All Pensions articles – Page 149
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Article
Invensys uses rail sale to plug pension deficit
Invensys will sell its rail division to Siemens as part of plans to provide a long-term solution to its pension scheme deficit.Siemens will assume responsibility for the Invensys Railways Pension Scheme, a defined benefit (DB) plan, which had an IAS 19 deficit of £181 million at 30 September 2012.The sale, ...
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Article
Origen launches pensions product for SMEs
Origen Financial Services has launched a restricted advice pensions and benefits product for small to medium-sized enterprises (SMEs).Origen Workplace Solutions offers a package of modules on pension, risk, benefits, governance, advice and education. It also provides a core auto-enrolment pension product, provided by Aegon, a range of risk benefits at ...
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Article
M&S lowers amount needed to fund DB deficit
Marks and Spencer (M&S) has agreed a 10-year funding plan to tackle its defined benefit (DB) pension scheme deficit.The funding plan includes cash contributions of £28 million per year from 2013/14 to 2016/17, a reduction on the previously agreed £60 million per year until 2017/18.The retailer said it expects the ...
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Article
Concerns over consultancy charges and auto-enrolment
Pensions minister Steve Webb has expressed concerns about the way consultancy charges might interact with auto-enrolment.In a letter to Otto Thoresen, chair of the Association of British Insurers (ABI), he said: “They should only be deducted from an individual’s pot where there is a tangible benefit to that individual. I ...
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Article
Employers not communicating auto-enrolment
Only 4% of respondents who do not currently have a pension have had their employer discuss auto-enrolment with them, according to research by Canada Life.Its research, which surveyed 1,635 UK workers, found that 96% of respondents who do not already have a pension have not had the change discussed with ...
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Article
Report on pensions auto-enrolment 2012
Employee Benefits’ pension auto-enrolment report highlights the mains topics and issues employers should be aware of around the legislative changes.The report (download PDF) covers:Step-by-step guide to auto-enrolment complianceLegal issues around auto-enrolmentCharles Counsell: Do not leave auto-enrolment plans too lateChoosing a provider for auto-enrolmentMorrisons helps employees to save moneyPaul Gilbody: Rise ...
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Article
Islington Council to invest pension in real estate
Islington Council is to invest £20 million of its £800 million defined benefit (DB) pension fund in residential real estate to reduce liabilities and boost the supply of housing.The fund will hold a diversified mix of new and recently built properties, half of which are based in London and the ...
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Article
Most employees will not opt-out when auto-enrolled
Nearly three-quarters (70%) of respondents are likely to stay in a pension scheme once they have been auto-enrolled, according to research by the Department for Work and Pensions (DWP).Its Attitudes to pensions: the 2013 survey, which polled 1,949 UK adults, also found that almost two-thirds (59%) do not feel they ...
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Opinion
Paul Gilbody: Rise to the challenge of auto-enrolment
For many employers, auto-enrolment will mean making radical changes to their pension provision. But by starting the preparation process well in advance oftheir staging date, they can reduce the risks associated with implementing the new obligations.Once their staging date is known, employers need to start assessing the financial and administrative ...
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Opinion
Charles Counsell: Do not leave auto-enrolment plans too late
Some of the country’s biggest employers have already passed their auto-enrolment duty dates. Hundreds of thousands are entering the planning stage, with roll-out continuing until 2017 for small and micro businesses, and 2018 for new businesses.The changes in pension law are not something for the future for HR professionals. Plan ...
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Analysis
Choosing a provider for auto-enrolment
IF YOU READ NOTHING ELSE, READ THIS …Employers need to identify their pension scheme requirements before researching the market.A beauty parade should typically involve two or three pension providers.Switching pension provider typically takes between 12 and 18 months.If an employer is dissatisfied with its pension provider, there is an extensive ...
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AnalysisStep-by-step guide to auto-enrolment compliance
IF YOU READ NOTHING ELSE, READ THIS…Employers should identify their staging date as soon as possible.A project team should be appointed to manage systems and processes.Any systems developed or redesigned for auto-enrolment purposes should be future-proofed.Auto-enrolment communications must be clear and easy to understand.1. STAGING DATEEmployers must first ascertain their ...
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AnalysisLegal issues around auto-enrolment
IF YOU READ NOTHING ELSE, READ THIS…Employers cannot agree to provide alternative benefits on the understanding an employee opts out of a pension scheme.Qualifying earnings include various components of pay, including salary, wages, commission and bonuses.Employers must ensure they identify workers correctly under auto-enrolment.Ian Curry, associate, Wragge & CoQ: I ...
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AnalysisKnow the facts on auto-enrolment
There are key facts that all employers planning for auto-enrolment should know. Gillian McNamara, policy lead, employer compliance regime at The Pensions Regulator (TPR), says: “There is one crucial figure to know even before developing a plan to comply with the new duties, and that is the number of people ...
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Case Studies
Morrisons helps employees to save money
The programme, ‘Save your dough’, provides the retailer’s 135,000 employees with information on saving in general and for retirement. It includes in-store champions who are armed with further information on saving, two booklets about saving money and one on retirement saving, and a website.A monthly employee survey found that 45,000 ...
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Analysis
Pros and cons of absolute return funds
IF YOU READ NOTHING ELSE, READ THIS…Absolute return funds (AFRs) have grown in popularity on the back of volatile equity market performance.ARFs are relatively expensive and, despite their name, can still lose money.Employers tend to use ARFs in conjunction with a more passive fund for their default investment option.Absolute return ...
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Article
Lorica adds Aviva’s auto-enrolment product to portal
Lorica Employee Benefits is to integrate Aviva’s online auto-enrolment modelling and compliance product into its auto-enrolment portal Simplicity.The product, Auto-enrolment Manager for Employers (AME), provides employers with a way to prepare for and manage their responsibilities around auto-enrolment. This includes keeping up to date with compliance duties such as employee ...
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Article
ITM to partner PensionsFirst for data audits
ITM, a pension data specialist, is to partner PensionsFirst to offer its Pfaroe risk management platform to enhance its data risk audit service for defined benefit (DB) pension schemes.The organisation will use the platform to assess the potential liability impact of data and benefit errors discovered during employers’ data risk ...
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Article
Majority of employers aware of auto-enrolment
The majority (88%) of respondents to research by the Chartered Institute of Personnel and Development (CIPD) are aware of their requirements to auto-enrol staff into a pension scheme.Its Labour market outlook: Focus on pension auto-enrolment, which surveyed more than 1,000 employers, found that more than half (59%) of respondents have ...
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Article
Employers to rely on existing technology for auto-enrolment
More than 50% of respondents said they expect to rely on their existing payroll and HR systems to fulfil their auto-enrolment duties, according to research by JLT Benefit Solutions.The latest JLT 250 club survey, which polled around 250 private sector employers, looked at the role of technology in the provision ...