith has selected an administration system to comply with its auto-enrolment obligations from 1 March 2013.The system automatically identifies and enrols relevant employees into the chosen pension scheme, provides communication and administration processes, and handles refunds if an employee opts out.The system is provided by Ceridian UK, which already ...