All Pensions articles – Page 15
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AnalysisPensions communications to cut through the noise
Need to know:Employers need tailored, practical messaging to reach employees struggling with pressing financial concerns.A multi-avenue approach will help catch a wider range of employees' attention, but video content and digital strategies are good starting points.In order to cut through the noise, people need to see their pensions as real, ...
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ArticleOnly 23% are aware of ESG options for workplace pensions
Only a quarter (23%) of employees are aware of environmental, social and governance (ESG) options when it comes to their workplace pension, according to research from employee benefits, wellness and financial education provider Secondsight.In the report, Workplace pensions and ESG, 60% admitted they did not know what ESG investing was; ...
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Case StudiesHays offers communication around annuities as part of retirement planning
Hays is a FTSE 250 recruitment specialist firm with 3,215 UK employees. Just one in eight (276) employees are aged over 50. The current Hays pension offering is a 2,600-member group personal pension (GPP) plan provided by Legal and General.With offices dotted around the country, some with just two people, ...
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AnalysisHow can employers communicate the pros and cons of annuities to staff?
Need to know:Although employers have no legal communication duties around annuities, they are often best placed to provide the most relevant information for their workforces.Employers must avoid being risk averse and fail to give guidance. This is not regulated advice.Pensions technology, along with advice from financial advisers, are valuable ...
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ArticleThree-fifths of European employees want additional pensions advice from employers
Almost three-fifths (58%) of employees across Europe showed high or very high interest in accessing professional advice on managing their pensions via their employer, according to research from Alight Solutions.The Retirement perception index, undertaken in partnership with the University of Granada, was carried out among 2,400 employees in businesses across ...
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ArticlePensions minister Guy Opperman resigns
Pensions minister Guy Opperman has resigned from his position in government as of 7 July 2022, following exit announcements from more than 50 other ministers since the start of the week.Opperman started in the role of Pensions Minister on 14 June 2017, and became the longest-serving pensions minister on 11 ...
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OpinionStephen Morrall and Annabelle Woosnam: Pensions in the gig economy
An article published by the Financial Times on 14 June reported that the UK pensions regulator has conceded that not all gig economy employers have done 'the right thing' and offered pensions to staff. What does this mean?In recent years, vast numbers of people have entered the gig economy, working ...
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Article71% of private sector employers offered pensions in 2019
Almost three-quarters (71%) of private sector employers made some form of pension provision for their employees in 2019, according to research commissioned by the Department for Work and Pensions (DWP).The report, EPP 2019, which was conducted by Kantar Public and the National Institute of Economic and Social Research, found that ...
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ArticleGovernment expects to eliminate gender state pension gap by 2040
The government revealed that it expects the gender state pension gap to be eliminated by 2040, suggesting that auto-enrolment could decrease the savings shortfall between men and women.The issue of the state gender pensions gap was raised in the House of Lords on 27 June, as Lord Davies of Brixton ...
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ArticleGovernment consults on helping savers understand pensions
The Department for Work and Pensions (DWP) has launched a consultation on how to help savers, improve member communications, guidance, and decumulation products in pension schemes.The consultation, titled Helping Savers Understand their Pension Choice, will explore what support pension schemes members need to help them make decisions about their savings. ...
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AnalysisCan employees remain engaged with retirement saving while costs of living rise?
Need to know:The cost-of-living crisis may result in employees disengaging with pension saving.But the chances are employer pension communications may not be up to scratch.Delivering clear messages at the appropriate time will pay dividends in securing financial wellbeing and HR operational efficiency.Retirement savings is a bit like cleaning out gutters ...
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OpinionDaniela Silcock: Can we better support those struggling to pay pension contributions?
It has been a difficult few years. The economic fallout of Brexit, followed swiftly by the Covid-19 pandemic has left a lot of people who were already on low incomes struggling to make ends meet. Recent cost-of-living increases arising from global fuel and food shortages and exacerbated by the war ...
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ArticleMarks and Spencer, Royal Mail and Co-op commit to green pension schemes
Marks and Spencer (M and S), Royal Mail and Co-op have committed to making their pension schemes 'go green' in 2022, through robust net zero targets.The businesses aim to halve the emissions of their investments by 2030 at the latest, in line with the Paris Climate Agreement. Collectively, the commitments ...
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OpinionAida Rehmatullah: It is never too early for staff to engage with pension decisions
Our purpose at the Pension Protection Fund (PPF) is to protect the financial future belonging to millions of people throughout the UK who belong to defined benefit (DB) pension schemes. As a large asset owner, it’s critical we consider all the potential risks over the entire time horizon of our ...
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AnalysisHow can employers engage staff in responsible pensions investment?
Need to know: While the idea of providing ethical and sustainable investment options has gathered popularity, the take up of these pension investments is still relatively low.Embedding environmental, social and governance (ESG) factors into default funds can be complicated, as it introduces additional risks and can distract from focusing on ...
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ArticleDisability pension gap puts pots at 36% of UK average
New data has highlighted that people with disabilities have a private pension pot of just 36% of the UK average.The research, commissioned by pension provider Now: Pensions and carried out by the Pensions Policy Institute, revealed that people with a disability who are approaching retirement age have a £47,980 average ...
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ArticleConfessions of a benefits manager: Candid tries to educate the talent team
We have a bit of a problem with the talent team. A misnomer if ever there was one. It might be different in other organisations but our recruiters are not a very talented bunch. I’m pretty sure that the criteria for hiring them is a dubious certificate in media studies ...
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ArticleStaples UK agrees £47m pension scheme buy-in
The Universal Office Supplies Pension Scheme, the sponsor of which was Staples UK, has agreed a pensions buy-in worth approximately £47m with Legal and General Assurance Society (Legal and General).Staples UK was previously a provider of office supplies, which sold its UK division to Hilco Capital in 2016, and entered ...
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ArticleHalf of DC pension schemes driven to help employees retire at reasonable age
Almost half (46%) of defined contribution (DC) pension schemes are primarily driven by the aim to provide sufficient pension funds for employees to retire at a reasonable age, up from 29% in 2020, according to research by Aon.Its 2022 DC pension scheme and financial wellbeing survey, which surveyed schemes collectively ...
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Case StudiesBenefits offered by Murphy Group
The benefits on offer at construction and civil engineering business Murpy Group:Pension and group riskThree pension schemes including a trust-based defined contribution scheme and two master trusts. Employer contributions range from the minimum of 3% through to 12% depending on role, scheme and personal choice.Life insurance for all employees, employer-paid. ...