All Pensions articles – Page 161
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Article
Auto-enrolment is biggest priority for 2012
Auto-enrolment was found to be the biggest priority for 2012, according to research by global human resources consultancy Aon Hewitt.The third edition of the Aon Hewitt Benefits and trends survey, which polled 185 organisations representing a total of 650,000 employees, found that a fifth of respondents said they either already ...
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Article
Majority of respondents have not communicated auto-enrolment to staff
The majority (74%) of respondents have not started communicating to employees about auto-enrolment, according to research by the Chartered Institute of Payroll Professionals (CIPP).The survey, which polled 103 payroll, HR, accounting and finance professionals, also found that 61% of respondents have decided where the responsibility for auto-enrolment lies. For 42%, ...
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Article
Financial advisers predict younger staff more likely to opt out post auto-enrolment
Half of all corporate financial advisers believe that the largest proportion of employees opting out of workplace savings schemes post auto-enrolment will be in the 35 and under age group, according to research by Aviva.In an online survey of financial advisers, Aviva found more than half of respondents think that ...
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Analysis
Pensions auto-enrolment hard to crack for small employers
If you read nothing else, read this... The staging dates for employers with between 50 and 249 employees to comply with the pension reforms will be staggered between 1 April 2014 and 1 April 2015. Employers may use existing schemes for all eligible staff or set up new arrangements for ...
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Article
One-third of respondents will use existing pension for auto-enrolment
Over one-third (36%) of respondents plan to continue using their existing pension scheme to comply with auto-enrolment obligations, according to research by JLT.The JLT 250 club research is based on the views of 250 employers with workforces ranging from 500 to over 3,000 employees.It also found:31% of employers do not ...
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Article
Employers will have more time to notify staff about auto-enrolment
The Department for Work and Pensions (DWP) has confirmed that employers will have more time to notify their employees about auto-enrolment.The time period within which employers must notify employees about auto-enrolment into a workplace pension scheme has been extended from one week to one month after the employer’s staging date.The ...
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Article
Legitas introduces GPP and will trial Nest
?Recruitment firm Legitas has introduced a group personal pension (GPP) for its 70 employees and is to trial the national employment savings trust (Nest) with a group of temporary staff currently on its books.The GPP, provided by Scottish Life, is the first employer-funded pension scheme to be offered by the ...
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Article
Auto-enrolment pension contribution increases delayed
The increase in the minimum pension contribution rates for employers and employees required under the forthcoming pension reforms will be delayed from 1 October 2016 to 1 October 2017.This delay is to account for the fact that auto-enrolment staging dates for small and medium-sized employers have been pushed back to ...
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Article
Government confirms new staging dates for auto-enrolment
The Department for Work and Pensions (DWP) has released a revised timetable of staging dates by when employers must comply with the forthcoming pension reforms, including auto-enrolment.During a work and pensions select committee, pensions minister Steve Webb, confirmed that employers with staging dates on or before 1 February 2014 will ...
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Article
Aegon outlines plans for online auto-enrolment portal
Aegon has outlined plans for its online auto-enrolment proposition that it expects to launch in the fourth quarter of 2012.The life insurance and pension provider is also in discussion with the national employment savings trust (Nest) to determine how it will integrate the government scheme into its workplace savings proposition ...
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Article
Government rolls out auto-enrolment advertising campaign
The government has rolled out an advertising campaign aimed at getting millions of people saving for retirement.The campaign, launched on 23 January, comes ahead of the start of auto-enrolment into workplace pensions, beginning in October 2012 for the largest employers.It will explain the fundamentals of auto-enrolment and signpost people to ...
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Article
Goddard Perry Consulting launches master trust as auto-enrolment option
Goddard Perry Consulting (GPC) has introduced a master trust to help employers comply with auto-enrolment.The Pensions Master Trust (TPMT) will be priced at an annual management charge of 0.5% with no other regular administrative fees or set-up costs. It offers a wide range of investment funds and allows members to ...
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Article
Morgan Sindall Group to introduce new pension scheme for auto-enrolment
The Morgan Sindall Group is to introduce a new pension scheme in order to comply with the forthcoming pension reforms.The scheme, which is provided by B&CE, is designed to cater for the UK construction and regeneration group’s 2,200 operatives, who are paid on a weekly basis, once auto-enrolment commences for ...
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Article
Friends Life to launch online auto-enrolment product
Friends Life is to launch an online product that will help employers meet their duties under auto-enrolment, which comes into effect from October 2012.The online portal, which is designed to work with the provider's existing platforms, will collect information from employers' payroll and HR systems, and assess it against the ...
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Analysis
How many staff will opt out after pensions auto-enrolment?
If you read nothing else, read this ...Every employer must be ready for auto-enrolment, so start planning early. What is the corporate strategy? They should work out how much they want to achieve and can afford.Know the workforce – segment them and consider how they may react. The closer to ...
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Article
EXCLUSIVE: Kantar Worldpanel rejigs age rules for GPP contributions
?Kantar Worldpanel plans to make the age-related contribution structure for its group personal pension (GPP) plan more flexible to comply with the 2012 pension reforms.At the moment, employees of the market research firm who are aged under 35 can contribute 2% and receive a 4% employer contribution, while those aged ...
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Article
Pensions Policy Institute research: Opting out of auto-enrolment could cut value of retirement fund by 20%
Opting out of automatic enrolment into a workplace pension for the first ten years of working life could cut 20% off the value of the retirement fund, according to research conducted by the Pensions Policy Institute.The report, The impact of opting-out of private pension saving at younger ages, commissioned by ...
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Article
MetLife Assurance research: Employers could cut back on recruitment to fund auto-enrolment
Employers may cut back on recruiting new staff to fund auto-enrolment, according to research by MetLife Assurance.Although nearly two-thirds (63%) of finance directors have not addressed the issue, 16% among organisations with more than five employees said they would cut back on recruitment in order to fund the new legislation.The ...
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Article
Johnson Fleming awarded Pension Quality Mark for its own scheme
Johnson Fleming has been awarded a Pension Quality Mark (PQM) Plus for its group personal pension (GPP) plan.Awarded by the National Association of Pension Funds (NAPF), the PQM recognises DC pension schemes with contributions of at least 15%, with a minimum employer contribution of 10%.The group pensions, risk and healthcare ...
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Article
Aegon UK set to close final salary scheme to future accrual
Aegon UK is planning to close its own employee defined benefit (DB) pension scheme to future accrual on 31 March 2013 and remove the link to final salary for calculating pension entitlement from that date.The changes, which are due to be consulted on with employees and unions, are part of ...