All Pensions articles – Page 156
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Article
Employers would welcome return of default retirement
Just over half (54%) of respondents would welcome the return of the default retirement age (DRA), which was removed in April 2011, according to research by law firm Irwin Mitchell.The research, which surveyed 421 UK organisations, found that, of those that said the DRA should be reintroduced, 60% would set ...
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Article
Pension Investment Platform confirmed
Autumn Statement 2012: Chancellor George Osborne has confirmed that the Pension Infrastructure Platform (PIP) will launch in the first half of 2013.The PIP is an initiative that aims to increase the investment by UK pension schemes in UK infrastructure.The government, the National Association of Pension Funds (NAPF) and the Pension ...
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Article
Drawdown limit increase branded ‘sellotape measure’
Autumn Statement 2012: The government’s move to increase the capped drawdown limit of pension funds from 100% to 120% has been branded a ‘sellotape measure’ that fails to tackle major issues in the post-retirement market.In his Autumn Statement today, chancellor George Osborne announced that an individual will be able to ...
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Article
New PQM brand for multi-employer pensions
The Pension Quality Mark (PQM) is to launch a brand for multi-employer pension schemes in January 2013.The PQM Ready brand is aimed at enabling employers to identify multi-employer schemes that have good governance, good member communications and low charges.Employers that use a PQM Ready multi-employer scheme will be able to ...
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Article
ICAP selects auto-enrolment system
ICAP is to launch a pensions system in order to comply with auto-enrolment requirements ahead of its September 2013 staging date.Around 1,000 of the interdealer broker’s 1,600 employees will be covered under the new system, which manages pensions administration and communications issues. The remaining 600 staff are already in the ...
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Article
Towers Watson to acquire Oxford Investment Partners
Towers Watson is to acquire Oxford Investment Partners to expand its investment capabilities and strengthen its leadership position in the fiduciary management market.The deal is for an undisclosed sum and subject to regulatory approval. Oxford Investment Partners (OXIP) will become part of Towers Watson’s investment business through the transfer of ...
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Opinion
Debbie Harrison: Changes to DC auto-enrolment schemes in 2013
The new year will witness a sea-change in the distribution of defined contribution (DC) auto-enrolment pension schemes. The government, backed by the Labour party, will introduce a cap (probably 1%) on member charges for all auto-enrolment schemes, driving medium-sized employers to go directly to a multi-employer trust-based scheme with low ...
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Opinion
Michael Rose: Getting more for less in benefits in 2013
Getting more for less has been a growing theme in 2012, and one that I expect to continue in 2013. Organisations will look for tax-efficient, approved benefits arrangements that can deliver value at low or nil cost, such as salary sacrifice. That said, while there will be a growth in ...
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Article
Invensys uses rail sale to plug pension deficit
Invensys will sell its rail division to Siemens as part of plans to provide a long-term solution to its pension scheme deficit.Siemens will assume responsibility for the Invensys Railways Pension Scheme, a defined benefit (DB) plan, which had an IAS 19 deficit of £181 million at 30 September 2012.The sale, ...
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Article
Origen launches pensions product for SMEs
Origen Financial Services has launched a restricted advice pensions and benefits product for small to medium-sized enterprises (SMEs).Origen Workplace Solutions offers a package of modules on pension, risk, benefits, governance, advice and education. It also provides a core auto-enrolment pension product, provided by Aegon, a range of risk benefits at ...
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Article
M&S lowers amount needed to fund DB deficit
Marks and Spencer (M&S) has agreed a 10-year funding plan to tackle its defined benefit (DB) pension scheme deficit.The funding plan includes cash contributions of £28 million per year from 2013/14 to 2016/17, a reduction on the previously agreed £60 million per year until 2017/18.The retailer said it expects the ...
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Article
Concerns over consultancy charges and auto-enrolment
Pensions minister Steve Webb has expressed concerns about the way consultancy charges might interact with auto-enrolment.In a letter to Otto Thoresen, chair of the Association of British Insurers (ABI), he said: “They should only be deducted from an individual’s pot where there is a tangible benefit to that individual. I ...
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Article
Employers not communicating auto-enrolment
Only 4% of respondents who do not currently have a pension have had their employer discuss auto-enrolment with them, according to research by Canada Life.Its research, which surveyed 1,635 UK workers, found that 96% of respondents who do not already have a pension have not had the change discussed with ...
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Article
Report on pensions auto-enrolment 2012
Employee Benefits’ pension auto-enrolment report highlights the mains topics and issues employers should be aware of around the legislative changes.The report (download PDF) covers:Step-by-step guide to auto-enrolment complianceLegal issues around auto-enrolmentCharles Counsell: Do not leave auto-enrolment plans too lateChoosing a provider for auto-enrolmentMorrisons helps employees to save moneyPaul Gilbody: Rise ...
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Article
Islington Council to invest pension in real estate
Islington Council is to invest £20 million of its £800 million defined benefit (DB) pension fund in residential real estate to reduce liabilities and boost the supply of housing.The fund will hold a diversified mix of new and recently built properties, half of which are based in London and the ...
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Article
Most employees will not opt-out when auto-enrolled
Nearly three-quarters (70%) of respondents are likely to stay in a pension scheme once they have been auto-enrolled, according to research by the Department for Work and Pensions (DWP).Its Attitudes to pensions: the 2013 survey, which polled 1,949 UK adults, also found that almost two-thirds (59%) do not feel they ...
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Opinion
Paul Gilbody: Rise to the challenge of auto-enrolment
For many employers, auto-enrolment will mean making radical changes to their pension provision. But by starting the preparation process well in advance oftheir staging date, they can reduce the risks associated with implementing the new obligations.Once their staging date is known, employers need to start assessing the financial and administrative ...
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Opinion
Charles Counsell: Do not leave auto-enrolment plans too late
Some of the country’s biggest employers have already passed their auto-enrolment duty dates. Hundreds of thousands are entering the planning stage, with roll-out continuing until 2017 for small and micro businesses, and 2018 for new businesses.The changes in pension law are not something for the future for HR professionals. Plan ...
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Analysis
Choosing a provider for auto-enrolment
IF YOU READ NOTHING ELSE, READ THIS …Employers need to identify their pension scheme requirements before researching the market.A beauty parade should typically involve two or three pension providers.Switching pension provider typically takes between 12 and 18 months.If an employer is dissatisfied with its pension provider, there is an extensive ...
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AnalysisStep-by-step guide to auto-enrolment compliance
IF YOU READ NOTHING ELSE, READ THIS…Employers should identify their staging date as soon as possible.A project team should be appointed to manage systems and processes.Any systems developed or redesigned for auto-enrolment purposes should be future-proofed.Auto-enrolment communications must be clear and easy to understand.1. STAGING DATEEmployers must first ascertain their ...