All Pensions articles – Page 155
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Article
DWP sets auto-enrolment earnings threshold
The Department for Work and Pensions (DWP) has set the earnings threshold for auto-enrolment at £9,440 for 2013/14.In its response to the consultation, Automatic enrolment earnings thresholds review and revision 2013/14, the government has also proposed setting the lower limit of the qualifying earnings band at £5,668 and the upper ...
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Merchant Navy enters into pension buy-in
The Merchant Navy Officers Pension Fund (MNOPF) has entered into a bulk annuity insurance policy for around £680 million of members’ benefits in its defined benefit (DB) pension scheme.The insurance policy covers around 40,000 members of the MNOPF’s old section, which closed in 1978.Rothesay Life is providing the insurance policy, ...
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A third of SMEs ready for auto-enrolment
One in three (38%) small and medium-sized (SME) respondents are ready for auto-enrolment ahead of their staging dates, according to research by Jelf Employee Benefits.Its Auto-enrolment tracker research showed a slight improvement from May 2012, when 31% of respondents were aware of their staging date and had started to prepare.Steve ...
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Cost is biggest auto-enrolment concern
EXCLUSIVE: Cost is the biggest concern for employers implementing auto-enrolment, however, 61% of respondents do not yet fully understand how much the process will cost their business, according to research by Vebnet.The research, which was carried out by Research Now, found that the second biggest concern is the administrative burden ...
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Sports trusts come together for auto-enrolment
Thirty-six member trusts of national body The Sports and Recreation Trust Association (Sporta) have banded together to establish an auto-enrolment scheme.The move will enable them to benefit from greater economies of scale resulting from the negotiations of a larger group.Sporta has more than 100 member trusts across the UK, made ...
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LV= completes longevity insurance contract for DB pension
LV= has completed an £800 million longevity insurance contract for its defined benefit (DB) pension scheme.The contract, with reinsurer Swiss Re, includes insurance of longevity exposure for 5,000 individuals who were members of the scheme as of 31 December 2011.It covers a broad population, extending beyond in-payment pensioners to also ...
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ArticleWhite paper — auto-enrolment: get equipped to meet your duties
Implementation and the operation of the auto-enrolment regime could present a considerable challenge for employers.To download the white paper, click on the link above right under Related Files.White paper supplied by Scottish Widows.
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ArticleWhite paper — pensions and auto-enrolment: time for change
With major changes happening to workplace pensions from October, it is important that employers of all sizes start thinking about their own arrangements as soon as possible.To download the white paper, click on the link above right under Related Files.White paper supplied by National Employment Savings Trust (Nest).
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EU pension changes could increase costs for employers
Proposed pensions changes from the European Commission could impose £350 billion in extra costs on UK employers, according to a report commissioned by the Confederation of British Industry (CBI).The economic impact for the EU of a Solvency II-inspired funding regime for pension funds, collated by independent economic consultancy Oxford Economics, ...
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Employers will communicate auto-enrolment face to face
The majority (86%) of respondents that will reach their auto-enrolment staging date in the next 12 months and have started planning their communications strategy will use meetings or presentations to do so, according to research by Buck Consultants.The research found that 46% will use one-to-one staff meetings. .The research also ...
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Article
UK Coal restructure impacts pensions
UK Coal’s pension schemes have taken the majority share in the organisation’s property business following a restructure.The restructure, which began in March 2012, split UK Coal into separate mining and property businesses. The mining business will continue as employer sponsor of the pension schemes. In return for giving up any ...
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Auto-enrolment spurs increase in benefits spend
One in five (20%) of respondents increased their spend on employee benefits packages in the 12 months leading up to auto-enrolment, according to research by Group Risk Development (Grid).The Group risk employer research study, which polled 500 employers in October 2012, found that one-third (36%) of respondents said they believe ...
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Royal Mail pension deficit reduced by £28bn
Autumn Statement 2012: The transfer of assets from the Royal Mail Pension Plan to the Treasury has reduced public sector net borrowing by £28 billion in 2012/13.It was announced in the the Budget in March 2012 that the liabilities of the scheme, which were around £37.5 billion, would be transferred ...
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DWP to consult on pension deficit recovery plans
Autumn Statement 2012: The Department for Work and Pensions (DWP) will consult on providing The Pensions Regulator (TPR) with a new statutory objective to consider the long-term affordability of final salary pension scheme recovery plans on employers.The government also said it recognises that volatility in measures of pension scheme deficits ...
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Greene King closes DB schemes
Greene King has closed its three defined benefit (DB) pension schemes to future accrual.During the period covered by its half-yearly report, Interim results for the 24 weeks to 14 October, the pub retailer and brewery consulted with the remaining active members of its DB schemes.The schemes were then closed to ...
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Heineken and RSA manage DB pensions risk
Heineken and RSA have introduced a risk management platform to manage their defined benefit (DB) pension scheme risk.The technology platform, PFaroe, is provided by PensionsFirst.International brewer Heineken will use the technology to manage its £2.5 billion in UK DB pension obligations, while global insurance organisation RSA will use it to ...
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More pension funds engaging with stewardship
More than seven out of ten respondents (71%) took stewardship activities and policies of asset managers into account when selecting them, according to research by the National Association of Pension Funds (NAPF).The NAPF Annual engagement survey found that the number of respondents considering stewardship activities increased from 48% in 2011 ...
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Article
Blue Arrow selects plan for auto-enrolment
The Blue Arrow Group has appointed a provider for its auto-enrolment pension scheme.The recruitment firm, which has 30,000 employees, will provide eligible staff with the multi-employer trust from Now: Pensions from its staging date in January 2013.Mark Manaton, managing director at the Blue Arrow Group, said: “Now: Pensions’ Trust is ...
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Scottish Life launches auto-enrolment product
Scottish Life has launched its auto-enrolment product, which is based around three core phases: the design, the implementation and the ongoing running of an auto-enrolment-compliant pension scheme.The design element includes the assessment and modeling of options for pension scheme design; the implement element includes project planning and support with implementation; ...
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Dennis Publishing reviews GPP
EXCLUSIVE: Dennis Publishing has completed a review to ensure its group personal pension (GPP) plan is auto-enrolment compliant, a year ahead of its staging date in January 2014.Alison Hunter, HR director at Dennis Publishing, said: “We’ve done a lot of compliance work with our pension scheme to make sure it ...