All Pensions articles – Page 151
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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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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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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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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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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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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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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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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 ...
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Pension deficits decrease by £33.5bn
The aggregate deficit of UK pension schemes has decreased by £33.5 billion over the month of January, according to research by the Pension Protection Fund.Its PPF 7800 index, which measures the funding positions of 6,316 UK private sector pension schemes, found that the deficit at the end of January 2013 ...
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Government looks to simplify auto-enrolment
The government is to launch a consultation in March on proposals to make auto-enrolment simpler.The proposals are based on feedback received since the implementation of the reforms began in October 2012. These include a list of areas that could benefit from practical and technical improvements, including:Making the assessment of the ...
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G1 Group appoints auto-enrolment consultancy
G1 Group has appointed a pensions consultancy to help prepare for its auto-enrolment staging date of August 2013.The Scottish leisure operator, which employs 1,800 staff in bars, clubs and restaurants, will receive a full financial analysis of its pension costs and advice regarding the selection of a suitable pension provider ...
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L&G to launch DB pension monitoring platform
Legal and General Investment Management (LGIM) has partnered PensionsFirst to launch an online analytics and monitoring platform for defined benefit (DB) pension schemes.The partnership combines LGIM’s understanding of the needs of pension schemes with PensionsFirst’s provision of DB risk analytics and reporting.The platform has been designed for use by governance-constrained ...
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Pensions auto-enrolment handbook 2013
The handbook examines:the importance of having an integrated plan of actiontechnology, including middlewareadministrative suppportpension scheme governanceThe supplement also analyses the key considerations for employers when deciding on advisers and providers to help them with their projects.
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Removal of Nest restrictions urgent
The government’s Work and Pensions Committee has recommended the national employment savings trust’s (Nest) cap on annual contributions be removed, as well as the ban on transfers in and out of the scheme.In its report, Lifting the restrictions on Nest, the Work and Pensions Committee urged the government to introduce ...
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Adecco rejigs pensions for auto-enrolment
EXCLUSIVE: Adecco UK and Ireland is to harmonise a series of pension arrangements, introduce a multi-employer trust for its weekly-paid staff and a group personal pension (GPP) plan for its monthly-paid staff to comply with its auto-enrolment duties.The group of recruitment organisations has 20,000 weekly-paid staff and 3,000 monthly paid ...
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SR Technics UK completes pension buy-out
SR Technics UK has completed a pension insurance buy-out that covers £200 million of pension liabilities and 2,500 members.Its defined benefit (DB) pension scheme was formerly in the Pension Protection Fund (PPF) assessment process. The transaction will enable the trustees of the scheme to grant members an uplift in excess ...
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DOD’s blog: this week in benefits
Today I had the privilege of lunching with the highly regarded John Greenwood (editor of Corporate Adviser and regular writer for the likes of The Sunday Telegraph and Money Marketing).Few journalists are as clued up on pensions as John, so when he has a beef about something it is usually ...
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Most over-50s have never increased pension contributions
More than half (62%) of over-50s who are still in work have never increased the amount they contribute to their pension, according to research by Friends Life.Its Pension savings report, which surveyed 1,606 ovr 50s who have not yet retired, found that, of those who have made adjustments, 56% have ...
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Medically-underwritten buy-ins could equal DB pension savings
Trustees of defined benefit (DB) pension schemes could secure savings of 10% or more by de-risking their pensioner sections through a health and lifestyle underwriting technique, according to a report by the Pensions Institute at Cass Business School.A healthier way to de-risk: the introduction of medical underwriting to the defined ...
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Infrastructure platform secures investors
A platform to support pension funds’ investment in infrastructure projects has secured ten funds as founding investors, reaching £1 billion in investment capital.The Pensions Infrastructure Platform’s (PIP) 10 investing funds are: British Airways Pension Scheme, BAE Systems Pension Funds, BT Pension Scheme, Lloyds TSB Group Pension Schemes, London Pension Fund ...