All Pensions articles – Page 154
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Case Studies
Admiral Group uses auto-enrolment to promote pensions
Benefits administrator Lindsey Christie says: “The strategy was simple. We needed to tailor it to our young workforce, whose average age is well below 30, and we enticed them with a simple presentation that was easy for them to identify with, because pensions can be a complex topic.”The insurer ran ...
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Article
Labour plans pension cap to fund jobs
Labour has proposed to cap pensions tax relief at 20% for those earning over £150,000 a year in order to fund a job guarantee programme for the unemployed.Ed Balls, Labour shadow chancellor, outlined the party’s plans in an article for PoliticsHome. These are aimed at guaranteeing a minimum wage job ...
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Analysis
DC pension default investments explained
IF YOU READ NOTHING ELSE, READ THIS…There is no single definition of a default fund.Investment strategy is as, if not more, important than asset allocation.Nest is expected to become a benchmark pension scheme, particularly on charges.A default investment option is the fund or funds into which employers automatically put employees ...
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Analysis
DC pension schemes can learn governance lessons from DB
IF YOU READ NOTHNG ELSE, READ THIS…A committee should be at the heart of a robust pensions governance structure.Governance committees should consider appropriate investment fund options and default strategies.Scheme members should be given clear and relevant communications.The defined contribution (DC) pension plan has become the scheme of choice for many ...
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Article
Report published on workplace savings platform selection
Administration, risk control and competitive fees are the three key critical considerations for defined contribution (DC) pension schemes when selecting a platform provider in the UK, according to research by BNY Mellon.Its report, The future of UK DC pension platforms, published in association with Cerulli Associates, surveyed 54 UK pension ...
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Article
OFT launches DC pensions market study
The Office of Fair Trading (OFT) has launched a market study of defined contribution (DC) workplace pension schemes.The study aims to examine whether schemes are set up to provide the best value for money for employees.It will look at:How pension providers compete and how the market develops.Whether there is enough ...
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Article
FirstGroup uses target date funds for DC plan
FirstGroup is using target-date funds as the default option for its trust-based defined contribution (DC) pension scheme, which will be used to auto-enrol 12,000 employees on 1 April 2013.Speaking at the Employee Benefits Pensions and Workplace Savings Summit on 31 January, John Chilman, group rewards and pensions director at FirstGroup, ...
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Article
Employers to reduce DC contributions
Nearly one in three respondents have considered reducing contribution levels to defined contribution (DC) pension schemes that are used for auto-enrolment, according to research by Aon Hewitt.Its survey found that more respondents are considering lowering contribution levels for non-pension scheme members than in 2011, when one in seven were considering ...
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Article
Pension contributions are flatlining
The average combined pension contributions by employers and employees to small organisations’ defined contribution (DC) pension schemes have remained the same since 2010, according to research by the Association of Consulting Actuaries.The ACA 2012 smaller firms’ pension survey found that combined contributions into trust-based schemes have remained static at 9% ...
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Article
Regulator consults on DC pensions
The Pensions Regulator (TPR) has opened a consultation on a regulatory framework that will ensure employees in defined contribution (DC) pension schemes get the best return on savings.Its Regulating work-based defined contribution pension schemes consultation sets out six principles and 31 quality features that occupational DC trust-based pension schemes should ...
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Article
Ince and Co raises GPP take-up
EXCLUSIVE: Ince and Co has seen a 24% increase in employees enrolled in its group personal pension (GPP) plan since it switched providers in preparation for auto-enrolment.The international law firm, which has a staging date of February 2014, replaced its GPP in October 2012 as part of its strategy to ...
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Opinion
Henry Tapper: Auto-enrolment will continue to dominate
Auto-enrolment will dominate the pensions market in 2013, but for the 550,000 people reaching what we used to call ‘normal’ retirement dates, the future looks bleak.There may be some easement in interest rates as the impact of quantitative easing wears off, but annuity rates are likely to remain at historic ...
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Article
Kingston upon Thames appoints investment consultant
The Royal Borough of Kingston upon Thames’ Pension Fund has appointed an investment consultant via a framework agreement.The local government pension scheme is around £430 million in size and has 11,000 members.The framework agreement aims to deliver greater savings and efficiency in the public sector through shared services and joint ...
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Article
Capita appoints head of investment consulting
Capita Employee Benefits has appointed Bobby Riddaway head of investment consulting.Riddaway was previously principal in the investment team at Buck Consultants.He has also worked at Hewitt Associates as a senior investment consultant to corporate and trustee pension schemes in the UK and the US, and spent eight years as head ...
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Article
NAPF appoints investment lead
The National Association of Pension Funds (NAPF) has appointed Helen Roberts as lead to work on investment issues across defined contribution (DC) and defined benefit (DB) pension schemes.Roberts’ work will include engaging in debates around low gilt yields and the impact of the current economic climate on asset allocation strategies, ...
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Article
Regulator publishes contract-based pension analysis
Analysis by The Pensions Regulator (TPR) shows the Financial Services Authority’s (FSA) contract-based pension rules and guidance align in many ways with its defined contribution (DC) quality features.The analysis was published to coincide with TPR’s consultation on DC standards for occupational trust-based pension schemes, which was launched on 10 January.A ...
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Article
Survey: Does HR care about default funds?
The next big scandal could be the lack of knowledge and interest that benefits and human resources teams have in the pension investment choices offered to staff.Increasingly, employees are expected to choose their own funds when they join a workplace pension. Most opt for the ‘default fund’ and the assumption ...
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Opinion
Will Aitken: Auto-enrolment will continue to dominate in 2013
Auto-enrolment will continue to dominate the UK pensions agenda in 2013. Opt out rates will dramatically undershoot the 30% estimates that have been estimated as inertia proves to be a strong force.Employers selecting pension providers in the second half of 2013 will find that it is no longer a buyers’ ...
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Article
Ladbrokes launches master trust pension
Ladbrokes has launched a master-trust pension scheme to comply with auto-enrolment.The scheme will be available to 14,000 eligible employees, who will be auto-enrolled from 1 March 2013.It will be provided by Legal and General Workplace Savings, and Pitmans Trustees has been appointed as independent trustee.Phil Rixon, pensions and benefits manager ...
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Article
Rexam appoints pension scheme actuary
Rexam Pension Plan has appointed Towers Watson as scheme actuary to its £1.8 billion defined benefit (DB) pension scheme.The global consumer packaging business and manufacturer of beverage cans’ scheme has around 23,000 members.Graham Parrott, chairman at Rexam Pension Trustees, said: “We are pleased to announce the appointment of Towers Watson ...