All Pensions articles – Page 156
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Employee Benefit Pensions and Workplace Savings Research 2012: Key Findings
Our survey, which was carried out in June 2012 among readers of Employee Benefits magazine and users of www.employeebenefits.co.uk, received 206 responsesKEY FINDINGS85% will use their existing pension scheme for implementing the auto-enrolment reforms.75% know how much auto-enrolment will cost, with 32% saying it will increase costs by 1-9%.34% will ...
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ISS UK to implement multi-employer trust for auto-enrolment
ISS UK is to implement a multi-employer trust to comply with the auto-enrolment legislation.The facility service provider will introduced the trust, provided by Now:Pensions, for the eligible employees in its 42,500-strong workforce from its staging date in January 2013.Matthew Brabin, chief financial officer at ISS UK, said: “With the imminent ...
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Shilling Communication launches auto-enrolment product
Shilling Communication has launched an auto-enrolment communications product, to help employers with the administrative burden of auto-enrolment.The product can be used by organisations of all sizes, but is particularly targeted at large employers, which have a large annual turnover or a high number of new joiners per annum.The product is ...
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Johnson Matthey increases additional voluntary contributions and bonus sacrifice by 350%
Johnson Matthey has seen a 350% increase in employees sacrificing their annual bonus to pay 1% in additional voluntary contributions (AVCs) into their pension scheme.The increase followed the launch of a personalised newsletter, which was sent out to all 3,500 active members of the global chemicals and precious metals firm’s ...
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British public unaware of auto-enrolment
Only 19% of the British public are aware of auto-enrolment, according to research by Aon Hewitt.The research, carried out by YouGov, found that those already in workplace pension schemes were more likely to have heard of auto-enrolment (37%), while only 16% of those who are not currently part of a ...
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Administration is key auto-enrolment concern
A majority (92%) of employers said the administration of auto-enrolment is a key concern in relation to the incoming pension duties, according to research by Staffcare.The research, which surveyed both employers and advisers, found that 70% of advisers plan to use a specialist external system to handle the ongoing administration ...
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Payroll departments to lead auto-enrolment implementation
Almost half (40%) of respondents said their payroll departments will take the lead in the implementation of auto-enrolment, according to research by The Chartered Institute of Payroll Professionals (CIPP).The CIPP research paper to understand business readiness for automatic enrolment found that 29% of respondents said their HR department would take ...
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DWP publishes guidance on certifying DB schemes for auto-enrolment
The Department for Work and Pensions (DWP) has published guidance on certifying defined benefit (DB) pension schemes and hybrid schemes for auto-enrolment.The guidance aims to help organisations continue to use existing schemes, rather than setting up a new one, to comply with the pension reforms.Steve Webb, minister for pensions, said: ...
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The Pensions Regulator warns employers on auto-enrolment inducements
Laws prohibiting inducements around auto-enrolment came into effect on 1 July.The Pensions Regulator (TPR) has published a reminder that it will take action where it sees evidence of inducement. This includes an initial fine of up to £400, with escalating penalties of up to £10,000 a day for larger employers.Charles ...
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Co-operative Group conducts pension review to prepare for auto-enrolment
The Co-operative Group has conducted a review of its retirement benefits to ensure it is prepared for its auto-enrolment staging date in January 2013.The group, which has more than 100,000 employees, will enrol its 40,000 employees who do not currently contribute to a workplace pension scheme in a defined contribution ...
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Dev Raval: Are default funds the best option for the majority of staff?
Default funds the best option for the majority of staff according to 92% of FTSE 100 pension funds [Towers Watson’s FTSE 100 DC pension scheme survey 2012], which operate a default investment strategy, with more than half of those having more than 90% of their members in the default option. ...
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David Noakes: Are default funds the best option for the majority of staff?
The default funds selected by some pension schemes seem to have been chosen using a path of least resistance, to minimise possible employee comeback. This is not to be confused with less risk, although unfortunately it often is.This approach typically identifies an equity-biased, index-tracking fund as the default option. Tracking ...
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Nigel Aston: Are default funds the best option for the majority of staff?
Default funds the best option for the majority of staff, but a decade of educating members has not decreased the 80% relying on a fiduciary of some sort choosing on their behalf. People have more interesting things to do than learn the difference between gilts and equities. It should not ...
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Legal and General targets staff on retirement savings ahead of auto-enrolment
Legal and General has run an initiative to educate its 7,000 staff about the importance of saving for retirement as the first phase of its communications around auto-enrolment.The insurance firm has an auto-enrolment staging date of April 2013. It has a defined benefit (DB) pension scheme, which was closed to ...
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Employee Benefits Pensions and Workplace Savings Research 2012: Investment
Getting to grips with pensions and investments can be challenging for employees. With global stock markets and many economies in a state of flux, it is hardly surprising that so many pension scheme members select their plan’s default funds because they either do not want to make a decision about ...
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Employee Benefits Pensions and Workplace Savings Research 2012: Schemes on offer
The demise of defined benefit (DB) pension schemes and employers’ move to defined contribution (DC) plans has been well documented. This trend can be tracked through Employee Benefits’ pensions research over the last 12 years. In our Pensions strategy research 2000, for example, 39% of respondents offered a DB scheme ...
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Employee Benefits Pensions and Workplace Savings Research 2012: Retail Distribution Review
Under the Retail Distribution Review (RDR), which will come into effect on 31 December 2012, commission payments from contract-based defined contribution pension providers to benefits consultants and advisers will be banned. Instead, employers will have to pay a fee and/or commission to their consultant or adviser, agreeing upfront how much ...
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More than half of employees are unaware of auto-enrolment
More than half of all employees are unaware that their employer will have to auto-enrol them into an occupational pension, according to research by Hymans Robertson.The research found that 51% of employees did not know about auto-enrolment and of those that were aware, almost half said that they had not ...
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Derbyshire County Council consolidates additional voluntary contribution pensions
Derbyshire County Council Pension Fund has consolidated its additional voluntary contribution (AVC) pension scheme arrangements as part of efforts to boost take-up of AVCs.The council, which previously had three AVC plans, has retained its arrangement with Prudential.AVCs offer pension scheme members a cost-effective, tax-efficient way to increase their pension savings. ...
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AWD Chase de Vere partners with accountancy firm to provide auto-enrolment advice
Independent financial advisory firm AWD Chase de Vere has entered into a partnership with the Welsh accountancy firm Ktsowensthomas (KTS).AWD Chase de Vere will provide independent financial advice to employers working with KTS, including investment and pension advice and strategies to prepare for, and implement, auto-enrolment.Stephen Kavanagh, chief executive at ...