All Pensions articles – Page 155
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Article
Telefonica launches first phase of auto-enrolment communications
EXCLUSIVE: Telefonica has launched the first phase of its auto-enrolment communications campaign, focusing on the non-members of its pension scheme.The campaign, which is part of a package of communications services from Caburn Hope, will include a second phase later in 2012.The telecommunications firm has 6,000 employees, with around 50% in ...
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Article
Scottish Life partners Nest for auto-enrolment service
Scottish Life has partnered the national employment savings trust (Nest) to enable advisers to offer an integrated auto-enrolment service to employers.The Automatic Enrolment Service will be a compliant option for employers, regardless of whether the pension scheme is supplied by Scottish Life or Nest.Scottish Life and Nest will manage joint ...
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Article
Employers offering workplace savings
Only one fifth of employers are not making provision for staff to take advantage of tax breaks around workplace savings, according to research by Employee Benefits.The Employee Benefits/Premier pensions and workplace savings research 2012 found the number of employers offering no provision has fallen to 20% from 57% in 2011, ...
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Article
LCP launches auto-enrolment modeller for employers
LCP, the financial, actuarial and business consultancy, has launched an interactive defined contribution (DC) pensions modelling tool to help employers with their auto-enrolment requirements.The modeller allows employers to review the pension scheme design options that are available to meet the auto-enrolment obligations. Employers can input individual scheme and employee data ...
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Article
Employee Benefits/ Premier pensions and workplace savings research 2012
As auto-enrolment approaches, many employers’ attention is now firmly fixed on what compliance means for their organisation, according to the Employee Benefits/Premier pensions and workplace savings research 2012.Just under three-quarters (72%) of respondents said they have a project plan in place, while 69% have planned their budget for the changes.Three-quarters ...
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Article
PWC to begin auto-enrolment communications to staff
EXCLUSIVE: PricewaterhouseCoopers (PWC) is to embark on its auto-enrolment communications strategy by issung a guide to its 15,000 employees.The guide, which will be emailed to staff in the first two weeks of August, will detail the options available under auto-enrolment.These include joining the firm’s existing group personal pension (GPP) plan, ...
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Analysis
What level of investment risk should employers and employees take?
If you read nothing else, read this… Employers and pension trustees have been seeking ways to limit the level of risk in default funds. Poorly performing investments will reduce the size of pension pots, with repercussions for employers and staff Ascertaining risk for scheme members is fraught with difficulties. The ...
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Article
Wasabi introduces stakeholder pension scheme
EXCLUSIVE: Wasabi has introduced a stakeholder pension scheme in preparation for its auto-enrolment staging date at the end of 2013.This is the first time the sushi and noodle bar has offered staff a pension scheme.The scheme is being rolled out to its 950 employees in three phases. The first two ...
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Article
GeoPost to launch GPP and improve pensions governance
EXCLUSIVE: GeoPost UK will replace its stakeholder pension scheme with a group personal pension (GPP) plan and introduce a pensions governance committee ahead of its auto-enrolment staging date of May 2013.The logistics firm has 4,500 employees, 2,300 of whom are in a stakeholder pension scheme that has been provided by ...
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Analysis
Right ingredients for a DC investment strategy
If you read nothing else, read this… 80% of DC pension members opt for their scheme’s default fund. There is some disagreement over whose role it is to set asset allocation. The Pensions Regulator expects improved investment governance. DC schemes are moving to spread investment risk outside pure equities.Case study: ...
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Analysis
How to communicate defined contribution pension schemes
If you read nothing else, read this… Keep communications to employees about the importance of workplace saving simple and direct. Do not fall into the trap of stereotyping employees when targeting differentgroups in pension communications. Encourage employees to save more for their retirement by using pension modelling tools and providing ...
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Article
House of Fraser closes DB pension and introduces GPP
House of Fraser has closed its defined benefit (DB) pension scheme to future accrual and launched a group personal pension (GPP) plan in preparation for auto-enrolment.The GPP will be provided by Aviva. Johnson Fleming will manage the scheme’s administration, governance reporting and auto-enrolment compliance through its platform inform equip.The GPP, ...
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Analysis
How to clearly communicate pension scheme contributions
If you read nothing else, read this… Pension scheme communications should refer to contributions as pounds and pence rather than as a percentage of salary. Employers should clearly illustrate all tax relief relating to employees’ pension scheme contributions. Pension modelling tools can help engage employees by enabling them to assess ...
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Case Studies
Ove Arup engineers smooth transition to group personal pension
Ove Arup and Partners International has taken a number of steps to engage and encourage its employees to save for their retirement since closing its defined benefit (DB) pension scheme in 2010, and more recently in the run-up to auto-enrolment, which will begin to be introduced next month.Pension roadshows, run ...
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Article
Holiday Extras sees 82% take up of flexible benefits
EXCLUSIVE: Holidays Extras has achieved an 82% take-up in its online flexible benefits scheme since it was launched in June.The most significant increase was in the take-up of the online holiday booker’s group personal pension (GPP) plan.While 99 of its 400 employees were members of the scheme prior to the ...
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Article
Originem sets out plans for pensions auto-enrolment
EXCLUSIVE: Originem plans to comply with the auto-enrolment legislation from October, well ahead of its staging date in September 2013.The outsourced recruitment company is the employer of record for about 900 temporary and contract staff, which it places with UK organisations in the construction, education, healthcare and IT industries.Chris Clowes, ...
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Case Studies
FirstGroup up to speed with auto-enrolment hub
Transport operator FirstGroup will ensure its compliance with the reforms by introducing an auto-enrolment hub that will sit between its pension provision, payroll system, reward portal and communication processes.The firm conducted a beauty parade of potential providers in June and planned to make an appointment last month, ahead of its ...
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Analysis
Beware penalties for pensions auto-enrolment non-compliance
If you read nothing else, read this… Employers must refer to pensions in an employee’s contract of employment, but those that provide too much detail could run into difficulties if they want to make changes in the future. Employers cannot provide staff with opt-out forms if they want to leave ...
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Analysis
The latest changes to auto-enrolment legislation
If you read nothing else, read this… Auto-enrolment legislation has undergone several changes since it was announced in the Pensions Act 2008. The qualifying earnings threshold for staff to be eligible for auto-enrolment has risen from £5,000 to £8,105. More flexibility around contribution levels has also been granted for employers ...
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Article
Employee Benefits Pensions and Workplace Savings Research 2012: Auto-enrolment
After many years in the pipeline, the Pensions Act 2008 will finally begin to take effect from October this year. For some organisations, compliance is already a reality, with some having opted to bring their staging date forward to last month. The legislation will introduce compulsory minimum employer and employee ...