All Pensions articles – Page 159
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Article
Getting payroll systems ready for auto-enrolment is a big challenge for employers
Getting HR and payroll systems ready for compliance with auto-enrolment requirements is the biggest challenge relating to defined contribution (DC) pensions facing employers, according to research by Mercer.The research, which analysed the DC pension offerings of more than 300 UK employers, showed that getting employees to understand pensions ranked as ...
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Article
Government aligns auto-enrolment with tax and NI thresholds
The government has aligned auto-enrolment rates for the next tax year with tax and national insurance (NI) thresholds.The Automatic enrolment earnings thresholds review and revision has been published six months before the largest employers begin enrolling eligible staff into a pension scheme in October 2012.The Pensions Act 2011 requires the ...
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Article
Budget 2012: Delay to auto-enrolment staging dates to save government £380 million
The delay to auto-enrolment staging dates for employers with fewer than 50 employees is forecast to save the government £380 million in reduced tax relief on pension contributions by 2017.According to figures contained in the 2012 Budget report documentation, delaying the staging dates for this group until the next Parliament ...
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The Pensions Regulator launches next phase in contacting employers about auto-enrolment
More than 200,000 employers, advisers and industry bodies have been contacted by The Pensions Regulator (TPR), advising them of their role in workplace pensions reform.In a series of interviews with TPR, employers made it clear that HR will be central to both the implementation and the ongoing monitoring of pension ...
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Article
Standard Life to launch auto-enrolment product for employers
Standard Life is to launch an auto-enrolment product, which removes the demands of data administration in three key areas: eligibility assessment, waiting periods and opt-outs.The product has been developed on Standard Life’s pension platform. The technology will link with the provider's group flexible retirement plan and trust-based pension scheme.Stephen Ingledew, ...
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Article
University of Sheffield appoints pension administrator in preparation for auto-enrolment
The University of Sheffield has appointed Capita Hartshead to administer its pension scheme in preparation for auto-enrolment.The scheme has 3,000 members, made up from the university’s non-academic staff.Andrew Wood, head of financial services at the university, said: “We had two key criteria when choosing our new administrator.“It was essential it ...
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Article
Employers plan to use existing DC pension plan for auto-enrolment
More than two-thirds of employers plan to use their existing defined contribution (DC) pension plan to automatically enrol their employees, according to research by Towers Watson.The Towers Watson DC governance survey 2012, conducted among 145 fiduciaries of UK DC plans, found that the national employment savings trust (Nest) is being ...
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Article
Confidence in pensions plummets ahead of auto-enrolment
More than half (54%) of employees are not confident in pensions compared to other ways of saving, according to research conducted by the National Association of Pension Funds (NAPF).The survey, run by pollsters Populus, also found that a third (33%) of those who are eligible for auto-enrolment will not stay ...
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Article
EB Summit: Informa is well ahead on auto-enrolment plans
Informa has developed a methodical step-by-step approach to auto-enrolment, as it moves up its staging date from July 2013 to January 2013.Thomas Humphris, head office HR and UK reward director at Informa, shared the publishing and events organisation’s journey towards auto-enrolment in a session called ‘Preparing for the cost of ...
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EB Summit: Auto-enrolment prompts employers to consider benefits cuts
Half of delegates at the Employee Benefits Pensions and Workplace Summit 2012 will consider slashing their benefits budgets because of auto-enrolment.Pension provision cuts are a consideration for almost a quarter (24%) of the leading benefits and reward professionals polled at the summit, taking place at the Four Seasons in Hampshire, ...
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EB Summit: Quarter of delegates believe auto-enrolment will not close retirement savings gap
Nearly a quarter (24%) of delegates at the Employee Benefits Pensions and Workplace Savings Summit 2012 believe that auto-enrolment will not close the retirement savings gap in the UK, according to a poll taken on 8 March at the event.A fifth (18%) of the high-level reward and benefits professionals attending ...
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ArticleWhite paper — can employers' systems cope with auto-enrolment?
Employers must consider the cost of additional pension contributions and scheme administration will have on their organisation.To download the white paper, click on the link above right under Related Files.White paper supplied by Johnson Fleming.
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ArticleWhite paper — dealing with the admin challenge of auto-enrolment
Employers will need to revisit their business processes, pension administration and employee communications to address the impact of auto-enrolment.To download the white paper, click on the link above right under Related Files.White paper supplied by JLT Employee Benefit Solutions.
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ArticleWhite paper — technology can help deal with complexities of auto-enrolment
An auto-enrolment technology solution can draw information from an employer’s payroll and HR systems, determine the requirements and process information to help manage the new responsibilities faced by employers.To download the white paper, click on the link above right under Related Files.White paper supplied by Friends Life.
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ArticleWhite paper — offsetting employment costs arising from auto-enrolment
Following a long build-up, 2012 sees the start of automatic enrolment, believed to be an extremely significant change for UK workplace pension provision.This white paper considers the mitigation of an increase in potential employment costs.How will responsibility for compliance be split between the pension provider scheme/provider, the HR department and ...
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ArticleWhite paper — coping with the data challenge in auto-enrolment
The data-management processes involved in auto-enrolment will require changes to technology and supporting communications.To download the white paper, click on the link above right under Related Files.White paper supplied by SBC Systems.
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ArticleWhite paper — effective management of the auto-enrolment process
If not managed effectively, the auto-enrolment process could expose employers to financial and reputational risk.To download the white paper, click on the link above right under Related Files.White paper supplied by Now: Pensions.
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ArticleWhite paper — the impact of the retail distribution review
The retail distribution review (RDR) will add cost to the provision of workplace pensions and could cut off the lifeblood of advice and support for employees.To download the white paper, click on the link above right under Related Files.White paper supplied by Lorica Employee Benefits.
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Article
Auto-enrolment showcase: Transformation promises many rewards
Key points Auto-enrolment will require technology that is capable of supporting an employer’s pre-payroll benefit data management processes. The data management processes involved in auto-enrolment will require changes to technology and supporting communications.Pushing the UK reward function into a more 21st-century approach to administration will enable it to cope with ...
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Auto-enrolment showcase: Keep it simple, easy and cost-effective
Key point If not managed effectively, the auto-enrolment process could expose employers to financial and reputational riskThe auto-enrolment process is a complex matter, so employers need to find a versatile solution that handles management requirements efficiently but is straightforward to use, says Morten NilssonNow: Pensions is based on the principle ...