All Pensions articles – Page 160
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Article
Auto-enrolment showcase: Nest offers a straightforward landing
Key pointsThe national employment savings trust (Nest) is designed for employees who are not currently saving into a workplace pension.Nest has a public service obligation to accept any employer that wants to use it to meet its workplace pension duties.Employers can use the national employment savings trust (Nest) in various ...
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Article
Auto-enrolment showcase: Evolution not revoluton for pensions
Key points Auto-enrolment will present employers with two main costs: the impact of employer contributions, and the associated costs, which can include administration and ensuring regulatory compliance. 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 ...
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Article
Auto-enrolment showcase: Implementation and cost mitigation
Key points to consider How will responsibility for compliance be split between the pension scheme/provider, the HR department and the payroll department? What interfaces are required between these parties and how much can be automated? Do systems hold all the data required under the employer’s new duties and is it ...
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Article
Auto-enrolment showcase: Finding out the how and the how much
Key points A financial analysis of the full cost of pension contributions is a vital part of preparing for auto-enrolment. It is also essential for employers to assess their technology provision to ensure it is capable of coping with all of the requirements of auto-enrolment.Employers must seek to quantify both ...
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Case Studies
Case study: Jupiter Hotels finds auto-enrolment schedule hard to check out
National hotel chain Jupiter Hotels operates 26 sites under the Mercure brand in the UK.Auto-enrolment is set to have a significant impact on Jupiter Hotels and the government's initial indication it would delay staging dates for organisations employing fewer than 3,000 staff caused potential difficulties.Because of the complex make-up of ...
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Analysis
Making sense of auto-enrolment staging dates
If you read nothing else, read this... Staging dates are when employers must begin the auto-enrolment process for eligible staff into a qualifying workplace pension scheme. Employers' staging dates are determined by the number of staff members employed at April 2012 and their pay-as-you-earn (PAYE) reference. Staging dates for employers ...
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Analysis
Auto-enrolment showcase: Countdown to the pension revolution
PHASING DATES FOR COMPULSORY CONTRIBUTION LEVELSThe minimum contribution rates that an employer must pay into an employee’s pension scheme will be introduced according to its staging date. From the employer’s staging date to 30 September 2017: Employer and employee each contribute 1% of salary. Total minimum contribution is 2%. From ...
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Analysis
Employee Benefits auto-enrolment showcase
Download a PDF of the Employee Benefits auto-enrolment showcaseCountdown to the pension revolutionPositive thinking will achieve objectivesFinding out the how and how muchImplementation and cost mitigationEvolution not revolution for pensionsAdministration will be the big challengeMaking all the pieces of the puzzle fitWho ordered all these extras anyway?Nest offers a straightforward ...
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Article
Auto-enrolment showcase: Employee-friendly approach is needed
Key points A successful workplace pension proposition should be built on the three pillars of auto-enrolment functionality, communications and investment strategy. Maintaining staff engagement levels in the new world of auto-enrolment will be a difficult but important task for employers because the number of apathetic scheme members is likely to ...
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Article
Auto-enrolment showcase: Who ordered all these extras anyway?
Key points Auto-enrolment will bring a huge addition to employers’ cost base. 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.As if the costs of introducing auto-enrolment were not enough, the retail distribution ...
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Article
Auto-enrolment showcase: Making all the pieces of the puzzle fit
Key points Employers must consider the impact the cost of additional pension contributions and ongoing scheme administration will have on their organisation. Another key issue is how employers will handle the ongoing auto-enrolment and record-keeping requirements. Employers must ensure a full audit trail of employee communications is maintained.Completing the groundwork ...
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Article
Auto-enrolment showcase: Administration will be the big challenge
Key points Employers will need to revisit their business processes, pension administration and employee communications to address the impact of auto-enrolment. A self-service portal is critical for an automated system to manage the opt-out and opt-in processes.Implementing auto-enrolment will require employers to assess their business processes and systems in detail ...
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Article
Aviva to launch auto-enrolment and workplace savings services
Aviva is to launch an auto-enrolment service alongside two new workplace savings services in 2012.The pensions provider will offer an online compliance and monitoring tool to help employers manage the regulatory requirements of auto-enrolment with the advantage of being able to do so across multiple provider schemes.When it is launched ...
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Article
The Pensions Regulator publishes its approach to auto-enrolment
The Pensions Regulator (TPR) has published its approach to maximising employer compliance with auto-enrolment duties and supporting the pensions industry to deliver defined contribution (DC) schemes with the characteristics necessary for good outcomes. TPR’s strategy, Delivering successful automatic enrolment: The Pensions Regulator’s approach to the regulation of employers and schemes, ...
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Article
Steria looks to improve online pensions platform
Steria is looking to improve its online pensions platform, to enable staff to view the total value of their defined benefit (DB) and defined contribution (DC) benefits.This would help deferred members of the IT-enabled business service provider’s DB scheme, which closed to future accrual in April 2010, get a more ...
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Article
Buyer's guide to contract-based defined contribution pensions
Focus on factsWhat is a contract-based DC pension?Contract-based defined contribution (DC) schemes are based on contributions from employers and staff. Unlike defined benefit (DB) pensions, DC scheme benefits correlate to the investment fund built up over an employee’s working life, which is typically used to buy an annuity at retirement. ...
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Article
Budget 2012: Contracting out of defined contribution pension schemes
The government will amend pensions tax legislation in the Finance Bill 2013 to remove references to tax relief on employee contracted-out contributions to defined contribution pension schemes.This will align tax legislation with the Department of Work and Pensions (DWP) legislation, under which contracting out through a defined contribution (DC) pension ...
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Article
Aegon and Logica partner to launch auto-enrolment product
Aegon and Logica have partnered to launch an auto-enrolment product for the fourth quarter of 2012.The online product is being delivered with SuperChoice, which has been used in the Australian pension market.It will offer employers:Categorisation of employees for auto-enrolment based on payroll information.Automatic calculation and validation of contributions based on ...
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Article
Leeds Building Society pilots auto-enrolment service
Leeds Building Society is piloting an auto-enrolment service for its 900 staff.The service, which is provided by Equiniti ICS, includes administration, employee communications, real-time reporting and regulatory reporting.Auto-enrolment, which begins in October 2012 for organisations with more than 120,000 staff, requires all UK employers to enrol their employees into a ...
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Article
Third sector in the dark over auto-enrolment
One in seven (14%) employers in the voluntary sector are still completely in the dark when it comes to auto-enrolment and their responsibilities towards employees, according to research by the Pensions Trust.The research, which surveyed more then 700 voluntary sector organisations and social enterprises employing over 98,500 employees, also found ...